Finding the right house for you and then taking the steps towards closing on it is an exciting time that can sometimes hamper judgment in favor of racing to the finish line. To help you from turning your next home purchase from a success to a financial blunder, let’s take a look at 4 signs you are paying too much for a house in Salt Lake.
The Initial Asking Price Is Already High
Before even giving yourself the chance of being tied up by the process of inspections, appraisals, and closing, take a step back and evaluate the home relative to similar nearby properties.
Agents do this all the time when setting prices for properties, and you should do the same to get a better understanding of the true market value of any property in which you are interested so you can avoid paying too much for a house.
Take into consideration the neighborhood, the property’s location and proximity to destinations that are important to you, and even how you would sell the property if the roles were reversed. If you take all of this into account and think the price is too much, then it’s best to go with your gut and look into a Plan B.
There’s No Other Interest
When putting in a bid on a home, there are few signs that should raise red flags quite like you being the only horse in the race.
Home listings that have been sitting active for six months or more should always raise an eyebrow, as this means there’s likely something unappealing about the home. While we do not want to eliminate properties simply because they are currently uninhabited, it’s another story to arrive at a walkthrough only to discover an empty, dusty home that clearly has not been cared for since it was listed.
Walking into an empty home and immediately smelling stale air has to be a wake-up call to any buyer.
Everything Is an Ordeal
Once you have put in a bid that gets accepted you’re then moving on to completing inspections.
Owners know they are legally required to disclose specific hazards and issues in their home, and the inspection and appraisal stages help to ensure these issues are not covered up, and that the property is in great working order prior to you taking possession of it.
A seller that sees no value in inspections or appraisals and constantly tries to get in the way means something is fishy, and you should take that into account before moving forward.
An Over-Eager Seller
Finally, sticking to the old adage “too good to be true” will always serve you well in the world of real estate.
There can occasionally be those owners who do not wish to push for much of anything in negotiating, but a seller that seems extremely anxious to get to closing needs to be recognized and questioned.
As we mentioned earlier, examining the closing prices of similar homes in the neighborhood will act as a shield against paying too much for a house as well as the crafty seller. If a seller seems to be pushing things forward with little consideration for the details, be willing to slow things down or walk away entirely.
Avoid Paying Too Much for a House in Salt Lake
After all of the searching and stress of trying to compete in a crowded real estate market, it can be very easy to get carried away with your offer for the sake of safely landing the property you have had your eye on. To help you avoid paying too much for a house in Salt Lake, contact our experienced team today at (801) 201-2949!