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.