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How to know you’re offering the right price for a home regardless of the market

The real estate market changes every day. When buying a house, this can cause things to become unclear and difficult. The most important part of buying a home is the offering price. This can also be the most difficult for homebuyers to figure out.

Here are some tips on offering the ideal price:

  • Research what similar houses are selling for: Look online for recently sold houses in the area. Find out those prices and compare them to the house you want. Make sure to consider the bedroom and bathroom count, square footage, location, and the condition of the home. An agent can help access this information. If the house is substantially higher than its comparables, it is probably best to offer a lower price.
  • Offer below the listed price: Many home sellers will list a price higher than what they expect to earn. Most sellers have the intention of negotiating downwards to achieve maximum profits. If not in a multiple offer situation, offering a lower price will make sure that the seller isn’t over-pricing the house and that the buyer can achieve the best price.
  • Appraisal and Inspections: When getting an appraisal, a lender will come and look over the house. They want to make sure they are able to get most of the money back if they have to foreclose on the house. If the appraisal price is much lower than the offering price, the buyer might not be getting a reasonable deal. A buyer may be able to lower the offering price if there are too many repairs that need to be made.

A buyer doesn’t want to overpay for a home and be stressed out with payments in the long run. Always do the proper research when making big decisions like buying a home. If you’re looking to buy a new home, contact Raleigh Cary Realty; our agents are sure to get the fairest price on your dream home.

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Our agents write often to give you the latest insights on owning a home or property in the Triangle area.