How To Avoid Overpaying For A Home Today


Gearing up to buy a new home this fall? If so, one of the things probably weighing on your mind is budget — or rather, how to get the best value for a home without breaking the bank. Wondering how to avoid suffering from buyer’s remorse? We’re here to help.

Keep reading for our team’s top tips to finding your dream home this season — without overpaying for it.

#1 First Things First: Keep It Real. Before we get into the nitty-gritty of landing the best deal, it’s fair to point out that sometimes, it’s worth paying a bit more if that means you can score a house that perfectly suits your needs. Ask yourself: Is it really worth losing your dream home over a few thousand dollars?

#2 Capitalize On Comps: One of the best ways to know the value of a home is to find out what similar homes in the area recently sold for, commonly known as “comps,” or “comparable sales.” Comps should give you a much-needed, accurate picture of local home values by looking at the price someone actually paid in recent times. We recommend finding at least 3 comps during your next search, all sourced by a trusted real estate agent who can help break down this information for you in real-time.

➤ Are you planning on buying a DC home this fall? Read these other blog resources to help you get started:

#3 Lean On Appraisal Contingencies: Typically, when you buy a house, you put in an offer, and if the seller accepts it, your lender orders an appraisal. But if the appraisal comes in lower than the price you agreed to pay, you’ll have some decisions to make. And you’ll have more options if you’ve included an appraisal contingency in your contract. What’s that? A contingency that stipulates that the appraisal must come in at the sale price. In the event it comes in lower, your agent would negotiate with the listing agent to reduce the sales price to the appraised value.

#4 Do Your Homework: When you’re house-hunting, Google can be your best friend. Why? Because it’s better to know before you buy whether something’s going on in the neighborhood that could affect property values. For instance, maybe a high-density development is coming, or an increase in homeowners’ association or condo fees is on the horizon. A good Realtor will not only be able to help you track down factors already on your radar, but advise you on new ones to look out for.

#5 Work With A Buyer’s Agent: Yes, you can browse listings on Zillow, but don’t let that keep you from hiring a real estate agent. A good agent will know of properties that are about to hit the market (or those might sell before the MLS listing even goes live!) and will have expansive knowledge of your market, which can be a huge advantage — especially if they suggest neighborhoods you haven’t yet considered that are a great fit for your needs.

Ready to start your search? Our qualified team is just a few clicks away. Book a consultation with us here.