Signs You’re Overpaying for Your Home
We live in an age of information with the ability to research and find information sitting in the palm of our hand. And as technology has evolved, it’s become much easier to find information on home prices, especially with sites and applications like Zillow and Trulia. So why is it that 39 million Americans are still overpaying for their homes? According to a study by Harvard researchers, 1 in 3 buyers and renters overpay for their housing, with first time home buyers the most likely to overpay for a home. Here are some signs that indicate you’re overpaying for your home.
3 Signs You’re Overpaying for Your Home
The Listing Price is Drastically Different from Other Homes in the Neighborhood
As you search for a property, you’re going to look at several homes in the same area. If the listing price of a home is drastically different from other comparable homes in the neighborhood, that should raise a red flag. Instead of looking at what homes are valued at, look at what similar homes in the area have sold for. That way you can get an accurate picture of what’s really going on. If the home is priced at a higher or lower point than comparable homes in the area, make sure you ask your realtor why. If you’re still interested in the home, you might be able to negotiate a price more in-line with the market value of the area.
Home Has Been on the Market for a Long Time
This is one of the easiest red flags to spot, because any home that spends too much time on the market has to have something wrong with it, or at least that’s the perception. It’s possible that the home was not fairly priced, and as such, has spent longer on the market. If that’s the case, you could be in a position to negotiate a lower sale price or other valuable concessions like closing costs.
Convenience
There are certain places, especially in Orange County, that are very desirable places to live. Places like Laguna Beach, Newport Beach and Dana Point are some of the most popular cities to live in all of Orange County. With that popularity comes a price tag. There’s a high demand for housing in these areas, making buyers choose between living in a highly desirable neighborhood and paying more, or compromising and living in a different neighborhood that’s more in-line with their budget. When an area is walkable, offers many amenities, is close to major freeways, and has great school districts, it makes it much more convenient to live there. And convenience is something people (over)pay for frequently.
Find a Fairly Priced Home in Orange County
While there may be tons of information available online about listing and selling prices, having a realtor on your team that knows the Orange County housing market will only benefit you in the long run. If you’ve been looking for a fairly priced home in Orange County, I can help. With more than 18 years serving clients throughout Orange County, I know this beautiful place like the back of my hand. Let me help you find a home in an area you want to be in that you don’t have to overpay for. Contact me today to find the listing for you at a price that doesn’t exceed your budget.
Kathy Burns
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- 949.500.9714
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- 949.249.6611