Hot buys are always exciting. Recently a seller was curious what constitutes a HOT BUY? We all know that just the words HOT BUY is an attention “getter”. Agents love to use the term Hot Buy in advertising because we know that it will have the desired affect on the buyer: “Look at this one, FIRST” ” Buy me, Buy me, Buy me”. That is what agents want from you the consumer: to see their listing first!
Whether a hot buy is a pair of half priced shoes, a used car or a home there is one reason it is a HOT buy: it is priced below the market for that product. That is good for you if you are a buyer, but not so good for you if you are a seller in a “seller’s market”. Buyers love a deal. Sellers love the MOST money for their home sale. ( Note: This is currently a SELLER’S MARKET.)
The MOST important factors of a Hot buy are very different depending on if you are the buyer or the seller. The buyer, naturally wants the very best house for the very least amount of money. Sellers want the very shortest market time with the most amount of net dollars.
Both Buyers and Sellers should be extremely careful considering a hot buy. A hot buy should not put either party at RISK. So if you are the seller, and you need to sell your house quickly and you want your price to scream HOT BUY, then it is really a great idea to reduce your risk by having all of your inspections and repairs up front, before placing that title “HOT BUY” on your home. This manages your risk in a very important way: you are not an AS IS Hot Buy. You are just very well priced to put your property in the best light compared to the other homes currently available on the market.
If you are the buyer, looking for a HOT BUY, then you should have done your homework well in advance of the adventure in home buying. I have mentioned this in previous blogs, but you must have an outstanding agent walk you through all the CLOSED SOLD homes in your price range , or better yet, looked long enough so that you have been in those homes now closed so you can make an educated comparison for yourself. In our fast paced market place you are going to have to find an agent who actually sees the houses each week since you are likely working and not able to preview homes. As an active agent I preview homes at least two days per week. I cannot see all the inventory, but normally preview an average of three homes per day, and several land listings too.
Knowing what is actually happening in any market takes effort. Looking on the internet and reading about the properties is just not the same as actually previewing. Smells, location, lay of the land, views, all these are rarely accurately captured in photos or even video. They most often must be experienced personally.
Ask questions! Why is this property a hot buy? Sellers sometimes need to liquidate quickly for new employment opportunities. Most often they have found a home that they want to purchase to move up or down, and they need a quick turn around to purchase. So ask questions. And then dive in. Yes there are still good buys out there in our area. Great HOT BUYS, not so much! With inventory at all time lows, a hot buy may just be a HOT MESS instead. By knowing the comparable properties and having a great agent (OK , if you are working with Deb St John) you are likely to be bragging that your home was indeed a hot buy for YOU.