I am asked quite often, "Mark, is this house worth what their asking?"
When you are working with a Realtor, it's important to know how knowledgable they are or are not. You may end up paying more than what the house is worth. The worse part is, you may never know exactly how much you overpaid for the house. Here are a couple of tips when trying to determine if the house you like is worth the money:
1) How long has it been on the market at the current asking price?
- Always compare to the local market statistics. When a home has been at the same asking price for an extended period of time, it is a good indication that it is not worth what their asking. If it was, it would have already sold. For our local market, the very best homes at the best price will sell within 30 to 60 days.
2) What is the competition?
- Compare homes that are most like the subject property that have sold only in the past 90 days. In our ever shifting market, 6-12 months ago does not matter a bit. Only use comparables that have sold in previous 90 days.
For more information about buying a home, please visit my website, www.markcorral.com
Your in success,
Keller Williams Realty