Detroit Real Estate

If you are buying Canton real estate here are some first time home buyer tips.  This Canton first time home buyer tip is about How Much do I offer? 

The first real estate term I will be using is comps or comparables.  What comps mean is recent sold homes.  Homes that have sold within the square mile of the one you are looking at, that are similar in style and size, and have sold in the last six months.  They are comparables.

So watch the following video so you get an idea how to use comparables and how they will make you feel more comfortable about what you offer.

The comparables I give you should give you a general idea of what the house is worth.  If all the houses are selling between $110,00 and $115,000, then it isn't smart to pay $130,000 just because some crazy seller is asking that price.  It is the same way if a bank foreclosure is listed way below the comps then you have to make a judgement call.  It is blind bidding if there are multiple offers.  So it wouldn't be smart to offer $75,000 if it was listed at $85,000.  Especially if it is a new listing and it is in great shape.  It really boils down to how bad you want it.  It if was listed at $85,000 and you paid $95,000 and it is worth $110,000 to $115,000 you still got a deal!  Not as good as $85,000 but at least you got the house.  The question is how would you feel if you lost the house because you didn't put a high enough bid in?

Again this scenario is more about multiple bids. 

 I hope this Canton real estate - first time home buyer tips helped you a little on figuring out how to put in a bid.

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