So you've come to Minneapolis, Minnesota on a reconnaissance trip. Your mission: find out whether a move to the city would be feasible if you were to sell your current Port Credit real estate. You look through the city's real estate listings, talk to a couple of agents, maybe even take a look at a few houses. They've all got signs on the lawn demanding a certain amount of money, but will you have to pay that much? How do you tell if the seller's asking price is a fair one? We'll give you some advice on how to find out.
Compare
You should never just take a seller's word that the listing price in the ad is the fair market value for that home at that particular time. Remember, the seller is just a regular person like you and regular people can make mistakes or even try to deceive. To get a basic idea of whether you're dealing with someone who knows their stuff or someone who's just trying to gouge you so they can afford one of those Rhinebeck, NY homes for sale, check other homes for sale in the neighborhood and other houses in the listings that are similarly sized. Are the prices in the same ballpark?
Consult
Of course, every home is different, so even if there's very little difference in asking price between the house you've got your eye on and the similar one down the road, you should still make a point to talk to an expert. Your first stop on this road should be your real estate agent. If you've chosen properly, using your instincts and the recommendation from your old Annex real estate agent, your realtor is someone you can trust. If he or she says the asking price is fair, it probably is.
Assess
Once your real estate agent has given you the go ahead to be interested in a particular home, it's time to investigate the minute details of the asking price. These are the differences between $400,000 and $401,500, which can sometimes be the difference between getting that Millcroft home and losing it. Hire a home appraiser and get a property assessment done. This will cost you a couple hundred dollars, but it's worth it. Their results will determine fair market value once and for all.
Negotiate
Regardless of what your investigation reveals, remember that whether it's in Minneapolis or Mississauga, real estate listing prices are just ASKING prices. What you offer is up to you. Your assessment results should tell you how much wiggle room you have in the price, whether the homeowner has high or low balled their home, and therefore where to start your negotiations.
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