Thursday, 03 April 2014 20:46

How to Ensure You're Recieving a Good Deal When Buying a Home in Springfield, IL

Purchasing a property for a fair price is every home buyers goal. Unfortunately, knowing what's fair and what's not, isn't always easy. Through research, you can discover if a house has a reasonable or unreasonable asking price. To help you with that process, listed below are the steps you can take to ensure you are receiving the best deal possible when buying a home in Springfield, IL.

Recently Sold, Comparable Properties

A home that is similar in amenities, condition, size and neighborhood to the house you are looking to purchase is considered a comparable property. You can use sold, comparable properties, also referred to as comps, as a tool to determine whether or not the home you are interested in buying is priced reasonably. The real estate agent you are working with can provide you with the best up-to-date information when it comes to comps.

Comparable Properties Still on the Market

Just as sold comps can come in handy, so can unsold comps. Walking through homes in the area that are similar to the property you wish to purchase can help you determine if the seller has priced their house appropriately. If you find the selling price is too high, you can make an offer according to the comparable properties you visited.

Consider Anticipated Appreciation of the Area

Researching the area's upcoming developments can provide you with insight on whether or not the value of the home you are interested in will rise or fall in the coming years. If there are plans to add a shopping mall to the area or a new school is being built, the future looks promising. On the other hand, if there has been an abundance of store closings, the outlook is less than favorable. Both cases can effect the price of the home you want to buy. Unfortunately, it may be wise to walk away from a house who's value is likely to depreciate in the future; otherwise you could end up losing money on your investment.

The Opinion of Your Real Estate Agent

Not only does your agent have the resources to analyze a home's asking price, but they also have the experience, which comes in handy when you wish to negotiate for a fairer selling price. Be sure to ask your real estate agent what their professional opinion is before you make a final decision.

Does the Price Work for You

Your feelings regarding the home will most likely affect the amount you are willing to pay. If you don't think a house is worth the money they are asking for, don't buy the property. However, if you're in love with the house and you're willing to pay above market value than the decision ends with you.

If you're looking to purchase a home in Springfield IL, please contact us today and we will be happy to help you!

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