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Keep your eyes open and your ear to the ground. Look past the bells and whistles or more importantly the lack of these to find good deals. Sometimes the best places are poorly advertised, unclean, or need minor repairs that many buyers overestimate the cost of. Things like dingy carpet, poor paint schemes, and poorly furnished places can be a real turnoff, but the costs to fix are pretty low.
I bought my current place for well under market appraisal because the previous owner didn't want to bother with any cleaning or repairs and had to move quickly. It's just a matter of being patient, trying to look through everything for sale carefully, and most importantly both financially and mentally being able to make a move when an opportunity arises.
If I was buying a house/condo, I would wait until July/August--after the best-priced houses are sold--and find a home that been on the market at least 90 days, and has reduced their price at least once and hopefully twice (showing some flexibility). Check to see when s/he bought the place (Zillow, and the County assessment website will have this), to know what they paid for the place and how much room s/he has to maneuver. Then bid at least 20%-30% below his/her asking price, expecting to meet halfway (say 10-15% below last asking price). Be willing to negotiate on details, especially timing (an earlier or later closing date). If the place is already vacant, meaning the owners have already moved, that can mean added leverage to you. You are not going to steal a place, but the time has never been better to get a deal.
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