Where are the Deals in Homes and Condos?

Where are the deals?
Well, if I had a nickel for every time I heard this… I wish I knew! You just have to get out there and hunt for one. In general, they are not going to be advertised – you have to make and offer and see what happens. Five things to watch for if you want a deal:

  • The house has been on the market for a long time – there are ways to doctor this, so make sure you have your realtor (me!) check the property’s history
  • If the listing advertisement says “motivated seller” or something to that effect
  • If the listing advertisement says “make an offer”
  • Selling a home out of an Estate
  • If they are selling “as-is”
  • Foreclosure Auction – I hear lenders are starting to accept lower offers

There is no guarantee that a seller will come down on price; however, you just might get lucky if the seller is actually getting desperate and in a bad situation. Also, if it looks too good to be true, it probably is. This adage is especially true when it comes to foreclosures and short sales.

Another question I hear is if there are good deals on condos in Kansas City. It is true that there is a huge inventory of condos on the market right now in Kansas City, but I cannot point to one particular development and tell you that is a great deal. In general, I look for the same things I noted above when searching for a “deal”. If I’m looking for the next best thing in condos, you might want to consider the Power and Light District if you are a risk-taker. That area could really explode, but I do have a word of caution: make sure you are in it for the long run. In general, do not expect to own something for two years and make a windfall.

Photo below: Above: Photo of friends & me watching fireworks from Rainbow Boulevard. From there we could see three different displays: The City of Westood, Kansas City Country Club, and an unidentified third display…