If you are gearing up in buying a property in Glen Ellyn homes, you are already aware of the seller’s selling price. But what how much are you going to offer and how would you come up with the right price?
Glen Ellyn Homes: Recognizing Your Price Offer
You must first look into the selling price of other similar properties to figure out hoe much you are going to offer. Analyze other information like the house’s condition, and the seller’s circumstances. This will enable you to come up with a fair offer for the house. And depending on your style of negotiation, you can adjust your price offer and decide on what to include in it.
Glen Ellyn Homes: Comparable Sales
Look at the recent sales of similar homes or comparable sales. These are homes recently for sale comparable to the one that you’re aiming to purchase. Particularly, compare homes with similar area, number of bathrooms bedrooms, garage area, and construction type and lot size. If the home you’re targeting to purchase is included in a tract of homes, chances are, you will see some exact models that match your target home when compared to each other.
The real estate agent has full access to these sources of information on comparable sales. You cannot easily access this information and in most instances, impossible.
Glen Ellyn Homes: Public Record’s Comparable Sales
This is the easiest data to access on comparable sales. Once a person purchased a home, the real estate property in deeded from its seller to its buyer. In many cases this is recorded at the local recorder’s office. They have sales data with what is already known about the property so their ability to assess the taxes is easier.
If there are no additions to Glen Ellyn Homes property, the data on the public record is correct about its square footage, sales price, and rooms. The public record is a good source of information in comparable sales data.
However getting the information is important for the general public. Realtors in Glen Ellyn Homes can easily obtain this data through title insurance firms. These companies either record the data from the country office or buy it from other firms.
Gathering information from the public record’s office, however, takes about 6 weeks for processing. Then you need to add four weeks for the common escrow period and you will find out that data is outdated. See to it that the information is the latest.
Glen Ellyn Homes: Pending Transactions
Of course the latest data is the most accurate. The sale made a week ago is more valid than the sale that occurred six months ago. However, the availability of the sales price is not accessible not until the transaction is successfully completed. The data out in the public record is not yet available though for it has not been recorded yet. The data from the multiple listing services in Glen Ellyn Homes is also not yet out. Once a home is sold, it is set for a pending sale and all the information on pricing is taken out of the listing. Prices will not be posted unless it’s a closed sale.
This shields the seller in case a deal falls apart and the home is put back in the market. It is disadvantageous for the potential buyers once they already knew the selling price the seller wanted in the past.
However if the real estate agent has a valid reason to determine the price, they gather data by professional courtesy. Most real estate companies also post data in their office transaction board.
Glen Ellyn Homes: Think About Above Factors Prior to Purchasing a Property
Obtaining information on comparable sales aids the buyer to establish the price range in making a good offer. The latest data must be given more attention, but you need to do more analysis before deciding on the price you’ll offer.
Other factors to consider are current market, home improvements, property condition and the seller’s circumstances that led him to selling his property in Glen Ellyn Homes. If you are a newbie in real estate though, you can always seek for the help of your real estate agent in guiding you making a good offer that is reasonable and fair to both you and the seller.