Whatever the state of the housing market is, as a homebuyer, you should always make sure that you are getting a fair or good price for a home you are buying. May it be for investment purposes or merely serving as your family home, it is important to keep in mind that you are paying for a property that is worth its price. Read this guide to help you with determining if you are getting a good price for the home you are purchasing:
- Consider recently sold properties
Compare the property you are buying to an already sold home of the same size, features, amenities, and other aspects. You must consider every factor that contributes to the price. Sometimes, you will encounter a home with the same size, design, and neighborhood as yours but you get your home at a higher price. You should also consider the condition. Perhaps yours is newer, or perhaps your community has a spacious and luxurious amenity area than the one you are comparing it with. Get a real property estate agent for better comparison and details about what you shouldn’t miss in a home you are buying for a certain price.
- Ask your real estate agent
This is one of the moments when you should really rely on experts on the industry. Without even analyzing the data, your real estate agent is likely to have a good gut sense (thanks to experience) of whether the property is priced appropriately or not and what a fair offering price might be.
- Test the waters
Even in the housing market, you may try making negotiations. Some sellers list properties in their lowest prices so that they won’t go through the excruciating process of negotiation. But others list their properties for sale higher than it is expected, so when buyers who are naïve enough not to negotiate take it, it’s a big win for the sellers. You can always make an offer below the list price just to see how the seller reacts. If the seller accepts your counteroffer, then you’ll get the hint that the property might not be worth as it was listed for, and that you have a chance of getting a better deal. If the seller reacts otherwise, then this might be an indication that you are indeed getting what you see.
- Explore the expected appreciation
If you choose a home that is not yet near developed towns or communities, it is more likely that you’ll get a lower price for them, because of the location factor. However, you should also look into the future developments and potentials that might change the landscape. For example, if you are looking into living in the outskirts of the city, and you see a good potential that the area will be urbanized in some years to come, then it means your land and property will greatly increase in value over time.
Choosing the best home does not end with a great location or a beautiful design. You have to weigh in all the factors that make your home tailor-fit for your needs. To discover the perfect home choice for you and your family visit our website www.suntrust.com.ph or follow us on Facebook.
