In Milford, what I’ve been noticing lately is the bidding wars going on for both rentals and potential investment properties. There have been some really nice rentals in prime areas of Milford that have been awarded to high bidders. This is a great sign, especially for landlords and investors.
However, for renters, you’ll need to pull out the big guns and show the landlords what you’re worth. If you want a leg up in this current rental market, make sure you have a good credit score, a sound recommendation from your previous landlord, and are currently employed. I’ve dealt with some renters who have money saved up and are willing to pay for six months in advance, but landlords wouldn’t accept.
What if you’re an investor looking to buy a fixer-upper to buy and rent out? In order to win this bidding match, you need CASH. Cash is king in this business. Having to finance takes longer and just creates more issues for the seller, so if you can leverage cash, you have a very good chance of getting the piece of Milford CT real estate at a cheaper than listed price. Most of the time, cash is what keeps you in these kinds of deals. If you need any sort of financing, you probably won’t make the cut, as there will be a lot of other investors willing to drop cash on this deal, potentially at a higher price.
Whether you’re renting or buying, make sure you’re prepared to increase your chances of having your offer accepted. Especially with all of these potential buyer investing, it’s up to you to do whatever it takes to stand out from all the other offers on the table.
I have some friends who are trying to buy a home down in Flordia. WITH CASH. Unfortunately, they’ve been outbid a few times for several homes and other deals have fallen through due to issues in the home found through inspections.
What if you don’t have cash to leverage? Don’t worry, as there’s still enough of an inventory of real estate in Milford and other local areas that you can still find the right home for you even with financing. That’s why as “low” as things can get, the available inventory of homes and other properties in our country won’t result in our real estate market literally hitting “rock bottom”.