Tuesday, March 9, 2021 / by John Salkowski
Here are five questions a buyer must always ask their agent.
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As a buyer, when you’re working with a real estate professional, there are five questions you need to ask them before making a purchase:
1. How long has the home been on the market? When you’re out looking for homes and find one you’re interested in, ask your agent how long it’s been on the market. They can obviously then go into the MLS and look up its history. Just because a property is active doesn’t mean it doesn’t have a history. The property could’ve been listed five times in the past and expired each time, so look up its history to see where the price started and where it’s at now.
2. What are comparable homes selling for? Before you write an offer, check and see what like homes are selling for. This market has been historic as far as bidding wars go. As I mentioned in a previous video, homes are selling for $10,000 to $40,000 over asking price. If you use a comparable home from six months ago, remember that the market for that home is completely different now than it was six months ago.
3. How do you make your offer the strongest? With inventory low, interest rates low, and prices skyrocketing, you need to make sure your offer is the strongest it can possibly be. In order to make it stronger, there are certain things you must do. For example, take into consideration your price and contingencies. Whether you waive your contingencies or shorten your timelines, you need to put your best foot forward or you won’t get the home of your dreams.
4. What are the utility costs? It’s good to know what a home costs to operate. When we list a property, we always have the seller fill out a utility checklist to give to the buyer to give them an idea of what they’ll pay.
5. What did the seller pay for the property when they purchased it? This is a valid question because you want to know the home’s appreciation from then to now. My team and I always have this information available to our buyers to let them know how much a seller paid for a property and what they’re asking for now.
As always, if you have questions about this or any real estate topic, don’t hesitate to call or email me. Also, remember that we know plenty of excellent vendors who can help you with anything you need around your home—contractors, plumbers, roofers, landscapers, etc. If you need a referral, feel free to reach out to me as well.