Looking for amazing real estate deals in Northern Virginia? You can get great deals on properties in this market, but there are a few important things to keep in mind as you search for the right property.

Search for Amazing Real Estate Deals in Northern Virginia

Here are some tips as you being your search for the right property:

- Some sellers list a property on the MLS for sale as an “auction”, but this is often really just a way to get people interested in the property. These properties’ list prices are much lower than market value, which makes buyers think they’ve found amazing real estate deals. However, this is often just one big advertising tactic to get people to come see the property. Like Ebay, the “reserve” of the auction is set for significantly higher, meaning if the bidding doesn’t go that high, or if the winner of the auction isn’t willing to go that high, the seller reserves the right not to sell the property at the lower price.

- Most amazing real estate deals in the D.C. area are properties that need a lot of work. Really great deals are not very common, and the reason good opportunities sometimes come up is because there is less demand for properties that need  work than for move-in ready, updated properties. It’s simple economics - fewer people want a home that needs work, so the home sells for a lower price. What’s interesting is that there is almost always a nice built in profit margin for these kinds of properties, meaning that the money it would cost to fix the property up plus the sales price of the property equals a cost that’s less than what you could sell the property for after the renovation. Again, this is because there are a lot fewer people out there who are willing to take on a fixer-upper, so there are great opportunities to invest in these types of properties.

Read part 2 of my blog series on finding amazing real estate deals in Northern Virginia. We’ll discuss bank owned properties and short sales.

Email me at DarrenRobertsonHomes@gmail.com for a free list of the top 10 most amazing real estate deals in the Northern Virginia area of your choice!