Tags: homebuying | property | real estate | housing

6 Tips for Buying the Right Home at the Right Price

6 Tips for Buying the Right Home at the Right Price
(Dreamstime)

By    |   Thursday, 16 November 2017 10:37 AM

Your dream home might not seem so dreamy if you discover you’ve made the wrong choice. Asking questions and getting information are at the core of strategies for buying the right home at the right price.

Real estate market conditions often change. If the market is in a slump, certain areas around the country are booming. Home buyers can find it exciting but also nerve-wracking finding a home. They might even put off buying because of uncertainty.

Realistically, it only takes a little bit of homework and knowledge when looking for a home. Strategies to buy the right home at the right price include:

  • Build the right real estate team — That includes a realtor, lender, escrow agent, title company or attorney, and inspector, according to Dana Bull, a Boston real estate agent and investor who advises millennial homebuyers and first-time real estate investors. Having as many people as possible assures the right home at the right price for one of the most important decisions of your life.
  • Educate yourself on the process — Difficulties and stressful situations might pop up while searching for your home. A good real estate agent and the people on your team can help you know what to expect so you can stay in control.
  • Do a detailed home inspection — This is your chance to thoroughly research the property. You might think it only means checking for defects in the home, but it also involves checking building permits, meeting a city inspector, talking to neighbors, and finding relevant information on the history of the home.
  • Research lenders — Financing plays a huge role for home buyers. Talk to a few lenders and compare what they have to offer. Ask about refinancing in the future or considering an adjustable rate mortgage, and know how much you can afford.
  • Understand pricing — Ask your agent about market conditions, particularly if it is a seller’s or buyer’s market. Sellers usually get their asking price in a seller’s market while buyers benefit in a buyer’s market, able to negotiate with sellers and consider higher-priced homes, the Balance points out. Get information on the sales history in the targeted area for the past six months, comparing original prices with final sales prices.
  • Consider seller motivation — Home buyers could find lower prices on homes because the seller needs to sell. Motivated sellers might be moving because of a new job, foreclosure, divorce, or financial difficulties.

© 2018 Newsmax Finance. All rights reserved.

   
1Like our page
2Share
StreetTalk
Your dream home might not seem so dreamy if you discover you've made the wrong choice. Asking questions and getting information are at the core of strategies for buying the right home at the right price.
homebuying, property, real estate, housing
400
2017-37-16
Thursday, 16 November 2017 10:37 AM
Newsmax Media, Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved