The home buyer’s credit may be soon over, but that’s no reason you can’t still negotiate great deals on real estate. Even if the most expensive neighborhoods, you can save thousands on the purchase, as long as you take care to look at the details of a deal, and not just the price tag of the home. In isn’t all just about the listing price, even though there are great deals with foreclosures and distressed buyers. The increase in premium real estate in select neighborhoods makes it a home buyer’s dream, regardless of whether Congress extends the tax credit or not. Here are several ways to get the best deal possible, when out shopping for a new home.
- Location, Location, Location – Inner city neighborhoods that were over-priced in the boom years, are now making a comeback as the best place to score a great deal. They are closer to people’s jobs, many are walkable, and they are available at steep discounts. Take a look at foreclosures or ask your realtor which homes might be a good deal right now.
- Grab Those Low Interest Rates - With some of the lowest interest rates available to the public now, it pays to look at these once too-pricey neighborhoods as a first choice. If you have the credit, the low rates will enable you to buy more house for less money.
- Get Association Fees Paid – Many come with homeowner associations that charge a monthly fee for property maintenance. If you buy an inner city condo, you will find a huge selection to choose from, and eager sellers willing to negotiate. You can ask that your homeowners association fees be paid for several years, as a condition of signing a purchase agreement.
- Ditch Your Car – Expensive inner city neighborhoods are also popular for their proximity to public transportation. If you can find a place minutes from your place of work, and close enough to public transportation, you can ditch your car and save thousands in car maintenance, insurance, and automobile expenses a year.
- Get Realtor Deals – Selling another home before you move? Get some discounts on your listing costs by either getting a discount broker or going with ZipRealty.com. A 6% commission is not really realistic in cases where the market has dropped and many realtors are desperate for a sale. Or, you can promise to buy with the same realtor, if you are looking within the same city, but a different neighborhood, and get a discount there.