Wordsworth (Virginia Beach, VA)
Wordsworth (Virginia Beach, VA) Real Estate News
Franksq
A Buyer's Buyer Market
Frank Biganski (Reliance Realty, Inc.)

I'm sure you've been hearing the "bad news" about our financial and real estate market lately, but if you were to speak to any of my recent clients, you'd hear a different story.

Because I work mostly with townhomes and condos, on average, I'm assisting buyers who are purchasing properties priced from $135,000 up to around $275,000. But in this "slow market," all of my buyers have recently been getting most, if not all, of their closing costs paid for by the home seller.  How is this possible?  Well, it truly depends on timing, how motivated the seller is, and whether the buyer has a flexible "buying" time frame.  That is, if you are in a month-by-month lease, then the ball is in your court!

One of my previous clients was looking to buy in a 55+ community, but the properties were priced just out of their price range.  There was one particular condo that these buyers liked, and had seen via the MLS.  Although it was originally priced just out of reach, the condo was on the market for a very long time and one day, the seller decided to significantly drop their price.  This is when the buyers decided to submit an offer of the property.

Based on recently sold condos at the time, I saw the property was priced about $15,000 under market value.  Because my clients needed about $6,500 in closing cost assistance, we offered "list price," asked for $6,500 in closing costs, a pretty quick 20 day closing.  The seller accepted my client's offer so with only $1,000 down as earnest money deposit, and with $6,500 in closing costs assistance, my client actually received $210 back at closing.  In addition, the property appraised for $23,100 over the contract price too!

Another recent client of mine purchased a condo with $500 earnest money deposit, and he only had to bring $165 to the table.  And in addition, the property appraised for $3,000 over contract price too!

Will this work for every property that's currently for sale today?  No it won't.  But with perseverance and plenty of due diligence on both your and my behalf, we can collectively can make this same thing happen for you.  In fact, 8 of the 10 buyers I've recently assisted brought less than $200 to the closing table or they actually received cash back.

It truly is a buyer's market and a great time to buy.  The purchasing or selling of real estate has been in existence for thousands of years and it has flourished in good and bad times.  And although we "hear" it's a bad time to buy, I can tell you from personal and professional experience, today is the best time to purchase a home - when the prices are low and the terms are in your favor!

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