Questions To Ask Your Real Estate Professional
The home buying process is a fun, exciting, and stressful experience. When reviewing properties, be sure to ask your Realtor these questions to help enhance your knowledge during this eventful time.
1. How long has the property been on the market?
Why: The length of time a property has been on the market may indicate a seller's willingness to negotiate.
2. Have there been any price reductions during the listing period?
Why: The amount of any price reduction, as it relates to the overall purchase price, may indicate the seller's desire to attract an offer.
3. Have there been any other offers on the property?
Why: Knowing what offers have been turned down and for what reasons may help in drawing up a more favorable offer.
4. What is the motivation of the seller?
Why: Motivation is a key element in any negotiation. As an example, if the seller has already purchased a new property, your ability to close quickly may be an attractive element of the negotiations.
5. What personal items are included in the sale?
Why: Anything the seller is willing to leave behind that you won't need to buy when you move in has value. Consider those items in your offer.
6. What is the price range of sold properties in the area?
Why: This information will indicate the top and bottom of that specific market.
7. What is the average time on the market for properties in this area?
Why: Short market times may indicate a sellers’ market. If this is the case, you may face competition from other buyers.
8. What is the sale to price ratio in this area?
Why: This information will indicate sellers’ past willingness to negotiate and by how much.
9. What is the average sales price per square foot of recent sold properties in this area?
Why: This approach to establish value might be useful if the properties compared are very similar in features and finish out.
10. What other known factors about the property or neighborhood could affect the value?
Why: This information may help in determining potential areas for negotiation.