Looking at buying a home in Knoxville or surrounding East Tennessee? As a buyer, it’s important you work with a trained real estate professional who can advise you through the process and negotiate on your behalf. These are ten important questions you should ask your Sales Associate about potential homes you might be interested in, plus why it’s important.
HOW LONG HAS THE PROPERTY BEEN ON THE MARKET? The length of time a property has been on the market may indicate the seller’s willingness to negotiate.
HAVE THERE BEEN ANY PRICE REDUCTIONS DURING THE LISTING PERIOD? The amount of any price reduction, as it relates to the overall purchase price, may indicate the seller’s desire to attract an offer.
HAVE THERE BEEN ANY OTHER OFFERS ON THE PROPERTY? It will be helpful to know what offers may have been turned down and for what reasons.
WHAT IS THE MOTIVATION OF THE SELLER? 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.
WHAT PERSONAL ITEMS ARE INCLUDED IN THE SALE? Anything the seller is willing to leave behind that you won’t need to buy when you move in has real value. Consider those items in your offer.
WHAT IS THE PRICE RANGE OF SOLD PROPERTIES IN THE AREA? This will help you understand how the home you are interested in compares in price to others sold in the area.
WHAT IS THE AVERAGE TIME ON MARKET FOR PROPERTIES IN THIS AREA? Short market times may indicate a seller’s market. If this is the case, you may face competition from other buyers.
WHAT IS THE LIST TO SALE PRICE RATIO IN THIS AREA? Again, this will help you determine the value of surrounding properties and how the home you are interested in measures up.
WHAT IS THE AVERAGE SALES PRICE PER SQUARE FOOT OF RECENT SOLDS? By understanding this, you can get an idea of the value of the home as compared to other options.
WHAT OTHER KNOWN FACTORS ABOUT THE PROPERTY OR NEIGHBORHOOD COULD AFFECT VALUE? Review the Seller’s Disclosure Statement very carefully with your Sales Associate.
Purchasing a home is a large financial commitment, and it’s crucial to work with a trained professional who can advocate for you. Make sure you feel comfortable with your agent and have confidence that your questions are being answered. Happy house hunting!