- Find a Real Estate Professional
- Realtors®
- Mortgage Lenders
- Home Improvement Pros
- Other Real Estate Services
- Review an Agent, Lender or Pro
- Marketing on Zillow
- Real Estate Agent Advertising
- Join the Professional Directory
- Popular
- Real Estate Market Reports
- More
Answers (5)
- sblefridge
- Contributions:1
Location, location, location. People will pay premium for areas with good schools, nice size lots, and low crime. These perks are becoming less available, pushing up demand, which will in turn push up price probabilities. These areas are still sustaining or increasing in the market, but just at a slower rate than in the last few years.
A new mindset is not think about the total you are spending, but rather how much you can afford to pay a month. To get into the real estate market, you figure the amount you can pay for a mortgage a month and then search for a loan to accomodate that amount in the best location.
Also, if you want to begin investing, search for an unimproved property in a high rent district, make a few substantial upgrades/additions (bath & kitchen first), and resale at a much higher market value for a decent return on investment.
A new mindset is not think about the total you are spending, but rather how much you can afford to pay a month. To get into the real estate market, you figure the amount you can pay for a mortgage a month and then search for a loan to accomodate that amount in the best location.
Also, if you want to begin investing, search for an unimproved property in a high rent district, make a few substantial upgrades/additions (bath & kitchen first), and resale at a much higher market value for a decent return on investment.
- Christine Beaur-Mortezaie, "C. Beaur Mortezaie"
- Contributions:46
Actually any owner with the help of their agent can establish the price of the house. But the market will tell you if it is priced right. Why do you thinks some homes stay on the market months after months?Often overpriced.
Buyers might offer the asking price if they see that value in the house. And as a buyer you can always count on the lender as a safety check - lenders do appraise the homes on which they lend money. If the lenders cannot confirm the home value agreed by sellers and buyers, the price will have to be renegociated or the buyers will have to pay the difference in cash.
As an agent I had a situation where a buyer was buying an investment property for cash. Since no bank was involved, I recommended that she pays for her own appraisal. She found out she was paying fair market value for which a bank would have loaned money.
So there was something in this old house that must have validated the purchase price.
Buyers might offer the asking price if they see that value in the house. And as a buyer you can always count on the lender as a safety check - lenders do appraise the homes on which they lend money. If the lenders cannot confirm the home value agreed by sellers and buyers, the price will have to be renegociated or the buyers will have to pay the difference in cash.
As an agent I had a situation where a buyer was buying an investment property for cash. Since no bank was involved, I recommended that she pays for her own appraisal. She found out she was paying fair market value for which a bank would have loaned money.
So there was something in this old house that must have validated the purchase price.
Actually, the home had a huge (by our standards) yard, which will command a premium.
- MARYMCKENNA13
- Contributions:2
People don't realize that they are about to drop one million dollars-I would assume that someone probably talked them into it-
How could people pay so much for this old house?
Stating a discriminatory preference in an advertisement for housing is illegal. If you think this content is discriminatory or otherwise inappropriate and feel it should be removed from Zillow, please let us know by completing the information above.
We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.