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Is This House Priced Right for Me?

Posted: June 06, 2018 by Alan Tucker

When you are buying or selling a home you want to make sure you are getting your money’s worth.  Making an offer on a property you are interested in can be a stressful event.  Are you offering too much?  Can I afford the monthly payments? How much am I willing to pay?  The bidding process can be tedious, especially if you aren’t sure if you are making a proper offer. It pays to do your research and hire a real estate agent who most likely knows what the home is worth.  

Know the Market

You need to understand the local market well.  This is so you can get an accurate feel for how much a certain property should sell for.  This is where a real estate agent comes in handy.  They can see what houses in the area have sold for and look at the comparable properties in the area.  This is going to give you the best idea if you are offering the right amount for the home.  You can figure that a seller is probably going to list the property for 10% more than they would be prepared to accept.  Keep your eye on trends.  Are prices falling or rising and how fast?

Know the Property

It’s a good idea to find out as much as you can about the property.  Has it been on the market a long time?  Have there been offers made and were they low offers?  Has it been listed with another real estate company?  Has the asking price changed?  Have any other offers fallen through?  Your agent can also find out this important information by asking other agents about its history.  

Consider Improvements

When you want to make an offer on a property, you should take into consideration any major alterations that need to be done.  For example, a new roof or heating and air system.  If your offer is pending an inspection, these major repairs are things to take into account in your offer.  Also be sure that there are no hidden surprises that might affect the price.  Talking to neighbors might be helpful in knowing more about what that property has been through.

A property is worth what the buyer is willing to pay for it.  If you feel this is your dream home and you can’t let it pass you by, then that is a consideration when making an offer. Just know that this is a long-term financial commitment and you need to be aware of what that means money wise to you.  

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