When you're considering a home for purchase there are some key questions to ask:
How long do I expect to live here?
How much money will I have to spend to make this home what I want it to be?
And those two questions lead to another:
Is there any upside to this home's value?
While I don't have a crystal ball to foresee future home values, there are circumstances that you don't have to be a fortuneteller to know the answer.
When inventory is tight, prices tend to go up. It's basic supply and demand at work. Buyers start bidding up home prices just to make sure they FINALLY win one of those multiple bid situations they keep finding themselves in.
And sellers and listing agents notice the trends and they price a "blah" home at what previously would have been a "already spiffed, shined and updated" home price just a short while ago. If they overshoot their estimate, the buyers don't show up with the offers.
Now as a buyer the temptation may be to pay that price, but if you KNOW you've got to spend thousands and thousands of dollars to change "blah" to "I LOVE this home!", what are the chances that your price plus expenses will be anywhere close to what you'd need if you needed to move suddenly? Nowhere close, right?
So if you're going to get in a bidding war, you want it to be for a home that you won't need to make major changes to once you move in. Those "blah" houses? There's just not much upside in them.
Ready to talk the specifics of buying or selling a Warren County area home? Call The Liz Spear Team of RE/MAX Elite at 513-520-5305 or email Liz@LizSpear.com. Ask for those references, we'll be happy to provide them and they'll be happy to talk to you!
Serving Warren County Ohio area home buyers and sellers,
Liz and Bill aka BLiz
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