I promise you, there are home deals right now.
But you aren’t seeing them cause you’re not looking at homes properly.
Or worse…
You aren’t looking at all.
This is one concept I discussed during the virtual workshop I hosted last Thursday.
The workshop was a blast and a half! I honestly had more fun than I anticipated. And shared loads more stories than I usually do about buying your first house!
One of the stories I shared is about ladies’ night.
If you haven’t been at the club in a minute like me…
it’s essentially the day of the week when ladies get drinks for free, cheaper drinks, free entry, or some other similar perk.
Because there is some kind of incentive for women to go to club, the ratio of men to women is skewed. There are WAY more girls in the club than normal on ladies’ night.
So, if your goal is to hustle your way to drinks (yes, that used to be the goal when I was twenty-something – don’t judge) you have way more competition than normal.
Whereas if you go to the bar on Sunday football night…
Well, you will probably be one of only a handful of single girls in the whole bar. So, you get your pick of who is buying you drinks.
Similarly, if you are waiting for the housing market to be “good”. You are essentially waiting for ladies’ night.
Not smart…
The best deals are to be had when there is a starving crowd, like Sunday Football Night at the bar – way more dudes than girls.
I saw an open house sign while I was walking the other day and checked the listing details when I got home. I was curious what the inside of the house looked like.
And I’m also always nosy about what houses are selling for in my area, so I have an idea of what my home value is.
Right now, it is Sunday football night when it comes to buying a home.
The doom and gloom in the news about home prices, interest rates, and home insurance costs mean that there is less competition.
The house I saw demonstrates this perfectly.
Let me break it down for you…
At first glance, the home sale price is definitely fair for the market. But not low enough to be a “profitable” buy in terms of cash in your pocket at home closing.
It’s a two-family house going for 799K.
Most people would just not bother with this house and say it’s too expensive.
But here are some indicators that make it clear that it’s a Sunday Football Night situation. The buyer being the ladies. The seller being the guys:
→ The house has been on the market for 3 months.
Why this matters: a house not selling quickly means the seller may be starting to get antsy. That opens the door for a buyer to be more aggressive with offering a lower price.
→ The listing price has been reduced by 20K
Why this matters: The willingness to lower the sale price suggests that the seller is motivated to sell which leaves room for price negotiation.
→ The house was listed for sale last year at a higher price than it is listed for this year.
Why this matters: They failed to sell last year and are trying again this year at a lower price which suggests the seller REALLY wants to sell this house. Again… meaning that there is more room for price negotiation.
So, what does this mean for you as a buyer?
It means you have the advantage cause it’s NOT ladies’ night….
Instead of waiting until things are good and sellers have “choices” from all the ladies, you go in and you go hard on Sunday football night.
Now, I personally don’t like how the numbers shake up on a duplex for a few reasons.
But if I wanted this property, I would place an offer WAY below asking price as my first offer.
Because of the three reasons I listed above, I have the advantage because the seller is the starving crowd.
I don’t “need” the house.
But this seller clearly really wants to sell this house… and might be getting into a “need” state.
So, I have zero to lose by offering something like 720K to see what they say.
The worst they can say is no.
In which case I can come up a bit on the price.
Or they might counter with something higher.
But I lose nothing by taking all the lower offer shots I want. Especially since it’s Sunday Football season and there aren’t tons of other ladies swarming.
What’s the one thing that makes you nervous about a Sunday Football housing market that’s stopping you from looking into buying your first house?
DM me and let me know.
