Home Buying in Denver>Question Details

Mitchell Hall, Real Estate Pro in New York, NY

How can a buyer be sure a certain home is a good "deal?"

Asked by Mitchell Hall, New York, NY Sun May 20, 2007

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Facts of recent & comparable solds will provide evidence to a purchaser whether a deal is "good" or not. Of course everyone has a different definition of "good." Perhaps a buyer finding a unique feature in their dream home will outweigh a financial aspect of the deal.
4 votes Thank Flag Link Mon May 21, 2007
Your Buyer's Agent will help you determine value based on recent sales in the area of similar homes. Often condition, location and seller's need to sell will help you get a favorable price, terms and condition. No two homes are the same. What is a good "deal" to someone who is only interested in price may not be a good "deal" to someone who need a home is great condition or close to a job. Each transaction is unique. Research the house before making an offer.
7 votes Thank Flag Link Sun May 20, 2007
As the other answers have mentioned, rely upon your buyer agent to run the numbers-to pretend that they are listing the home and comp it out properly. Other than that-some gut call comes into play-and what kind of deal you get depends on your motivation for buying in the first place.
5 votes Thank Flag Link Sun May 20, 2007
A Realtor's market analysis is important in determining if a home is a good deal or not. One really has to do quite a bit of research to and have market knowledge.
5 votes Thank Flag Link Sun May 20, 2007
Maureen Fran…, Real Estate Pro in Birmingham, MI
MVP'08
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There are several ways; first, fastest, and most economical is to ask the Realtor buyer's agent you're working with to do a market analysis on it. That service is typically included in their fee.

Next you can pay a fee appraiser to appraise it; in fact offers to purchase typically include a congingency that the property appraise for the sale price.
Web Reference: http://www.KnoxvilleMLS.com
4 votes Thank Flag Link Sun May 20, 2007
I think a "good deal" is finding a home that meets the buyer's needs, is within their budget and is one they really like. Monetary values can go up and down as we have seen in the last few years. So for me I think that a good deal is usually 5-7 years downline when an outside party is amazed that you were able to buy a wonderful home at such a reasonable price. Or better yet when new buyers complain that long term homeowners were so "lucky" to have bought when the prices were "low".
3 votes Thank Flag Link Mon May 21, 2007
Kaye Thomas, Real Estate Pro in Manhattan Beach, CA
MVP'08
Contact
Research-- Sold Comps over the past 6 months, Listing History, County Records (showing what the seller purchased the house for -- and when). For a free Market Snapshot-- or Report-- researching this for you-- sign up at DenverHomeLiving.com

Kathryn Carlson, Licensed Real Estate Broker Owner ,
Bachelor of Science, Realtor, Accredited. Luxury Home Specialist, e-Pro Certified
Memberships: National Association of Realtors,
Colorado Association of Realtors, Denver Board of Realtors, Council of Residential Specialists,
Council of Luxury Home Specialists, Colorado Mortgage Holding Company, Licensed HUD Broker, Denver Metrolist
Homes and Lifestyles of Colorado
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0 votes Thank Flag Link Fri Apr 11, 2008
I agree with everything the others have said.....bottom line you the Buyer must decide what is a good deal. All the Real Estate professional can do is provide you with the data you need (market comparables, homes that meet your need and anything else you request). The KEY is ask a lot of question and make sure you will be happy in your new home...I hope that helps.
0 votes Thank Flag Link Sat Feb 23, 2008
Homes are so subjective. I sold a home for a client last year, he was easily 60K over priced. It was a divorce and they wanted top dollar. 74 days later we closed the deal for $41,000 dollars more than the next highest selling property in the subdivision. The buyer liked the place so much that at the price, she felt she was getting a deal.
0 votes Thank Flag Link Wed Jan 9, 2008
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