As a potential homebuyer, it’s easy to get caught up in the excitement of finding the perfect property and rush into making an offer. However, it’s important to ask the right questions and do your due diligence before committing to a purchase. Here’s a checklist of a few things you should investigate before making an offer on a home.
Are There Any Previous Offers On The Property?
Knowing whether there have been previous offers can provide valuable insight into why those offers fell through, such as issues with financing or inspection. It can also help you gauge the level of competition for the property.
Is The Seller Willing To Compromise On Certain Things?
While it’s true that most sellers want the highest possible price for their property, they may also have other priorities, such as a quick closing, leaseback, or leaving certain items behind. By understanding the seller’s motivations and goals, you can work with your agent to craft an offer that meets their needs while still aligning with your own. This can ultimately lead to a more satisfactory outcome for both parties involved in the sale.
Have There Been Price Reductions?
Knowing the pricing history of a property can help you understand the seller’s motivation and whether the property was originally overpriced. Your real estate agent can provide a Comparative Market Analysis (CMA) to help you evaluate the value of the property.
How Long Has The Property Been Listed?
A home that has been on the market for a while may be overpriced, have unresolved issues, or be in an undesirable location. Your real estate agent can help you understand the reasons for a longer days on market count.
What’s Happening Locally?
Research the neighborhood to ensure there are no upcoming changes that could negatively impact your quality of life, such as construction or increased traffic. Also, consider any positive changes, like the addition of schools or parks, that could increase the home’s value.
Buying a home is a major decision, and it’s important to have the support of a trusted real estate agent. The One Team is here to help answer any questions and guide you through the homebuying process. Contact us today to get started!