Buying A New Home at Lake Norman NC - What Should You Pay?

If you've found the home of your dreams at Lake Norman NC & the time has come to put together an offer the very first question to ask yourself is :"How much should I pay?". The question may sound simple enough but many people find themselves baffled by how much they should really offer and how they will go about determining that amount.
To be sure, you already know the seller's asking price. the first step in your process is to determine if the seller's asking price is fair. If it is overpriced but you absolutely love the home you may not mind paying a little bit more than you should for the home. However, a buyer must keep in mind that all home prices are negotiable....it's not like going to a supermarket & paying sticker price for meat. so, step one is to gather comparable statistics on your potential new home. Comparing sales of similar properties is often the most overlooked strategy in this process, although it can be a huge factor in your negotiations in reality

There are basically three major steps to figuring out your offer price; comparing the sales of similar properties, considering the condition of the home and seller's motivation, and negotiating with the seller after determining a fair price.
By comparing sales of similar properties is the most overlooked strategy in this list, although it can be a huge factor in your negotiations in reality.
Not only do comparable sales give you insight into the approximate value of the house, but they also give you a reference point for understanding the range of prices that should be considered The homes used as comparables should be similar (if not exact)in the number of bedrooms and bathrooms, lot size, style, garage, and upgrades in the home.It is also extremely valuable to consider the most recently sold homes you can find as close as possible to the home you're thinking of buying. You can try to gather this information yourself but most savvy buyers will be working with a Buyers Agent to represent you in the sale. A buyers agent will have access to not only Public Records from the county tax office but will also have access to the local MLS records of recent sales. A good buyers agent will have the necessary experience to make adjustments for differences in the comps while you , as a buyer, may not be as familiar with these variables.

The Multiple Listing Service (MLS) is designed for persons who have a real estate license and that have joined MLS to gather information about properties for sale and those sold. MLS records are much more up to date than public records as agents have a time line to follow for recording sales of listed properties when they close. Though the public can now view some parts of the MLS listing, only a Realtor can see the amounts properties were sold for along with more property information.

Comparable property research is only one of the steps that should be taken in determining an offer price. Step 2 is to determine the condition of the property. Under North Carolina's new Offer To Purchase the buyer has a "Due Diligence" period in which to perform all inspections they deem necessary before making a final decision on whether to buy the property or not. the advantage of this is that the negotiation of selling price will be completed prior to the inspections and the buyer can make the decision as to whether he chooses to pay that price for the home.

Trying to determine & understand the circumstances of the seller is important to the buyer isnce you don't wnat to overpay on one hand but, on the other hand, you don't want o insult the seller with such a low offer that you lose the chance to negotiate at all on a home you love.

With the right agent doing the research & representing you It is very possible that you will end up knowing more about the value of the house than the seller himself(especially if the home is for sale by owner).

Consider working with The Naylor Team of Lake Norman NC for your next home!

The Naylor Team provides residential real estate services - buying or selling a home- to the entire Lake Norman NC region including Mooresville, Denver, Cornelius and Huntersville NC
Lake Norman, Mooresvile & Denver NC Real Estate