Getting A Fair Price On Your Home Purchase
One of the most important aspects to buying a home in Durango, Colorado is to ensure that you purchase for a fair price. Since there are certain key steps that you must follow in order to make a sound decision, it pays to have a knowledgeable Realtor on your side who will be able to help obtain the best and most realistic asking price for a property. That’s where we come in.
Determining Market Comparables
For example, one of the first ways to discover the price of a home is by researching local market comparables. In most cases, we will be able to bring up a list of properties sold over the last 6 months within a particular location in the Durango area. Properties should also not be bigger than 20% of the subject size, among a whole host of other attributes that we will compare.
Some features to consider would be the neighborhood each home resides in, structural differences, bedrooms and bathrooms, overall condition and other amenities such as a pool, a/c, or garage. Other factors, such as if a particular home sold for much lower due to foreclosure is something to uncover as well.
Houses That Have Not Sold
Next, many homes could be on the MLS for 6 months or longer without ever selling. Others that are comparable could have been taken off the market after not getting enough offers or being listed for too high. This is valuable information, because you may be able to get a particular property for a substantial discount or it may not even be worth pursuing.
Neighborhood Reputation & Appreciation
When it comes to buying a house, this is one of the most important reasons to work with a professional familiar with the area. Since we will have a familiarity with the area as well as various local market trends and statistics, you will be able to learn what makes a particular neighborhood desirable and also which areas to avoid.
A lot of things can affect a home’s value such as the school district, crime levels, or even other properties located nearby (such as those burnt in a fire or properties that were a bank sale). In fact, sometimes these factors can even differ from block to block!
Another important element is to assess the appreciation rates for various neighborhoods and future development plans that could affect home prices, so that you can get a decent indication of what to expect down the road. This can be extremely valuable information dependent on how long you plan to live at the said property and the length of time the home may need to sit on the market.
Appraisals & Inspections
After you place an offer on a property, you will have the opportunity to get an appraisal and home inspection as further due diligence. Even with an agent, there are sometimes issues that may arise with a property that could affect the home’s value that you were not even aware of.
Some of these problems could include structural issues, plumbing or electrical, termites or insects, mold or even water damage to name a few. Obviously many of these things could impact the price significantly and would either have to be fixed by the seller or renegotiated to get a fair price.
In conclusion, there are a lot of areas to consider when choosing a home and getting a fair price on a property. Since this is one of the biggest purchases you will ever make, it is crucial that you protect your interests and ensure that you are getting the best deal possible.
In order to get started researching homes in our local area, contact us right away. We look forward to serving you as you search for your next future home!