Paying Too Much for Your Home - Oro Valley Real Estate
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When it comes to buying a home, it can be hard to determine if you're getting the best deal or getting ripped off entirely. However, in an age where online resources abound, the housing market is becoming even more transparent. Buyers can attest that you no longer need to depend on a seller or real estate agency to tell you if you're getting a fair price - that information can often be found via independent sources. Why, then, do people still overpay for their houses?
Here are the biggest signs you're overpaying on a home:
The listing price is drastically different from other comparable homes in the same or a similar neighborhood
The home has spent a long time on the market
The home has hidden maintenance or foundational problems you didn't know about
You might also overpay simply out of convenience
And now, how to avoid overpaying for a house:
Use online tools like Long Realty 3 Estimates to make sure you're getting the best deal
Pay attention to the neighborhood - this can include land value, the overall housing market of where you're moving to, land scarcity, and more
Make sure you have an appraisal contingency clause in your contract
Don't get into a high-priced bidding war for the sake of getting your "dream house"