Whether you’re an investor or buying a home as a primary residence, finding a deal isn’t as easy as it was just a few short years ago. During the real estate downturn of 2009 to 2012, finding great deals was pretty easy: you just had to take a look at the MLS, make an offer, and the deal was done. With today’s current market conditions of low inventory and high demand, things are much tougher for buyers. But you can still find good deals on real estate with the right strategies and tactics. So let’s take a look at how to find the best deals on real estate in Boston.
Leverage the MLS
A good starting point to find the best deals on real estate in Boston – but you have to use it right. “The great thing about the multiple listing service is that it’s packed with all sorts of useful information for real estate investors.”
And here’s what you should look for when perusing the MLS:
- Real estate with “a total days-on-the-market count above the market average”
- “Property that has been taken off the MLS and then relisted”
- Properties that have been relisted after a sale has fallen through
- Real estate that has been re-listed several times by different brokers
- “Expired listings where the property never sold”
This strategy takes some experience and market knowledge to get it right.So to discover more, contact a Boston agent at (617) 657-9811.
Do Some Driving
Some of the simple ways of finding deals on real estate in Boston still work. And one of these is simply driving around looking for potential good deals.
“All you need is a car, a notebook, and a little effort. Drive around your area and search for houses that appear to need work or have been on the market for extended periods of time. Properties with overgrown shrubs, debris in the front yard, and a generally messy appearance are signs that the homeowner may have run out of money to make improvements and may be looking to sell.”
Craigslist is still a good place to find great deals on real estate in Boston as well (and may be an even more valuable resource now).
There are two basic ways to use Craigslist to find a good deal . . .
- Look for properties for sale and then reach out to owners/sellers personally. Many times, sellers/owners who use Craigslist are looking to make a quick sale and will be willing to sell at a lower price to expedite the sale.
- Search for likely-looking rental properties and make an offer. A lot of landlords are tired of all the headaches involved and are willing to sell at a good price if they just get an offer.
But it takes consistency and persistence to make this strategy pay off.“ When it comes to Craigslist, it’s crucial to check the listings regularly and follow up with contacts when necessary. The website is known for its lead potential, not its ease of communication. If you haven’t heard back from an ad, don’t be afraid to send another message with your contact information, putting the ball in the seller’s court.”
Look for Off-Market Deals
And don’t neglect to look for off-market deals on real estate in Boston. This involves for-sale properties that aren’t officially listed yet on the MLS or standard online venues, often called “pocket listings.”
The advantage of doing this is that there will be far less competition. And that means you won’t get into bidding wars, which is pretty much the norm today and drives up the price. Of course, you probably need to work with your Boston agent to find these off-market deals. Find out more about deploying this tactic effectively at (617) 657-9811.
Go Old School With Direct Mail
A lot of the real estate business has moved online, and most buyers do their searching online. But old-school tactics still work to help you get deals on real estate in Boston.
“For example, direct mail remains one of the most effective ways to find .. . properties. There is something about receiving a letter in the mail that people still appreciate. If you have never executed a direct mail campaign, there are three main steps to follow: create a list of sellers, design and send your first letters, and follow up to increase your response rate. . . . After creating your list of sellers, take time to design the piece of marketing collateral you will actually mail out. . . . Once you’ve finalized your list and design, you must then commit to emailing your pieces consistently.”
Admittedly, this takes a good amount of work. But it remains a great way to find good deals because you’ll definitely have a competitive edge over most other buyers who don’t do this. And that definitely ups your chances of getting a deal on real estate.
Work With a Local Agent to Find Deals on Real Estate in Boston
Maybe the best thing you can do to find the best real estate deals is to work with a local Boston. Your local agent can help you use the MLS correctly, find those off-market deals, and design a direct-mail campaign. Your agent will also have a handle on the local market and all its peculiarities. So if you’re ready to find the best deals on real estate in Boston, contact us today at (617) 657-9811.