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804-790-1950

How to Tell if The Price is Right

August 14, 2019 By Summer Lake

The search is finally over – you’ve found your dream home in your dream community. You’re ready to put in an offer but, like most people, you don’t want to overpay. How do you know if the price is too much or too little? 

Knowing and determining the right buying price for your home can be as daunting as the home search itself, but it doesn’t have to be. Ask yourself these questions to figure out what your initial offer should be.

What is the market value of the home? 

Market value is a price range (i.e. $400,000 – $450,000) of what a buyer is willing to pay for a home. If you purchase on the lower end you’re getting a great deal; on the higher end, top dollar. Where you end up in that range is back on market conditions, comparable home sales in the neighborhood, the motivation of both the buyer and seller, and financial preference. Another factor is the status of the current market. This is determined by comparing the sale price to the list price and amount of time on the market. The result of all these factors is the final price agreed upon by the buyer and seller. 

What about the comps? 

The most crucial step in determining a home’s asking price is analyzing the comparative sales, or comps, of all listings sold in the past six months in your desired neighborhood. Comps are a good baseline determine value, but each home’s value will vary based on condition, size, age, and other factors. 

Keep in mind that true market value only applies to sold homes. A listing only takes into account the perceived value of the home by the seller, not what you’re willing to pay. 

Is the list price in line with the comps? 

If you’ve done your research and analysis, then you’ve come up with a price you’re willing to pay that ideally matches up with the selling price. However, there are instances where your prices may differ. The seller could have priced the home lower than market value to entertain multiple offers. Or the seller could be pressing their luck to how much they can get for the home. While it can offer insight and help determine your initial offer, don’t think the seller’s motivation or strategy. 

Are you looking at the details?

 It’s easy to get carried away when touring your potential new home. Remember to take note of any upgrades improvements that may be needed, such as the HVAC unit, water heater, and appliances. These are items that usually are not negotiable after the home inspection, so fact in repair or replacement costs when making your initial offer. 

If you’re looking to move into the home of your dreams in an imaginative community, look no further than Summer. Lake! We have a variety of homes for sale that is just waiting for you to move in. Visit our Model Court, featuring three brand new homes from three of Richmond’s premier buildings. For more information about available homes and the Summer Lake community, visit our website or call 804-790-1950 today!

How to Tell if The Price is Right

 

 

Sources

https://www.thebalance.com/price-range-for-buying-a-house-1798238

https://www.investopedia.com/articles/mortgages-real-estate/08/fair-price-on-home.asp

Filed Under: Summer Lake News Tagged With: Summer Lake, Home price, Price is right, real estate, home value, home price comprasion

Staging Your Home to Sell

July 18, 2019 By Summer Lake

Staging Your Home to Sell

Declutter

Getting rid of clutter is the first thing you should do when preparing your home to sell. Few things will turn a buyer away faster than a cluttered, messy home. Potential buyers want storage space, so make the most of yours by removing unused items from closets (store out of season clothing elsewhere for the time being to capitalize on closet space), drawers, and cabinets. Even your garage should be decluttered. A clean, clutter-free home looks bigger and more appealing than one that’s stuffed to the brim with, well, stuff. If space is an issue while decluttering, see if you can stash the items at a friend or family member’s home while your house is on the market, or consider renting a storage unit if you have a lot of items.

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Filed Under: Summer Lake News Tagged With: Summer Lake, Staging Your Home to Sell, Home Staging, Declutter

What Makes For An Ideal Community?

July 10, 2019 By Summer Lake

Ideal Community

When looking for a new home, you must take into consideration the community in which it resides. The community you’ll potentially live in is just as important as the home you fall in love with. Your dream home could end up more of a nightmare if you aren’t happy with where its located. Read on to learn the top 5 features to look for in the ideal community.

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Filed Under: Summer Lake News Tagged With: Summer Lake, Ideal Community, Home Ownership, Amenities

A Homeowner’s Guide to Comparing Available Lots

May 28, 2019 By Summer Lake

Whether you’ve gone through the process yourself or if you’ve watched one too many marathons on HGTV, when it comes to looking for a new home, one of the first things buyers do is define what exactly they are looking for. They evaluate what they like about their current residence, what they wish they had in their current residence, and come up with the criteria that defines the house of their dreams.

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Filed Under: Summer Lake News Tagged With: Summer Lake, homeowner's guide, available lots, finest builders, available lots in Richmond

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