Buy a property with confidence!
So, you’re thinking of buying a property and want to close the deal, but you still feel uncertain about things? Ask your agent some important questions! You shouldn’t feel alone or unsure during the buying process, especially if you have a knowledgeable agent to guide you through it. Your agent should understand the significance of buying a property and keep you informed from start to finish. But, if you still find yourself unsure or second-guessing, ask your agent the five questions I have provided below in order to feel absolutely ready to close. Even if your agent has already gone through these with you, it doesn’t hurt to have a refresher!
What is the Market Like in This Neighbourhood?
Before looking for homes in your desired neighbourhood, it’s important to look at the market in that location and compare it to similar ones. By asking your agent about your desired neighbourhood’s market, you will know exactly what you are getting yourself into, therefore, allowing you to feel confident about your final purchase in the end. Your agent should give you an in-detail analysis of the neighbourhood, looking at price as well as desirability. You don’t want to end up purchasing a property in a declining neighbourhood, lowering the value of your new home over time. So make sure to ask this crucial question!
Should I Offer Less Than the Asking Price?
Your agent will know your desired neighbourhood in detail, therefore, knowing the prices of homes in a specific area and what they are worth (called comps or comparables in real estate terminology). From this data, your agent will let you know whether a home has been listed under or over market value to help you decide what price you should offer. The property could be listed for more than it’s worth, so putting in an offer less than the asking price doesn’t automatically mean you won’t get it. Your agent will guide you through the offering process to make it as ideal as possible.
How Long Has the Property Been on the Market?
So, imagine you close on your dream property, you move in, and a couple of months down the road, some problems start to arise. No, stop! That will simply never happen if you are asking your agent the right questions. One crucial one is to ask your agent how long your dream property has been on the market. If it’s been listed for a long time, it may be due to issues with the property or if a seller refuses to change the asking price. Ask your agent why a property has been on the market for a long time, so no surprises arise down the road, and you know what you are getting. It also doesn’t hurt to ask up front if there are any problems with the property.
Would You Buy This Property?
One of the best questions you could ask your realtor is if they, themselves, would buy the property you are interested in purchasing. If your agent claims they would and tells you exactly why, then you can feel confident in your purchase. But, if your agent seems hesitant or unsure, then that’s a huge red flag. If you get a sense that your agent looks anything but ecstatic about a property, don’t be afraid to ask why. You want an honest agent who puts your best interest first and is in it for you. There could be several reasons why your agent may have their reservations: the neighbourhood, the house itself, or maybe it has to do with the seller. It’s best to know now rather than later!
What are Similar Properties Selling for?
Comparing prices is crucial when it comes to buying a home and getting the best value for your buck! Like I said earlier, your agent will have insider knowledge of current sale prices and property types where you are looking to buy. Your agent should then complete a Competitive Market Analysis (CMA) once they know the neighbourhood you are interested in to get you the best price for your needs and wants (learn about a wants vs. needs checklist by reading last week’s blog!). Nothing would be worse than closing a deal just to find out afterward that you could have got the same property for less. That’s why working with a knowledgeable and professional agent can save you time and money, help you make educated decisions, and give you peace of mind!
Call Zoie Conforti Today!
Looking for a real estate agent that will guide you through the buying process and give you confidence in your purchasing decisions? Give me a call today at 647.293.8773, and let’s achieve your real estate goals!
Real estate is in my blood! My entire life, I have been exposed to the intricacies and complexities of the real estate spectrum from resale and land development to pre-construction and closing. I not only can make your homeownership dreams come true, but I have the experience to get your home on the market and sold in no time!