October 3, 2023

Followed Travel

Travel Blog

Hidden gems – Finding undervalued properties for sale

With today’s hot real estate market, properties sell quickly for top dollar. But if buyers are savvy, hidden gem properties are still out there, just waiting to be uncovered. Learning how to spot undervalued properties takes some digging, but leads to scoring your dream home for a steal. Widen your geographic search outside downtowns and trendy neighborhoods. Scour suburbs, up-and-coming locations, and rural areas for discounted homes with potential. For example, fixer-uppers in need of TLC tend to be overlooked. Research recent development and infrastructure growth coming to sleepy areas on the verge of revitalization. Be open-minded when location scoping.

Comb through online listings

Spend time digging deep into real estate sites. Adjust filters to see what’s new on the market and houses available for a while with price drops. Study the photos and description for clues a home is undervalued, like outdated decor or lack of renovations. Ensure you’re receiving email alerts for new listings that match your criteria. Physically driving around your desired neighborhoods uncovers hidden gems not found online. Look for a dated house surrounded by updated homes, or a property with obvious deferred maintenance and cosmetic issues that need attention. Homeowners sometimes don’t properly advertise these diamonds in the rough.

Cultivate relationships with agents

Networking with real estate agents builds relationships that help you access inside scoops on undervalued homes soon hitting the market but not yet broadly advertised. They know the area and can tip you off to fixer uppers or estates that will sell below market value. Build rapport with agents so they think of you when an undiscovered gem becomes available. Ask locals and neighborhood groups about any whispers of residents looking to sell. Reach out to sellers before their home officially goes on the market to make an early offer if you hear of a gem. Learn when a home has been inherited, as heirs are often motivated sellers who price under the market for a quick sale. Maximize your connections.

Price per square foot

Crunch numbers beyond the list price using the price per square foot for homes in the neighborhood. Compare amenities and make adjustments. A low price per square foot indicates a potential hidden gem. But, a high price per square foot might mean updates and renovations that flippers can capitalize on. Check out new construction homes selling spec homes built in phases. The first few finished homes typically sell higher to cover initial development costs. Prices often dip for the next batch as the builder seeks a quick sale. Ask about upcoming availability to purchase a new home at a value.

The owner may not realize the full value of their home. Research why the Koh Samui real Estate is high, such as recent nearby sales of upgraded homes. Make sure you can justify the offer price. Digging a bit deeper and getting creative in your search leads you to undervalued properties. From fixers to for-sale-by-owners, hidden gem homes are out there. Take the time to leave no stone unturned your perfect property is just waiting to be found.