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Barbara, Home Buyer in

Is it wise to buy the most expensive house on the street?

Asked by Barbara, Fri Jul 5, 2013

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Hi Barbara,

Interesting question. If the home is priced higher than those on the same street that have recently sold, that home is over priced. If you have a buyer agent (if you are not familiar with buyer agency, it's very important and you should learn about it) your agent should be able to show you what the most recent similar homes sold for. You certainly do not want to overpay and that is why you need your own agent who will protect and look out for only you.

You want to purchase the home that suits your needs as well as the home that is priced right. If you overpay for a home and then make improvements, you may never be able to get rid of the home for a profit when you decide to sell and you could lose a lot of money. It's important to do research on the homes you are wanting to purchase as well as the area. If the home is over priced, there is a good chance that the home won't even appraise. I hope this little bit of information helps.

I do not know all the facts here so if you feel like proving more information, feel free to email me at reneeporsia@mac.com. I'd love to talk to you if you have more questions.

Feel free to contact me at 215-669-0589.

Renée Porsia
PFR
Associate Broker
http://www.reneeporsia.com
215-669-0589 Direct
610-527-0900
Servicing all of Philadelphia, Bucks, Montgomery Counties and New Jersey for over 13 + years now.
0 votes Thank Flag Link Fri Jul 5, 2013
The house has been over improved for the area, which is why it is higher priced. Other than replacing the HVAC and possibly the A/C in the short term and possibly the hot water heater in the longer term, everything else has been really nicely updated. The reason it has this high price tag is because of an incredible back yard with pool, plus they added a small addition so the sq footage is about 300 sq feet larger than other houses on the street
Flag Fri Jul 5, 2013
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