In a weak market that are several numbers that you should know as a buyer. How long has the property been listed and what did the seller pay for the property. if the sale is a recent purchase it will give you some insite as to the present value if it has just been maintained. If the buy was made in the last 5 years we generally know how much homes have gone up. In this market the prices have been flat since the begginning of 2005. In 2004 prices in some areas when up 8-9% for that year and less for 2003. You also have to figure if they got a good deal or not. If they overpaid it gets harder to work a deal. You can see if other deals have fallen through. This may mean they are really motivated for a good buyer. I have a couple of clients asking me these questions and it can give you some insite into the sellers motivation. The other key factor is finding why the sellers are selling and do they really have to sell. Its always worth knowing the recent sales history and upgrades done to a home. Some ideas to be aware of in the New Orleans Market.
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