STYLE. SIZE. FEATURES.
Are you considering a single family home? A duplex? High rise? Condo? Townhome? Not only does the style of home you see yourself living in matter, so does the size and features. Extra square footage and bedrooms are highly desired and sellers are aware of this, as are the features their property offers. Desiring granite counters? Seamless glass walk-in shower? These options add to the value of a home, thus raising the cost.
Perhaps you have your heart set on a house you can tailor to your own personal tastes and desires. This is a noble goal, and the outcome can be just as amazing as it can be disastrous if not planned well. As with any purchase, the cost of the land should be taken into an account. Buying a fixer upper in an up and coming or well established neighborhood can be a great investment if you do it right. The best approach is a home inspection prior to purchase. While the inspection cannot determine every red flag a house hides, it can give you a good idea about the work ahead of you should you decide to commit to the purchase. The cost of renovation will be much higher if the bones of the home are in need of repair before you can even get to the cosmetic side property upgrade.
Buyers Market vs. Sellers Market
Aside from the cost of the home itself, there are other costs to keep in mind. The number on the open house flier is not the say all end all, nor is it the only number you should consider when calculating your budget.
WHAT IS A BUYERS AND SELLERS MARKET?
A real estate buyer’s market sees house prices sell for less than market value and the properties themselves tend to sit longer on the market prior to selling, if they sell at all. In a seller’s market, the competition can be stiff, and house prices can soar above market value and be snatched off up in a matter of days. While it is not always reasonable to wait for the market to bend to your favor, there are always fluctuations in the market, even if those fluctuations are, at times, minimal. An experienced agent can more than help you to determine the market you are entering.