4 Ways to Tell Whether You're Getting a Good Deal on Buying a Home

How Do You Know Whether You are Getting a Good Deal When Buying a Home?

1.   Know what 'good deal' means TO YOU.

• Is a good deal getting the home of your dreams, over multiple offers, at a price you can afford?  Is it buying a home for 30% less than its current owner paid for it?  Is it getting a bargain, meaning you get a discount off what the home is worth on the open market? 

2.   Do the math - compare "your" price to other benchmarks. 

• The price you agree to pay or accept for a home is meaningless in a vacuum; to understand whether it's a "good" price, you've got to compare it with a few pricing benchmarks. 

3.  Factor in the specifics of your situation.

• Seasonality, market dynamics, affordability and the competition. 

4.  Don't forget any extra "bang" you're getting for your buck. 

• Buyers:  If the seller is paying some or all of your closing costs, HOA dues, throwing in extra furniture/appliances, or otherwise sweetening the pot, keep that in mind. 
• Sellers:   If the buyer has agreed to a fast or slow close, at your request, or even came up a few thousand on their offer price to empower you to pay all your mortgages and liens off, don't forget that, either.

Source:  This is an outline from the good Tara-Nicholle Nelson real estate education article -   "4 Ways to Tell if You're Getting a Good Deal - on Your Home!"   -  Here's a link to the article - click here

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Harrison K. Long - Business Solutions and Advisory - REALTOR® and broker associate, Coldwell Banker Residential Brokerage - Phone: 949-854-7747  -  CA DRE 01410855 -    

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4 Ways to Tell if You're Getting a Good Deal on Buying a Home 

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