Last week we asked the question: How do you find properties that are the best value in today’s market? Following are the highlights of that discussion.
MEDIC focuses on tax assessments and prior sales, using a combination of county records websites (directory here) and Redfin. For MEDIC, “a good price… is at least 40-50% off peak bubble prices.”
Kary L. Krismer recommends seeking value by “looking at as wide of an area as possible.” He also suggests that you “focus on the seller,” and “try to predict which ones are more likely [to be] more desperate/flexible than others.”
DrShort presents a neatly ordered list, which includes a lot of great advice like looking at “quality homes that aren’t perfect” and “look at a lot of houses and follow how they do on the market” to train yourself to be able to spot value.
Aaron thinks it was a trick question, saying that you should be patient and “shop for the home you want to live in for 5+ years in a neighborhood you love at the price you can afford.”
Meadows reiterates the need for patience, suggesting a strategy of picking a neighborhood and going “door to door w/a calling card and ask to be called if the owner hears of anything in the general area.”
Andtech breaks the ice as a first-time poster with a great 1-2-3 strategy: Identify the area, determine your ideal home characteristics, and measure the market demand.
Personally, I think this inaugural “directed thread” was a success. Thanks to all of you who participated and added to the discussion. I think we got a lot of useful insights. This is definitely an exercise I would like to do again. If you have any suggestions for the next “directed thread” topic, feel free to drop them in the comments here.