If you are a home buyer what’s most important to you? Well, if you are like most home buyers you want to find your dream home and you want to find that dream home and purchase it for the lowest price possible. The first is most likely to happen, the second…only a few home buyers have mastered the technique of buying a home for thousands of dollars under the home seller’s or home builder’s asking price.
#1 MAKE SURE YOU KNOW EXACTLY WHAT IT IS YOU WANT
Just like life, buying a home requires planning and execution when you want to obtain a goal. Many home buyers never know what they want. When they go out searching their minds change from house to house and they end up more confused than when they started.
When it comes to buying a home there are two homes that you should be prepared to look for, a home that meets all your needs and a home that meets your desires. Unfortunately, you can’t buy both homes so finding a home that does both is ideal but may not happen. So where does that leave you?
As a home buyer you need to make sure that you know what you want before you start searching, before you find an agent, before you go to see any house. Once you figure out what you want (wood floors, golf course community) figure out what you need (3 bedrooms, 2 car garage). When you get ready to start searching focus on your needs first and then move on to your wants. Also, utilize your real estate agent. Our real estate agents are trained to take your needs and wants and realistically provide options to you the minute they get on the market.
Remember --- What do you absolutely NEED in your new home? What would you absolutely LOVE to have in your new home.
#2 UNDERSTAND THE HOME SELLER'S ASKING PRICE
When looking understand that 10 to 20 percent of homes are priced over their true market value. There are four types home selling prices that you will encounter:
The first is the clearly overpriced house. You’ll recognize this house because it has been on the market for a long time and the seller doesn’t look excited to show you the home because he or she has done it a million times
The second is the somewhat overpriced house. The somewhat overpriced house will also sit on the market longer than usual. If you think this house is the house for you should leave room for negotiating because ultimately if you emotions are invested you will lose money.
The third type of home is the home that is priced correctly at market value and the seller understood supply and demand and worked with a realistic seller’s agent and priced their home based on other homes in the market. When you run into homes like this they usually sell within a reasonable amount of time.
The fourth and last type of home is the most popular, the house that is priced below the fair market value. These homes sell fast, usually attract many offers and sell within a few days above the asking price.
So understanding what you need, what you want and how home sellers price their homes is the key to saving thousands. Ignorance isn’t bliss…it’s a costly mistake.
We want to hear from you! What do you absolutely need in your next home? What would you absolutely love in your next home?
AZ Property Solutions | 209 E. Baseline Rd. Ste E206 Tempe, AZ 85283 | 1-888-460-3580 Main Office | 480-540-3826 Direct Line | 1-866-599-0210 Fax Line
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