Whether you’re trying to find homes for sale for yourself and your family or you want to find real estate investment opportunities to generate profit, 2021 is a great time to find a new or used property. Due to economic hardship, listings are cheaper than ever, and there’s a good chance you’ll find a great deal. As long as you’re willing to do a little bit of legwork, learn how to use the MLS database, work around real estate agents, and be able to see the potential in a place, buying a home isn’t half as hard as some realtors make it out to be.
Today, we will give you the basic information you need to know to find real estate deals. While most homebuyers prefer to work with a realtor, remember you’ll also have to pay them a hefty commission.
The Pros Of Working With A Real Estate Agent
Working with an agent can make finding the right listings easier. They’ll serve as the intermediary between you and the homeowner (or the bank holding the estate), freeing up much time on your end.
Trustworthy real estate agents can make your job a lot easier. You can continue your current schedule instead of having to spend all day answering calls, discussing prices, and verifying information. You can keep going to work, spend time with your family, and manage your time.
Additionally, they’ve also been professionally trained. They know exactly what to look for in a house. This means they know to help you get a better price on the listing. They’re also up-to-date with the latest news and rates in the area that affect home values.
The main con of working with real estate agents is that you’ll have to pay them for their efforts to find real estate. You may not have to pay them upfront, but that extra $10,000 in closing fees attached to your mortgage isn’t a small sum.
Another con of working with a real estate agency is that they don’t always consider your best interests. While most of them are professionals, a few slackers will always try to convince you to purchase the address that gets them the largest commission payout.
How To Find Homes For Sale
As long as you have some basic real estate knowledge, you shouldn’t have problems finding the perfect listing in your local area. You must know what you’re looking for and where to find the listing.
Identify The Type Of Property Are You Looking For
Your first step to finding real estate is identifying the type of property you’re looking for. If you’re searching for a new place to call home, you’re searching for a “single-family listing.” However, if you’re looking for a multi-unit property that you can rent out (such as a duplex, condominium, or small apartment complex), then you’ll need to search for a “multi-family listing.”
Use The MLS Database
Once you decide which property you want, you’ll need access to information on potential properties. This is where the MLS database comes in. Every state has its own MLS system that local agencies maintain.
It contains historical information on all past transactions. You’ll be able to see which person (or business entity) owns the land, how much they purchased it for, and everyone else who’s previously held it.
Knowing this information and comparing the house’s true value to its listing value is incredibly valuable. For instance, the owner might have the property below its market value based on the neighborhood’s surrounding homes. This example would provide a great investment opportunity if you were looking for a quick flip.
PropertyProfileReport.com.
This free-to-use site provides the latest information on properties and listings in all 50 states. It won’t have the same depth of detail that an MLS database will have, but it’s pretty close. You’ll also be able to view other relevant information, including:
- The closest school system
- The last known appraisal value
- Estimated property taxes
- The last known purchase date
- … and more
