Eight Mistakes to Avoid When Buying a Home (#5)

By: Paul McDaniel

Eight Mistakes to Avoid When Buying a Home (#5)

Tags: Buying, Home Inspection, Contract of Purchase and Sale, Asking Price, Market Value. Neighbourhood, Home Insurance, Negotiation

5. Making an offer based on the asking price, not the market value:
 
I can provide you with a current Comparative Market Analysis (CMA) of the property you are thinking about purchasing.  A CMA will give you the information necessary to gauge the market value of a home and will help you avoid overpaying by answering some very important questions. What have similar homes sold for in the area and how long were they on the market? What is the difference between their asking and selling prices? Is the home you’re looking at under priced, over priced, or fair value? The seller receives a CMA before deciding upon an asking price, so make sure you have all the same information before you decide how much you are willing to pay for a home.

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