Compare Real Estate Deals Today [realsestateblogs]

Compare Real Estate Deals Today [realsestateblogs]

Here's an example of the "comparables" that the assessor's office used: 30000 sq. ft. mansion on 7.5 acres in Los Altos Hills â€" sold for $ 28.5 million; 18000 sq. ft. estate on 4.8 acres in Los Altos Hills â€" sold for $ 25 million (listed for $ 31 ... Finding 'Comparables' on 0 Million Mansion

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Buying real estate is serious business, regardless of the economic conditions. Real estate investment is just one road you might take for wealth creation. How does investing in real estate compare to other roads to riches. Any real estate purchase during a recession is accompanied by risks but buyers can take precautionary steps in order to minimize that risk and protect their interests.

Real Estate Priorities

Why are you purchasing real estate? Will it be a home or will it be an investment? Unless you have too much money to spare, it is not smart to invest in real estate during a recession because prices are continuously dropping. If you do, you may have to hold on longer to your investment because you wouldn't know when the economy will pick up so you can turn around and sell.

Financial experts advise that you buy a new home during a recession only if you plan to stay there for a long time.

Being Flexible

Although you may have a list of the "must have", try to be flexible with the specifics. Unless you build one, you cannot have the perfect house. Satisfy the "must have" criteria to their basic level and you won't have a hard time finding a good deal. Perhaps you can make changes to the property later on to make it more to your liking. The best way is to compare all the deals you've found and choose the property that fits closely to your ideal home.

Conservative

Buy a home that you can actually afford. Buy a home if your finances are in order and if you have no other pressing debts that you're having difficulty paying back.

Buy a home only if you're financially secure, meaning you have a steady source of income so you can pay the mortgage comfortably and that you're not facing the risk of losing your job the next day. This is not the time to stretch your finances. Remember, credit is tight during recession but lenders are more than willing to grant you a loan if you have a high credit score, of which capacity to pay is a big factor.

Short Term Sale

Do not immediately make an offer on a property priced incredibly low for the neighbourhood. Ask your agent to confirm first if it is a short sale. Short sales usually require some time, months even, before a deal can be closed. The lender may not even accept your offer. If you really like the property despite it being a short sale, be sure that your agent has enough experience in handling short sale transactions.

Know what you want and how much you're willing to pay for it. While you should always look for the lowest price, do not choose a property based on price alone. Look at what you're getting for the price. It is said that the best time to buy real estate is during recession.

More Compare Real Estate Deals Today Articles

Question by Mr. Blob: How do you determine the value of the land when doing real estate comparables? When comparing two properties, how do you determine the value of the land? I'm doing a comparison of a property with an acre of ground, but all the similar houses nearby that sold recently have 1/4 and 1/2 acre lots so there has to be some adjustment. Where do you get the information for land values? Thanks. This is dicey situation with an estate. I think I'll have to have everything professionally done by an appraiser so it will stand up in court. Best answer for How do you determine the value of the land when doing real estate comparables?:

Answer by golferwhoworks
county tax office or get a realtor or an appraiser to tell you what land value in your area is worth

Answer by David Z
An extra 1/2 acre is not worth a lot. If it cannot be subdivided then it has little extra value. If 1/2 acre lot was worth $ 75,000 them maybe an acre lot would be worth $ 100,000. It certainly is not twice the value of 1/2 acre lot. Does it have trees on it or just bare land? Trees would be worth more. all you can try and do is find a similar property with an acre. order an appraisal. Those guys work with this all day long.

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