Buyers are always wondering what a good deal is in our market. Each situation is different, but here’s how we approach finding a home’s true value.
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It’s no secret that every buyer wants to get a good deal on their home purchase. Before you can secure that deal, however, you need to make sure you understand the market and what that good deal actually is.
Real estate is always going to be driven by supply and demand. One thing all home buyers have in common is wanting to pay a fair price for their home. The best way to figure out a fair price is by doing a comparative market analysis of similar properties in the area. You’ve got to make sure they have similar square footage, amenities, and location.
This will give you a good idea of what the average price per square foot is. You should also look at homes that are currently on the market that compare to yours. This will give you an even better idea of what the market is doing.
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Be careful with lowball offers.
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Finally, once we have all that information, we can do a complete market analysis to see where the market is trending and where you should be placing your offer. Then the only thing left to do is go out there and make an offer. However, be careful with making lowball offers. A lot of times offers that are too low are completely ignored.
Also remember that if you are buying a home with a mortgage, you have a safety net in the form of the appraisal. If it comes in low, you can either walk away from the deal or renegotiate with the seller. It’s there to protect you.
If you have any questions for us, don’t hesitate to give us a call or send us an email. We look forward to hearing from you.
