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When Buying, Know the Market
The asking prices of most properties that are for sale reflect present market conditions and recent sale prices of similar homes in the area. When homeowners price their homes they try to walk the fine line between getting the highest price and ensuring the asking price is competitive enough to attract serious offers. While most Selling Agents advise their clients to realistically price their homes in order to attract acceptable offers within a reasonable period of time, some properties may not be properly priced and you should know this before making an offer.
Before making an offer to purchase a home, you should ask yourself the following questions:
- What have similar properties sold for in the immediate area?
- How long were they on the market?
- How does this one compare?
- Is it over-priced, under-priced, or fair value?
- What type of market is it - is it a Seller's, Buyer's or a Balanced market?
By having this information at your fingertips you will be in position to negotiate the best price and take advantage of any opportunities that may show up. This is where the experience and knowledge of a good REALTOR is valuable. REALTORS spend a lot of time and energy making sure they know their local market inside and out. They keep their finger on the pulse of the market and have the resources, connections and ability to keep you up-to-date with its constant changes. They know all of the properties currently for sale in your area and are literally your best resource for finding the perfect home.
The main factor that will affect market value are: Location, property, condition of the homes, comparable properties, market conditions and the economy.
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