As you prepare to purchase your next home in the Chicago area, you are understandably feeling the weight of the decision in front of you. A home purchase affects your lifestyle, your daily living experience, your finances and more. There is simply no room for buyer’s remorse. The right real estate agent can help you to find a home that is a perfect fit for your needs and expectations. To maximize the benefits that your real estate agent brings to the table, ensure that you ask these important questions before making an offer on your next home.
What Is the Actual Value of the Property?
Some buyers assume that the value of a home and its asking price are always aligned. In reality, many factors can impact the list price of a home. For example, a buyer may need to sell the property for a certain price to pay off a mortgage, and the buyer may be willing to wait for a sizable offer to accomplish that goal. On the other hand, some buyers may be eager to sell right away, and the home may be priced to move. When you understand what the actual value of the home is based on a market comparison, you can prepare your offer strategically.
How Long Has the Home Been Listed for Sale?
There are two primary factors to consider when you look at the number of days that the property listing has been active. One of these factors is the potential that other buyers have backed out of their contract after gathering facts from a property inspection or an appraisal. The other factor is the potential anxiety that the seller may be feeling. Each buyer is different, but you can generally expect a buyer to be more willing to negotiate if the listing has been active for a few months.
What Are Development Plans in the Area?
When a property is located within close proximity to vacant land or when a large tract of land is for sale nearby, you should research the future plans for this property. When you work with an experienced real estate agent who specializes in the local community, your real estate agent likely is aware of planned developments in the area. Keep in mind that developments close to the house can impact the future value of the property, your living experience, traffic and more.
How Old Are the Home’s Major Systems and Components?
Some buyers are opposed to buying an older home because they believe that more repairs will be needed on an aging property. It is true that many major systems and components in the home will need to be replaced as they approach the end of their life. It is likewise true that cosmetic upgrades may be preferred. However, if the seller has kept up with property maintenance and improvements over the years, an older house may have many relatively new systems and components.
Elizabeth Bos has been serving clients in the Chicago area for more than two decades. With her considerable knowledge of the local area and of real estate transactions in general, you can feel confident that you are in knowledgeable hands when you work with her. Contact Elizabeth Bos today to begin your home buying or selling experience.