Making Your Home Choice

When you are going to make the final choice on a home, and then put forth an offer, make sure you have weighed all the pros and cons, compared everything you can among the candidates, and even check the market conditions.

Taking photos and notes of homes you check out will prevent you from forgetting details, and they will help you come decision time.

Cautiously Weigh Your Offer

Go back to your list of priorities, any notes you have made, and consider all the factors. Your purchasing choice and offer should depend on the following things.

  • With your priorities listed in order of importance, consider which locations provided the best match for those items.
  • In regards to the offer amount, make sure to compare similar properties to the homes you are considering. Ask your real estate agent to get a market analysis for you so that you know the prices similar homes have sold for in recent months or are currently for sale an what their asking price is.
  • Don't forget about market conditions. Is the neighborhood of your top choices in a buyer's or seller's market? Buyer's market houses will tend to be cheaper, and vice-versa.
  • These homes are already built. Review the positives and negatives and the notes you made about each one. Determine which homes best match your priorities, and which ones have conditions that just can be avoided, but are tolerable.

Market Analysis

A good analysis of the market should include at least the following items for many of the houses in the neighborhoods for which you are considering making a purchase.

Number of homes sold
Number of homes on the market
Stats for each house:
Stats for each house:
Address
Address
Sold date
Listed Date
Sale price
Asking Price
Bedrooms / Bathrooms
Bedrooms / Bathrooms
Total area
Total area
Yard size
Yard size

Which Market, Buyer's or Seller's?

Don't forget one of those basic principles of economics. When supply is high, and demand is low, that is a buyer's market. This will bring the price down as it is the best way price-wise to get a home to sell. When supply is low, and demand is high, the price is going to be higher than it would be otherwise. Here, offers may have to be greater than the asking price just to compete with other offers made on a home.

Making the Choice

When all the information you have gathered is compared in front of you, you will start to learn what you will or will not accept in a home, and what items you should try to negotiate with the seller.

  • Be clear about what you need, what you would like, and what would be nice but may not be worth the cost.
  • Be sure of what your highest and lowest offering prices are considering the market and just how badly you really want this home.

Comments

No comments yet.

    Sign in or sign up and post using a HubPages Network account.

    0 of 8192 characters used
    Post Comment

    No HTML is allowed in comments, but URLs will be hyperlinked. Comments are not for promoting your articles or other sites.


    Click to Rate This Article
    working