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Norman, OK

Every Cloud Has a Silver Lining

09-24-08
Pam Ghanaati
Pam Ghanaati: Real Estate Agent in Norman, OK

Even here in Norman, Oklahoma with a pretty stable real estate market, we are seeing properties linger on the market. And after a house sits for several months, informed sellers will make a price reduction. And in the unfortunate event of a pending foreclosure or short sale, sellers will sell at just about any price they can get. Now for the silver lining: homebuyers can get a really good price on a really good home, especially if they can look past the little stuff. Some of the houses are vacant, some have had not-so-good renters in them, and some have not been taken care of very well. In tough economic times, people have to pay for food, gas to get to work, and rent or mortgage payments. They end up having little or no money to take care of necessary repairs and upkeep. Many buyers want a move-in ready home or are unable to see past the cosmetic blemishes. They miss the bargains out there. But if you have the patience and know-how, you can take one of these houses and fix it up for sell or for your own dream home. You'll need to consider the costs associated with getting the property back in livable and beautiful condition. Your Realtor can give you valuable market information so you make a well-informed decision on what to offer taking any repair and renovation costs into consideration.