Checking Recent Market Sales
Don't believe everything you read online
It's so important to understand the market activity in the neighborhood where you are buying a home. Every local market is different. Checking recent sales activity will ensure you understand the real market values. Don't rely on online estimates. They can really lead you astray if you trust them on face value. Many of those estimates come from unchecked data sources and are not kept up-to-date in real time.
This is an area where you can heavily rely on the experience of your chosen real estate agent. Since they have access to the MLS (Multiple Listing Service – a system used by agents to house listing information) they will be up-to-date with the most recent home sales, homes available, homes under contract and any coming soon listings in your desired neighborhood.
The demand for homes in the neighborhood you select will also affect the price of the homes and inventory available. We recommend you ask your agent to share the latest neighborhood statistics with you such as list price-to-sales price ratios and comparisons of those sales prices to tax assessments in your city. This will ensure that you are getting the latest information about market stats to help you make the most informed decision.
So do yourself a favor and save the heartbreak. There's nothing worse than losing the home of your dreams because you made an offer too low or didn't fully understand the situation.
Want more homebuying advice? Nestiny is a great place for homebuyer education and to help you gauge how ready you are to buy a home. Journey Homeward allows you to enter all of your wants and needs while the True Affordability Tool will break down your budget, showing what you can comfortably afford. You will also receive a free Ready Report that is personalized based upon the information that you entered. This report will give you a vital head start in the home buying journey, saving you valuable time and money.