There are a ton of buyers in every market, especially here in Cleveland. However, many are just looking at homes but not taking action as they are afraid of paying too much for a home. If you are a buyer who is serious about moving forward with your home buying needs, here are some tips to make sure won't overpay for your home:
Have The Home Appraised- Having the home appraised will protect you from overpaying. If you are getting financing, this will be performed by your bank or lender. They are looking to protect themselves in the deal and in doing so, will protect you as well. Even if your appraisal comes in equal to your purchase price, you should feel very good about the value. Banks are being extremely conservative in today's tough lending environment, and so are the appraisers they hire. If you are paying cash for a home, you may want to seriously consider paying for a qualified appraisal as well.
Know The Inventory - Viewing competing homes in the area in which you are searching will allow you to get a good feel for home values. You can monitor the status of homes you see and once some of them begin to sell, you will then be able to compare new homes that you see to the ones that sold. Seeing all homes in your price range will help you get a good feel for the market. You can do much of the "shopping" online and have your agent show you the best of the bunch.
Have The Home Inspected - It is important that home buyers have their home inspected so they know what kind of condition the home is in. If the home is inspected and is found to have no major issues, you can feel better about the condition of the home, and thus the price you are offering.
Hire A Buyer's Agent - This one cannot be emphasized enough. Do yourself a huge favor and make sure you have your own buyer's agent. The listing agent represents THE SELLER, and it is their job to get their seller the most amount of money for their home. They don't care about whether or not you overpay, and in fact prefer that you do because it helps their client. A good buyer's agent with knowledge of the local market and excellent negotiating skills won't let you overpay for a home.
Between your Realtor®, inspector, and the appraisal, there are many factors in place that will make sure you don't overpay for a home. If you pay attention to these tips, the fear of overpaying should be replaced by the excitement of moving forward with your goals. Rates are at historic lows and home prices are in your favor, so go out there and buy with confidence.
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About The Authors:
Dan and Amy Schuman reside in the Eastern suburbs of Cleveland Ohio. They specialize in luxury homes and work extensively with buyers and sellers who are relocating in or out of the area. They use their home staging expertise to sell listings quicker and for more money.
If you are looking to buy or sell a home in Bainbridge,Beachwood, Moreland Hills, Orange, Pepper Pike, Solon, or the surrounding Eastern suburbs of Cleveland, please contact the Schuman Team as they would be happy to show you why people love working with them.
To see all homes currently on the market in the Cleveland Ohio area, click here. For a personal consultation or to speak directly to The Schuman Team, call 216-346-3235.
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