Introduction
Buying a house is one the biggest investment you can pursue in your life time. Therefore, it pays to perform some level of due diligence to get the best possible prices house. Here are factors to consider, while searching for a house and to get the best possible value for money on your investment.
Step 1
Most sellers will not consider you as a serious buyer, unless you have been preapproved for a mortgage. They would rather forego the luxury of waiting for a higher offer that has not been preapproved, and instead accept a lower offer from a buyer with a preapproved mortgage. Therefore, make sure to apply for a preapproved mortgage before you start searching for the best prices house.
Step 2
Look at the prices house for recently sold properties in the area. This should provide you with an idea of a reasonable price, to offer sellers in the area. You could also check the public records at the local county clerk’s office, to find out their valuation for the property.
Step 3
You can either choose to buy a house through a real-estate agent or a private seller. It is often harder to buy a house through a private seller, due to the amount of knowledge required and the level of negotiation you will have to go through. Therefore, many people are often more comfortable with looking for prices house and closing a deal through a real estate agent. However, it is worth mentioning that you can get a cheaper deal by buying directly from a private seller.
Step 4
Most private sellers will be willing to offer you lower prices house, because they don’t have to cover the fees charged by a realtor. You can hire a real estate agent or legal expert to go through the documentation for you at a low fee, so as to ensure everything is accurate.
Step 5
You should also factor in the forces of demand and supply while searching for prices house. A depressed property market will allow you to negotiate for a lower price, and vice versa for a booming property market. Look for houses that are closest to your target, and look at the number of days the property has been up for sale. If the property has been on offer for an exceedingly long period, then it is an indication that the market is not convinced of the valuation of the property. If does finally get a buyer, try to find out how much below or above the list price the property was sold for and use that as a pricing guideline duration your negotiations.
Tips
You can also use square foot pricing to gauge reasonable prices house. You should search for 3 to 5 homes that best fit the type of house you are looking for and compute the average square price per foot for the houses.
Sources and Citations
You could also hire an appraiser who should be able to provide a more accurate prices house. They will often take into consideration the size of the house, uniqueness of the property and the prices of homes sold in the area recently, to come up with an estimation of the property’s fair market value.
