Tips To Avoid Paying Too Much For the House

06 Feb 2018

Tips To Avoid Paying Too Much For the House

In the previous blog, I have written how the real estate market is quite huge and a confusing market to buy a home and that too especially if it is going to be your first one. In many regions where low inventory will have provoked bidding wars that are reminiscent of the early 2000’s. In most of the cases, the housing market is seen to be recovering and it will not be making it difficult to figure out whether you can afford a certain neighborhood and how to bid competitively.


6) With the due diligence done and with a Frisco Realtor by your side the next step you must take is to begin looking at properties which are not just 6 or 7 in number and according to them the best buyers are looking out at 20 or even 30 properties before they make a bid. Also, this is the best time where comparable sales will become the most important and they will be helping you to value the bid competitively. Seeing at least three to five active comparables, 3 to 5 pending comparable and 5 plus sold comparables is a must when you evaluate a property at the base level. The chances are that you would have already seen some of the best properties first hand and which will give you more ammo to negotiate.


7) If in the neighborhood that you are looking for is at rife with proper foreclosures as well as short sales then they can also bring down the value of the Homes in Frisco that you are looking at. Thus, said the difficulties that are surrounding the distressed properties will be making it up to the foreclosures and short sales that are less valuable than the standard one even if it is in the same neighborhood. This is one of the many situations that any experienced Cashback Realtor can be valuable.


8) While you are researching companies for clients then it will not be including the distressed properties on the list because they will be usually very different from the property that most clients are looking at for. Most of the time the properties may have many years of deferred maintenance which may result in both structural as well as cosmetic problems that may seem to be less common when it comes to traditional sales.


That is not to say that home values won’t be affected by short sales and in fact, the values may decrease in some areas like in Las Vegas when the real estate bust and brought out an epidemic of foreclosures to new neighborhoods. You must understand that when there are newer neighborhoods who are at the peak of the market and if they are all selling and all of the homes look similar with almost the same finish then these homes can be directly affected by short sales and by foreclosure properties.


9) This may certainly be sad news for sellers and it is good news for those who plan to live in the home for a long time as they will be able to get a good deal at a rock bottom price and the value of the home may increase during the time period where they can live.


Hope these tips help you or our agents at will get in touch.


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