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Compare Homes on the Market to Save Thousands

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By : Jonathan Kostyra    99 or more times read
Many real estate buyers enter into the world of home buying and selling without considering the very great material advantages there are to knowing what’s on the market, what’s selling, how long it took and for how much. By analyzing the data of comparable homes that have recently sold in the neighborhood, you can put yourself in a much better bargaining position.

You already know one price: the seller’s. However, you should not assume that you will have to pay that price until you compare similar homes and discover what they are really going for and why. You need to understand how the home condition, improvements and status of the market all combine to produce a reasonable price for that property at a particular time. In the end, a home is only worth what someone is willing to pay for it, but just because *you* aren’t willing to pay a particular price doesn’t mean that someone else won’t be happy with the price.

To compare homes, you need to find homes that have sold in the last few months that are in the neighborhood, have the same number of bedrooms and bathrooms and are roughly the same in square footage. You have to take into account garages, workshops, landscaping, etc. It can be difficult, which is why a Realtor ® is the best choice for people who want to make the best financial decision for themselves, but do not have the time or the inclination to do all this research.

Buying a home isn’t like buying something off the shelf in the store; it is a balancing act of negotiations that ideally culminates in an agreement between the buyer and seller to exchange property for a specific sum. Properties can be overvalued, undervalued or priced according to the market. It is worth it to sit down with your Realtor® and go over the facts and figures so that you understand why they are urging you to offer a certain price.

Getting a deal with a home purchase is something you can only do once. When you’ve signed the paperwork, there is rarely any going back, so it’s important to make informed decisions. Ask your Realtor® to show you how they determine what a property is worth and go over home comparables with you. The more you know about the ins and outs of buying/selling real estate, the more likely you will be able to make knowledgeable offers on properties.
Jonathan Kostyra is a Greenville SC Real Estate relocation specialist. Visit his advanced website to search for Greenville Real Estate and surrounding areas.

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