Home Shopping? 2 Tips To Help You Get The Most House For Your Money

Posted on: 8 March 2016

If you're in the market for a new home, you want to make sure you get the most house for your money. When you're in the middle of a buyer's market, you can take your time and make sure you get exactly what you want. To get what you want, you need to do your homework. Before you settle on a house, take some time to see what's out there. Here are a couple of things you can do to make sure you get the perfect house.

Attend Open Houses

Now that you're looking for a home, you need to know what's out there. Don't be afraid to attend open houses, even if you're not interested in that particular house. Attending open houses will allow you to make a list of the amenities you want in your own home, as well as the items you would rather avoid. The more houses you look at, the better idea you'll get of what you're looking for in the home you plan on buying.

Follow the Sales

When you're in the market for a new home, it's important that you follow home sales in the neighborhood you're looking to buy into. By following the sales, you'll get a better picture of what you'll be facing when it's time to purchase your own home. Here is some of the information you should gather while you're following market activity.

Length of Time on Market

Take a look at how long homes have been on the market. This will help you determine market volatility. If homes are sitting for extended periods of time, this might be the best time for you to move into the neighborhood and purchase a home. However, if homes are moving quickly, you might not be able to get the best deal there.

Initial Asking price

Next, you want to look at the initial asking prices of the homes that sold in your area. Were they higher than other neighborhoods in your community, or were they substantially lower? If the initial asking prices were substantially lower than the market would allow, you might want to ask questions about the particular neighborhood. This is particularly true if all of the homes in the neighborhood were priced substantially lower than the current market would allow.

Final Selling Price

Finally, when looking for a home, you want to follow the final selling prices of homes in your area. This will help you determine where your starting bids should begin at. A good way to find your starting bid on a home is to look at the average initial asking price and the final selling prices of the homes. Your initial bid should be somewhere in between those two numbers.

Now that you're in the market for a new home, take the time to do some homework. The tips provided here will help you get the best home for your money. For more information, talk to a company like The SRQ Duo.