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Patience pays for real estate bargain hunters

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Redfin offers real estate bargain-hunting tips A paper released this week by real estate brokerage company Redfin offers "Seven Tactics for Real Estate Bargaining." Based on an analysis from April 15 to June 15 of 9,053 single-family homes in Fairfax County, Va., Los Angeles County, Calif., and King County, Wash., the study reveals that homes that "heavily discounted" homes are 83 percent more likely to have been on the market for 90 or more days. These lower-cost homes are also 73 percent more likely to be marketed as fixer-uppers, are 52 percent more likely to have been seller-owned for 20 or more years, are 28 percent more likely to have previous price reductions, and are 20 percent less likely to feature a significant remodel. The company identified the most heavily discounted homes as those in which the discount off of the final asking price was in the top 10 percentile for that market area. The average discount for this group was 11.4 percent off...