Buying a home can be the most exciting part of your life. Let’s face it, buying a home is a huge deal. Too often, people rush into homeownership without realizing that a home can be overpriced.
What if you have found your dream home? You don’t want to lose this opportunity, yet you don’t want to over pay on your mortgage either. To be clear, it’s best to play your cards right when you make an offer.
Not sure where to start? Take a look at these 3 signs to determine when the time is right to make an offer.
How long has the home been on the market?
It’s simple, supply and demand. It’s best to look around at the houses in the area that are similar and up for sale or recently sold. Once you do, check to see how long the houses stayed on the market. If it’s more than average, then you are in a buyer’s market. That might tell you that the seller has overpriced the home. However, it will be easier to negotiate at a better price since the house has been on the market for so long.
When you’re not picky
Many people have a preference on how their future house should look. Others, maybe planning a full renovation no matter how the house looks. However, if the price is all that matters then you shouldn’t be afraid of throwing offers left and right. When you are searching for a home, go around every house and negotiate. Granted, you will eventually find a seller who is willing to compromise.
When the Home is outdated
Trends comes and go, but when a home is completely outdated that’s when you swoop in with a low offer. So, how do you know when a home is outdated?
For instance, whether its flower’s or busy patterns, nothing makes a home look outdated quicker than wallpaper. Let’s not forget those wood wall panels. Or, if the house still has an old thermostat to control your home’s heating and cooling system.
If your home has any of these, your house is completely outdated. So, play your cards right and negotiate for a better deal.
Bottom line, when you shop for a home, it really does help to do your homework and know the environment you are buying. Having enough information will help you submit an offer that meets the market value.
Find out if you can put your housing costs to work by buying this year! If you have any questions for us, don't hesitate to give us a call at 770-552-1000 or send us an email at skatz@vandykmortgage.com. We look forward to hearing from you soon!
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