Make Sure You are Paying the Right Price for the Right Home

Posted by Steph Kaye on Tuesday, November 11th, 2014 at 12:06pm.

Home Buying

Buying a home is a big decision with a lot of challenges. But, figuring out how much you can afford my be the most difficult. You need to find out what your credit report and your credit score. Your credit score is a huge factor on what interest rate you will be charged. And a lower interest rate can save you thousands of dollars over the lifetime of the loan. 

Deciding on your price range, it will make your home search a lot easier. But, it is important to stay true to your price range. You don't want to set your self up to be house poor, with no extra money left over each month. Here are some tips to make sure you are getting a reasonable property in your price range.

1. Use a Real Estate Agent

Real estate agents are experts and very knowledgeable about homebuying and property pricing. Finding  the right real estate agent will help you understand the current market,  how to analyze a home’s potential and come up with a reasonable purchase offer.

2. Look at Similar Properties

The best way to make sure you are paying a fair price for a home is to research similar properties in the area and compare the benefits as well as the costs. Continuing to research will remind you that there are other options and help you understand the housing market.

3. Don't Let Your Emotions Take Over

Do not rush into buying a home. Even though this could potentially be your home, it is also the biggest purchase of your life and you cannot make your decision lightly. If you feel yourself too connected to a property, you may be more willing to pay more for it. It is important to remain unattached and consider all of the options before you make an offer.

4. Get to Know the Seller

Getting to know a seller can help you understand their reason for selling and how anxious they are to sell. This will help you in making an appropriate offer.  An  appraisal will be required to get a mortgage and this will help give you a price for about what your home is worth. Also, check out the schools, crime rates, shopping and transportation options so you can learn if the property and location are right for you. If you know the home, community and seller, you will be more likely to pay the right price for the right house.

If you think the asking price is too high, offer a lower price. If all of the options you are looking at are too high, you may need to change your expectations. Remember that no house is perfect, and homebuying usually involves compromises.

If you are in the market for a new house and would like information on homes for sale, or are first time home buyer not working with a Realtor and would like to schedule a consultation with a qualified Oakland County and Macomb County Realtor, please complete the Lang Premier Properties contact form to have a real estate agent contact you. 

Lang Premier Properties are Birmingham Realtors specializing in Oakland County Real Estate. Stephanie is an agent with Lang Premier Properties. See what past clients have to say about Stephanie Lang.  Lang Premier Properties looks out for your best interests when you purchase a new custom luxury home. We always recommend working with an experienced luxury real estate agent when buying a new luxury estate.

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