Although TV shows make house hunting look effortless, most prospective homeowners have plenty of questions as they get started. However, with the right real estate agent by your side, things don't have to be so stressful. My husband and I have purchased seven properties over the years, and we couldn't have done it without the help of our realtor. In addition to finding us property that met our needs, our real estate agent also answered our questions and calmed our nerves along the way. We decided to create a website to help people know what it is really like to purchase property and to work with a realtor, so that you are ready to embark on your own adventure.
You never really expect that buying a home is going to come along with putting in the time to get to know the real estate market, but it definitely can. It is always a good idea to look at recent home sale prices when you plan to buy a real estate property in any given area. Here is a look at why.
Gain information you can use as leverage during seller negotiations.
Negotiating is just part of the real estate buying process. It is rare to find a price on a home that is firm and not up for a little negotiation. However, if you find a seller that is firm on the price, you are going to need some leverage if you want to persuade them to reconsider their firmness. Knowing that surrounding homes have gone for far less can be really good leverage to use during negotiations. You can let a seller know through the real estate agent that their home is priced well above typical market value in the area, and they may come back with a lower offer.
Get familiar with what is a fair price and what is not so reasonable.
Understanding the recent home sale prices makes it far easier to spot an attractive offer when you see it listed. When a home is listed at a good price, it is best to jump on that deal as quickly as possible because it probably won't last long. If you know what homes have been selling for in a particular neighborhood or area, you can catch a good deal when you spot it and recognize a price that it is a bit over-market as well.
Gain perspective on changes in home pricing in recent months.
Sometimes, things will happen in a concentrated area that will affect the local real estate market in a way that will drastically change the home prices. For example, prices may go up if a new attraction develops within the community that attracts newcomers to the area. On the same note, house prices can fall drastically if something negative has occurred. For instance, if there have been issues with pollution in recent months, a house may not hold the same value. By looking at data from recent home sales reports and those from the months before, you can see any sharp changes that should affect asking prices of other homes you are considering buying.
For more information about real estate properties, contact a realtor like Matthew Barry & Erin Willman Real Estate Group - RE/MAX Professionals.Share