You’ve heard the story. Someone finds a home on the market that seems underpriced, grabs it, and subsequently discovers it’s worth tens of thousands of dollars more than the purchase price. What a bargain!
The truth is, bargains like that rarely happen.
Most properties sell for somewhere close to their market values. That’s why you need to find the perfect home for you, in the right neighborhood, with a list price that is within your affordability range, and then buy that property for the lowest price you can negotiate.
When you shop for the right property at the right price, you have a good chance of finding and buying your dream home.
But if you go into the market with a plan to find a bargain, you risk overlooking those homes that might otherwise be great opportunities for you. Why? Because your price expectations will probably be a lot lower than the actual market prices.