In today’s real estate market with low inventory and keen buyer competition finding good deals on single-family homes is usually far from easy. And on top of that, those good deals are almost always snapped up quickly. But if you’re willing to do some research and think outside the box, you can find these good deals and buy them before the competition does. So let’s see how to find the best deals on Santa Cruz single-family homes.
Use the MLS
A tried and trued method for finding the best deals on single-family homes in Santa Cruz or anywhere else is to use the Multiple Listing Service (MLS).
“It’s a necessary and very powerful tool used by licensed real estate agents. . . . The MLS contains the most up-to-date information. Many other services . . . pull info from it. The MLS is the only resource where you can see ‘coming soon’ activities. It gives you the chance to buy homes before they hit the market.” But there’s a catch . . .
Only real estate agents have full access to the MLS, which comes with a “monthly subscription fee to access, post, and see listings for sale. The MLS is a sophisticated platform. It allows agents to search for properties that meet their criteria, including location, amenities, and property condition. It also includes information that helps users quickly zoom in on what they’re looking for. They can search property sales history, tax assessment data, and school district information, among other things.”
So in order to fully utilize this tool to find the best deals on single-family homes, you’ll need to work closely with a Santa Cruz agent. Just call 831-588-2334 to discover more.
Consider Bank Foreclosures
Another way to find the best deals on Santa Cruz single-family homes involves bank-foreclosed properties. This is a home that has been repossessed by the lender because the buyer failed to make mortgage payments for an extended period. Once the occupants have been removed, the lender typically lists the home for sale on the local market.
“While the foreclosure, in itself, is of course sad (no one rejoices when someone loses a home), once the deed has been done, these properties can be some of the best deals you’ll find in real estate. Banks want to be in the business of lending money, not managing property, so they are often quick to offer large discounts just to get the deal off their books. . . . Because the foreclosure process can take several years, these properties are often in need of some serious repair or updating. So, further discounts may be given to compensate – for buyers willing to brave a rehab.”
Be First in Line
Another strategy to get great deals on single-family homes has to do with timing. You can often get a good deal if you’re the first to make an offer . . . or the last.
“Oftentimes, it’s not the highest offer for a property that gets accepted, it’s simply the first. Therefore, if you are looking for a great deal, be quick about it! Get a pre-approval from a bank so you can jump at any property right away, and have your real estate agent set you up with automatic email alerts notifying you of any new property that hits the market.”
Privately Approach Absentee Owners
An effective tactic (related to the one just above) often used by investors to find great deals on single-family homes involves approaching absentee landlords privately.
According to industry insiders, one of the best tactics you can use today is “to look outside your multiple listing service and instead contact owners directly, asking them to consider selling. At any given time, a good percentage of the population will entertain that option, so why not reach out before they list the home with a real estate agent?”
These absentee owners own a property but don’t live there, and are very often eager to sell in order to get out from under the burden of ownership. “They might be landlords (who hate their tenants) or owners who inherited their houses and are simply unsure what to do with them.”
You can find these deals by “driving around looking for houses that look vacant and using online public records to track down the owner.” It also pays to work closely with a Santa Cruz who can direct you to absentee owners.
Check Out Facebook Realtor Groups
Another way to find the best deals on Santa Cruz single-family homes is by checking out real estate agents’ private Facebook groups.
“The best ninja move for getting ahead of the competition is to look on Facebook for real estate agents’ private groups. Sometimes they make you request to join, but it is worth putting in the request because that is where many agents will first post about a listing they have that is Coming Soon before it makes it on the listing service.”
And Work Closely With Your Santa Cruz Agent
As we’ve indicated throughout, one of the best things you can do to find great deals is to work closely with an experienced Santa Cruz agent. Your agent will have a finger on the pulse of the local market and so will know where these deals are. If you’re interested in finding the best deals on Santa Cruz single-family homes, be sure to contact us today at 831-588-2334.
