Getting a Good Deal in Real Estate
In 24 years of selling real estate I have worked with a lot of different people with different motivations for buying a home. The most interesting buyers have always been the ones who were focused on "the good deal". Of course, everyone wants to get a good value - I'm not referring to those buyers. I'm referring to buyers who want to "steal" a property. The tragedy of this kind of purchase is that it focuses on price alone. The price may be low, (hence the perceived good deal) but there is always a reason the price is low, i.e.: small master suite, small kitchen, lack of closets or storage, etc. These homes always have one area that is "knock your socks off". Add the reduced price and you've got "SOLD"! Keep in mind, if a house has an "issue" when you buy it, it will still have that "issue" when you sell it, and you too will likely end up selling at a reduced price. Here are the top three issues to consider when getting a good value:
•1. Resale: You make money on a home when you buy it.
This is first and foremost in my mind when assisting buyers. My hope is that I will again be their agent when they get ready to sell, and I do not want to tell them that I can't get top dollar for their home because they made a bad investment.
•2. Make sure it's a place you want to come home to everyday.
I recently sold a home for a gentleman who had lived there only one year. (b/t/w, I did not sell him this house.) He bought in an area outside of town (because he could get more house for his money) and then realized he loathed the daily drive, and disliked the community. He told me that he hated coming home every day. He sold his house at a loss just to get out of there!
•3. Be certain the house meets your physical and lifestyle needs.
If having a place for the kids to play is a priority, then keep it a priority NO MATTER WHAT! If you find yourself making a concession in that priority area, then is it really a priority? Knowing what is really important to you will help you get the best value. The floor plan of any home you choose should be functional. In other words, you should not have to cut through rooms to get to a bathroom, and the floor plan should flow - you shouldn't feel like a mouse going through a maze.
After you have looked at a few homes, you will start to get a feel for the standard room sizes and amenities available in your price range. Your REALTOR can give you guidance regarding pricing trends and values in any given area. Ask your REALTOR about the number of days on market for every house you consider making an offer on. This tells you how long the existing market of buyers have been rejecting the home. Answer the questions: "Why has it not sold?" "Is the problem solvable?" "Do I want to devote my time and money to solve it?" Also find out what the original listing price was and how many times it has been reduced. Sometimes, you will encounter homes that have been reduced as much as 40% from their original asking price. Don't kid yourself into thinking you are getting a good deal just because you are buying at the reduced list price. The market has already rejected that house at the higher price, which is why the house is still on the market. Your REALTOR can provide you with all the data you need to make an informed decision. Getting a good value is important, but first and foremost, it has to feel like home!
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