Homebuyers interested in real estate in Irvine, CA, will invariably find the best deals on the Multiple Listing Service (MLS). The current version of the MLS is based on a data standard that has undergone constant improvement since it was introduced in 1999. It is made available to buyers, sellers, real estate professionals, and the public through various website plugins.
There was a time when real estate investors believed the MLS was no longer a good source of real estate deals. This was back in the heady days of the housing market bubble, when properties sold so quickly they would not even reach the MLS. These days, homeowners do not feel comfortable leaving their properties off the market. They want to see their homes on the MLS as soon as possible. Here are five recommendations for buyers looking for the best deals on the Irvine MLS.
1. Use the Early Bird Strategy
This is the oldest trick in the book, and it can also be very effective when market conditions favor either buyers or sellers. Seasoned Irvine real estate agents know each new listing carries the potential of a motivated seller behind it. This motivation is not generally expressed within the listing itself, but it can be gleaned when a buyer is the first to make an offer.
2. Get a Mortgage Preapproval
Getting preapproved goes hand in hand with the early bird strategy. When a motivated seller lists a property, he or she will expect to receive offers from prospective buyers who have already been qualified for a mortgage. Those who submit offers before applying for home financing will likely see others swoop in to steal the home away.
3. Watch for Properties That Have Returned to the MLS
Your real estate agent knows this strategy by heart and can teach you how to use it. Depending on the MLS plugin you use or on the level of access you have, you may be able to filter or search for properties that have come back on the market. When sellers choose to no longer list their properties on the MLS, the reasons for doing so are never known. However, it is safe to assume sellers are motivated when they choose to put their properties back on the market after a period of absence. Perhaps the seller decided to jet to Costa Rica for vacation and is now in need of some cash to recover from the travel expenses.
4. Hold Out for Price Reductions
When market conditions shift in favor of buyers, the early bird strategy no longer applies. Instead, real estate agents tell their clients to sit back and watch the action, which means staying in touch with the sellers and keeping a close eye on the MLS for price reductions.
5. Look for Friday Deals
In active markets such as Irvine, sellers expect to get offers as soon as their properties are listed, but this rarely happens on Fridays. While many buyers choose Saturdays and Sundays to look at homes, they tend to ignore the MLS on Fridays, which opens a window for the early bird strategy.
From single-family homes in Columbus Grove to Shady Canyon condos for sale, a trusted local real estate agent can help you find desirable properties on the MLS. Get in touch with OC Residential today at 714-454-6304 to schedule an appointment.