Buying a Home...? Don't Judge a Home by Its Listing Price...!
Now, you got the money. You have the need to find a new house for yourself and your family members. Each day our daily expenses expanded. Things are not cheap nowadays. Renting a house is one option most people use. How about buying your own?
When shopping for your next home, you want to take advantage of the best bargain property that matches your ideal neighborhood and property features. In order to accomplish this goal, you need to be aware of the principles of valuation. By applying these principles, you'll be able to locate and identify homes that present great potential for future appreciation.
As you shop for a home, you may rank homes as overpriced or a good deal based on their listing prices.
For example, if a real estate agent takes you to view three similar homes in a community-one property is listed at RM182,000, another one at RM197,000, and the third one at RM169,000.
Your first impression of these homes may lead you to believe the $169,000 one looks like a bargain. You might be tempted to tell yourself this home is a deal since the sellers probably underpriced the property. Before you get too excited about this promising deal, you need to research the local comparable sales.
The possibilities could exist all these sellers may be asking too much for their homes. Their listing price could be out of line with the current market. It's not uncommon for greedy agents to show four overpriced homes to unsuspecting buyers and then complete the tour with a home priced RM10,000 or even RM50,000 less than the previous properties. By stressing the fact the property is new on the market and priced at a bargain, the agent will try to capitalize on your fear of losing out on a great bargain.
Before you dive headfirst into making an offer, it's important for you to verify the home is truly a bargain. Check the the most recent selling prices of homes in the community. If the home market took a recent dive, many home sellers haven't come to the reality of needing to lower their listing price. This is one possible reason a seller may complain why their home isn't selling. It's not simply because buyers aren't willing to buy. Instead their properties are slow to move because their listing prices are way out of line with what buyers are willing to pay.
Therefore, their homes will sit on the market for months. Those sellers who become serious about selling will eventually learn about the market and lower their listing price. Be sure you carefully check the comparable sales value, not just the listing price.
It's important to remember many sellers are negotiable when it comes to their listing price, especially if market conditions abruptly changed for the worse.
When you see a home that's overpriced, don't overlook it. Talked with the seller or the realtor to find out how flexible the seller is. You can also present realistic facts about current market conditions to convince the seller to lower their asking price.
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http://www.zaren.my/
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