Although the “real estate bubble” has yet to burst, a lot of markets are finally experiencing an “adjustment” of sorts, especially as interest rates slowly creep up and buyers are fewer and farther between. If your house is already on the market, you should ask your listing agent for a updated Comparative Market Analysis (CMA) to properly gauge whether your asking price is still competitive in the Bennington VT real estate marketplace in these dynamic conditions.
But as a buyer, how can you be sure that the asking price is on the mark, or if your offer is a reasonable one? Some sellers simply ignore current market conditions, expecting to fetch the same prices as a year ago. So you need some assurance. Particularly, you need to know how many homes are on the market now vs. a year ago, and how the average sales times compare.
Well, as they old saying goes, “When in Rome… do as the Romans do!” That’s right – ask a real estate pro to provide you with the sales data for the last 3, 6 or 12 months for comparable homes, and also ask to see printouts of all the homes that are still on the market!
Once you’ve located a home you’re excited about, this information will allow you to compare the property that you’re interested in with similar properties, and give you a very good indication of whether the asking price truly reflects its value. This information costs you nothing, yet gives you the information you need to make a sound decision. Don’t you want peace of mind that your offer is a solid one, and you’re not risking one penny more than you should!
Categories: Buying, Selling, Bennington VT
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