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Is This Your Situation: Worried About Overpaying for a New Home?


When you finally find just the right home to buy, figuring out how much to pay can be unnerving.

The last thing you want to do is pay more than you have to. Here are three ways to avoid overpaying:

1. Check the comparable sales.

Homeowners can list their homes for sale at any price. A seller can list his home for more than it’s worth. The best way to judge the value of a home is to look at what similar homes (called comparables) have sold for rather than the listed price.

When you’re ready to make an offer, I’ll pull the comparable sales for you. Then, I’ll help you figure out how your desired home is the same, or different, from the comparable properties so you can adjust your offer up, or down, to account for those differences. 

2. Remember there are always more homes.

It's human nature to want something more when other people want the same thing. That's why a home that has multiple bidders may seem especially desirable. One way to keep your emotions in check is to remember that I can show you many other homes for sale.

3. Get bids on repair work.

When your home inspector finds things that need to be repaired or replaced before closing, he might also give you a ballpark estimate about how much you can expect to spend. I can help you get an accurate repair bid from a service professional, or contractor, so you know the exact cost to remedy the problems.

If you're worried you're going to get duped into buying a home for more than it's worth, give me a call and we'll find a home that's right for your and your budget.

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The information provided in this email newsletter is for general guidance only, and does not constitute the provision of legal advice, tax and accounting advice, real estate investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional real estate, tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. Home value estimate calculators provided herein are general estimations based on publicly available data and should not be used as a substitute for a professional appraisal. The information is provided “as is,” with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.
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