Choosing a suitable home is one thing, but quoting the right price for it is a different ballgame altogether. Working with a real estate agent is normally free for the buyer. Not only can they assist you in finding the right home but, once you have taken your pick, they can advise you on what to offer so that you do not end up overpaying for the deal. To successfully go about the tedious procedure of home buying, you must have some concrete information. It is important to know the market value of the house, the timeline, the history of the house, and also if the house has been remodeled or repaired. A real estate agent can help you with all of this and more
Here are a few ways a real estate agent can help you determine the perfect price of your desired home:
- Check the market value-
To be precise, market value is the amount someone is willing to pay to purchase the property. After considering the recent comparable sales and other factors in the current market, the buyer and the seller come to a consensus and decide upon one price. Market value is a range of many fluctuating numbers. If you are on the lower side of the table, you have grabbed a great deal, but on the other hand, if you are on the higher end of it, then you might end up paying a whopping amount. Always keep a close eye on the shifting market value of a property and seal the deal when you get the best offer.
- Research on the comparable sale-
Comparable sales give you a list of all the properties that have been sold in the geographical location on which you are focusing. The listing generally has a record of the sales over the past 6 months. So, always take a keen look at the sales records to determine the best price. However, the market value is predominantly fixed by what the seller is willing to charge. The buyer has to depend on their real estate agent to get a suitable price for the house they select. However, several factors play a role while making a choice; condition of the house, size of it and how old the house is.
- Current market scenario-
If you are working with a real estate agent then ask them to be aware of the fluctuating prices of properties. Keep the sales record of the past 6 months handy to predict the rise or fall of the cost. This will be of enormous help when you intend to strike a beneficial deal and save money in the process. Another important aspect is that if properties have been in the market for long. There is also the chance of homes getting off the list quickly and if the list is frequently changing, that is an indication that the market is hot.
- Check the condition of the house-
When you pay a visit to the house before buying it, check how much work the place needs before you can move in. Check the interiors as well as the appliances because it is going to be non-negotiable after the papers are signed. So, always have a detailed discussion about the same with the seller before you make any decision of purchasing the property.
- Learn to go low on time-
If a house has been in the market for an extended time frame, then it will most likely be on the lower side of the market value range. That can be a wise time to select such a property. If you fancy a house that has not been on the charts for a long time but you feel is overpriced, then you can always quote a reasonable rate. You must also be aware of the correct time to go higher on your bids; the market has umpteen numbers of buyers, so be ahead in the race as you need to quote an ambitious amount.
Getting a dream home can prove to be the most challenging task of your life, but if you have a plan in place, then the process gets simpler. Have all the necessary knowledge of the market and have a real estate agent provide you with extensive research on the same to lay your hands on the best deal.