Fisher Burns Realty Advisors
Mike Burns
713-597-7179713-597-7179

Recent Slow Down is Leading to a Buyer’s Market

With the world wide economy starting to slow recently, residential real estate markets are starting to slow down from the recent frenzy of buyers that characterized the market over the last couple of years.

This slow down is caused by buyers postponing new acquisitions until economic signs show that the economy is starting to grow and pick up steam. This new concern is leading to fewer buyers bidding on homes and longer days on the market for listings.

As a contrarian, now is just the time for investors to raise their heads and start looking for bargains in the marketplace. No longer do you have to wait in line with eight other bidders, worrying that your bid is too low and probably won’t be accepted. Now you can pick and choose and, dare I say, negotiate on the price with the seller.

Case in point, two weeks ago, I negotiated a deal for one of my investors, who was looking to buy a nice home in a nice neighborhood that needed some remodeling, which when finished would either become a flip or a rental. The home was listed for $325,000. and after some going back and forth, my client was able to buy the property for $315,000. The home had been listed for a few weeks and there were only a couple of interested parties that had weak financials. Therefore, my buyer was coming from a position of strength in the negotiation process and ended up with a great deal.

After about a $24,000. rehab, this property can be flipped for $390,000. to $415,000. or it can be rented for around $2600, per month. My investor is thrilled.

If you are looking for a similar experience, I’m your man. Call me at 713-927-7501 or email me at mikeb@nwpros.com and I will be happy to go to work for you.

Posted on September 22, 2015 at 6:27 pm by Mike Burns

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