As a first time home buyer what can you do to determine the house market price of that home you want to buy?
First time home buyers sometimes feel lost without a clue as to what to do next much less understanding whether they will be able to secure a home of their own without paying too much for it.
For this reason, it is necessary to know how to calculate the house market value.
Simply put, the market price of an existing property is what a seller is willing to sell for and buyer is willing to pay.
The value is not necessarily going to be the same as it may have been a year ago, or even what it will be next year.
I'm sure you realize since the mortgage bubble burst in 2008, property values can vary from state to state and even within different areas of your town or city.
As you search for your new home, here are some things that you can do to help you to determine the fair house market value of the home you are interested in.
For starters, you may want to check the sales history of the home you're looking at by going to the tax assessors office. They should have a sales history and have a current assessed value.
The assessed value is normally not the actual value of the home. Often times it can help you get close to what a home may be worth. In many cases the assessed value represents 80%-90% of a homes actual worth.
Once again, this varies from state to state and so forth.
Once you have determined if this is the house you really want and that it fits what you are willing to pay, it may be a good idea to order an appraisal to verify your findings. This way you can firm up your decision and proceed to putting a purchase agreement on that awesome house.
If everything looks good, then you may want to proceed to make an offer after you have discussed things with your Realtor.
By comparing your research to what the real estate sales agent gives you, now you're an informed buyer.
It's better when you can work with a sales agent that has not listed the home since they will not be biased wanting to make the bigger commission. This way the CMA (comparative market analysis) they give you should be close to your market research.
Do you have more questions? Have a Question is an cool forum to get those questions answered. Go ahead and ask away!
Want to know what to do to help the appraiser? Click here for more details how you can do that.
If you would like to know more about appraisal basics, click on this link to learn more.
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