If you are exploring new real estate in the Alpharetta area to find somewhere to settle your roots, you will need to become a skilled observer as you scope properties to find one that is perfect for you. You’ll need to gain a keen eye for details. While from the outside or first glance, a house may appear to be worth its listing price, putting a magnifying glass on some areas could reveal that it’s actually worth much less.
Buying a new house is a large investment, so you will want to ensure you are paying a price that is fair. Some sellers will exaggerate their property sale price, which could leave you paying too much and then needing to invest more money into maintenance and homeownership costs.
To avoid overpaying for your next Alpharetta real estate property, these strategies will help you determine if it has been fairly priced:
Investigate Value of Houses in the Neighborhood
When a property catches your eye, you may hone your focus on just the house and overlook its surrounding neighborhood. This could lead you to pay more than you should on the property.
Looking at the values of other homes in the neighborhood will give you a reference to compare the listing price and whether it is above the average value of other homes in the neighborhood. The property’s pricing should be within the same range as those in its neighborhood because value-determining factors like location, access to community amenities, house age, and construction will be similar.
Compare with Competition Prices
Understanding a property’s competitors will offer insights into what their pricing should look like. If the pricing matches or is close to their competition, but they are missing certain features (e.g. a pool, a cellar, larger yard), you will be aware that their value is worth less than the price on the market.
Look at Days On Market
Checking the D.O.M. of a property listing will highly benefit your search. When a house is put on the Alpharetta real estate market, remember that the homeowner is still paying energy bills, property taxes, and other costs. If they sit on the market for an extended period without buyers at their current price, it’s evident that the property didn’t quite match up with its listed value.
With the D.O.M. in mind, you have room to negotiate the property price. The seller may be antsier to sell at a lower price than they’ve listed, especially when the home has been sitting on the market for many weeks or months. Timing will further be on your side if it’s a buyer’s market.
Work With An AlpharettaZen Real Estate Agent
For reliable insights and advice around determining your potential next home’s fair pricing, work with an expert real estate agent from our AlpharettaZen team. Our agents understand the values of neighborhoods and competing properties in the Alpharetta market. They will guide you along your house-hunting and buying process, which could involve negotiating a price that you’re comfortable paying.
Get started on finding your next home at a fair price by contacting our AlpharettaZen team today.