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in Real Estate
TO INVEST IN
Apartments & Single-Family Homes
considering the price of a prospective home
to buy, don't rely solely on the internet. The
best way to learn the market value of listings
in your target area, and to avoid making a costly
mistake, is to preview a lot of properties in
person. This is a more time consuming but far
more productive approach.
almost impossible to know with certainty whether
you're offering too much or too little without
intimate local market knowledge. If you rely
on inaccurate or insufficient data, you could
offer too little and lose a coveted property
to another better-informed buyer. Or you could
pay too much, which would diminish the return
on your investment when you sell.
HomeJoy Real Estate agent can shortcut the learning
process by feeding you information about new
listings. You should plan to look at every listing
that might work for you. Hitting the Sunday
open house circuit is a good way to canvass
a lot of listings in a short-time frame and
make sure your agent knows what listings you've
seen. Ask your agent to let you know when the
listings you have seen sell. Some buyers find
it useful to keep a file of the listing flyers
from the properties they've seen. Mark the selling
prices on the flyers and refer back to this
information when you're deciding what price
to offer. Don't toss the flyers from listings
you didn't like. Knowing what these listings
sold for will add to your store of knowledge.
you make an offer, ask your agent to prepare
a Comparative Market Analysis (CMA) for the
listing you're considering. Be sure that your
agent includes photos of each comparable sale.
This will help you remember the listings that
you personally previewed. But visiting open
houses in the neighborhood you're considering
is an essential way to become familiar with
home prices in that area.