Are folks finding good deals to buy off the MLS?
Yes. About 80% of my purchases are directly from the MLS.
Yes. Just not as many. Prior to 2017, I had been on a run for about 3 years where I was buying about a house a month. Then when January hit this year, it was like everything fell off a cliff.
I didn't get anything all year until about 6 or 7 weeks ago. Got a decent deal. And then 2 weeks ago I got another pretty good deal. Both were mls. And I have a bid on something else right now that would be another really good one.
So in my areas, I think you can still find something on mls. But whether or not you can buy as many as you want depends on how many you want to buy and what area you're in.
The larger your area, the more houses you see, and the more offers you put in, the more likely you'll be to get one.
The most recent house I just got under contract was a hud deal that had fallen thru. House popped back up on hud for one day and I grabbed it.
Sometimes its just a matter of lucky timing.
@Mike H. I'm curious about whether your deals are for buy & hold or flipping? I'm a first-time flipper - or hoping to be so - and I'm currently looking on the MLS for a deal.
@Steven Jones I am strictly a buy and hold investor. First deal was a flip just at the end of the boom. Then everything after that (which was from about a year into the bust) has been kept.
What I would say is that some of my deals would have made for excellent flips. But quite honestly, if its a good deal for a flip, its an even better deal for a long term rental. :-)
@Adriana Acedo So I'll say "Yes, but not at list price". That said, I'm not looking at SFRs, trying to get a deal to flip, etc. I'm strictly buy-and-hold (well, for now anyway) so there's usually a risk-adjusted price that works and it's seldom the list price. And lately most of the time I'm looking at a 25%+ adjustment for the asking (list) price to make a deal work for me. So I've made a couple of offers recently but they haven't been accepted. It just comes with the territory. And anecdotally I've seen some properties that I think are overpriced just eventually get pulled off of the market. They don't ever actually sell. It's a small sample size but it wouldn't surprise me if messages around "the market is super hot" get people to list an unreasonable asking prices and if it doesn't sell...well...no big deal...they can just keep renting them out.
@Mike H. That's awesome! Thanks for the response. Until recently, I was also strictly buy-&-hold, but am now switching to strictly flipping. It's encouraging to know that the MLS may afford good deals for flipping.
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