With median home prices approaching $800k in Irvine, as well as other real estate markets in Southern California, house hunters are looking for strategies to help them alleviate their acquisition costs.
Since every homeowner is a property investor, it makes sense for prospective buyers to learn a few tricks from house flippers for the purpose of making the right real estate investment. The following five strategies popular among house flippers can be used by average homebuyers as well to gain the upper hand when buying a home for sale in Irvine.
1. Think Like an Investor
House flippers approach the market with a business mentality, rather then sentimentality, which can be achieved through education and networking. To this effect, joining a local real estate investment club can be very helpful. Keeping a house you love at arm’s length can prevent you from writing off or overlooking potential issues.
2. Actively Search for Potential
Although investors have snapped up a substantial amount of distressed properties over the last few years, there are still some bargains to be found. Irvine Homebuyers willing to take on home improvement projects tend to get the most value from their real estate acquisitions.
3. Work with the Right Team
Subsidies, grants, community redevelopment funds, and special mortgage products such as the FHA 203(k) loan can help buyers lower their acquisition costs. The average real estate agent or mortgage broker may not be familiar or qualified to work with these opportunities. For this reason, it is important to find the right Irvine real estate broker to help you.
4. Become Familiar with the Market
House flippers know a lot about the markets they operate in, and this is something that all homebuyers should emulate. A good start is to review the real estate section of the local newspaper. And don’t be afraid to ask your real estate agent questions, they’re there to help you.
Still searching for your dream home? We’d love to help! We can show you houses, condos, and townhomes for sale in Irvine that fit both your budget and your personal aesthetic and can walk you through the home-buying process step by step. Give us a call today at (714) 454-6304.