No one wants to pay more than necessary for a home, whether you’re on a tight budget or have millions of dollars to burn. To make sure you have the tools you need to purchase a home at a fair price, here are six tips to keep in mind.

Compare Other Listings

Whether you’re interested in these homes for sale or not, it’s a good idea to visit different open houses to get an idea of the size, amenities and overall condition you’re considering. You can also compare the prices to determine what seems fair and what’s greatly overpriced compared to market value.

Look at Unsold Comparables

You could find a house for sale you’re interested in, but it’s priced in a similar fashion to unsold homes recently taken off the market. If that’s the case, then the home you’re interested in is probably overpriced. Be sure to check for unsold properties in the areas you’re exploring to evaluate that housing market.

Get Your Realtor’s Opinion

If you’re working with a skilled real estate agent, they likely won’t even need to analyze the data to tell you whether or not a property is worth the asking price. Thanks to years of experience, your realtor will be able to tell you what is and isn’t a fair price for the specific property.

How Does the Price Feel?

A good rule to remember when buying a house is this: don’t buy something you’re not happy with. Purchasing a house is a huge investment, and is something you’ll be stuck with for decades. Don’t buy a house just because the price is great, you’ll soon regret your decision once move-in day arrives. As well, it’s also fine to pay more than the market value suggests if you absolutely love the house.

Test the Waters

If a property you’re interested in is priced at market value, that doesn’t mean you can’t submit an offer that’s lower than the asking price. If it’s still close to the asking price, the sellers might accept it or start negotiations. However, don’t offer something that’s too low, as you might insult the seller and they’ll reject your offer entirely, seizing your ability to purchase the house.

Have the Home Appraised

To protect the house’s financial interests, the lender with have a property appraisal done once you’re under contract. This is to ensure that, if you stop making mortgage payments, a reasonable amount of money can still be made upon foreclosure. If the appraisal is much lower than the offering price, then you’re likely not getting much of a deal.

At Norm Merz Remax Centre, we’re ready to match all commission rates from our competitors. With over 20 years of experience selling real estate and an unconditional 30-day listing guarantee, be sure to call us if you’re looking to sell your home. Interested in buying a home instead? We can help with that as well! For more information, visit our website today!



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