Why You Shouldn't Take Things At Face Value When Buying A Home
When buying a home such as a pre-owned home in encanterra golf community, it is always a good idea not to take things at face value. The phrase "there are two sides to a coin" is very relevant in this case. Here are a few examples of house-buying factors that may raise eyebrows even though they don't always spell doom:
The House Has Been On the Market for a While
There are several reasons a house can stay on the market for a long time without getting sold. They include both good and bad reasons from your point of view, so you should analyze these reasons before making a decision. Here are some of the reasons a house may overstay in the market:
- The seller overpriced the house
- The house has a defect
- The seller has complicated contingencies
- It is a buyer's market
- The home lacks curb appeal
Each of these deserves a unique approach from you. For example, if the house has stayed in the market for a long time because it is overpriced, you can look for comparable sales in the area to try and convince the seller to lower their price. If the house has overstayed in the market because the owner hasn't improved its visual appeal, you can go ahead and buy it provided the inspection doesn't reveal any nasty surprises.
The Seller Has Reduced the Price Multiple Times
This is another thing you shouldn't ignore while assessing a home you want to buy. You should know why the seller has been reducing the house's prices to determine whether you should go ahead with the purchase and which strategy you should use. Here are some of the reasons a home seller may lower their home's price multiple times:
- They are in a hurry to sell the house
- They haven't determined the right selling price
- The seller has been discovering hidden defects around the home
Again, discovering the reasons for the price reductions will help you determine whether to proceed. For example, you should proceed with caution if you realize that the seller has been unearthing multiple defects in the house during open houses, repairs, inspections, and viewings.
The House Is Vacant
Lastly, you should also think twice about buying a vacant home even though you shouldn't automatically avoid vacant homes. Here are some of the reasons someone may sell a vacant home:
- They have more than one home
- They bought another home before selling the previous one
- They have inherited the home from deceased relatives
- They had to move out of the home for a complete renovation
A common belief with vacant homes is that they are usually in dilapidated conditions. From the above points, however, it's clear that vacant homes are not always bad. Therefore, just figure out the reason for the vacancy to help you strategize for the purchase.
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