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Primary Residential Mortgage, Inc.
10121 N Rodney Parham, Suites C & D
Little Rock, AR 72227
855-474-7169
501-225-5626
NMLS # 3094
Branch NMLS # 252910
Licensed by Arkansas Securities Department 11558
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Equal Opprtunity Lender

Some products and services may not be available in all states. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice.

Know How to Get a Fair Price for a House

Nobody wants to get ripped off, especially if it’s about their soon-to-be house.  With the current fluctuating real estate market, getting a fair price for a house can be challenging. But how do you know if you’re getting the best price for a house, especially in States like Texas? How do you know when it’s time to make an offer? These are just some of the tips that you might want to consider before you make a proposal.

Tip No. 1: Research the Houses that were Recently Sold within the Area.

Compare your property from the previously sold houses within the neighborhood. Check if it’s similar in size, condition and even amenities. Check if they were recently remodeled or if there is an attached garage as well. You can get the information that you need by comparing its price for different properties. Hiring a certified real estate agent can give you the most accurate information about the other properties.

Tip No. 2: Compare Your Property and Those that are currently on the Market

Visit the other homes that are on sale and try to compare their size, conditions and amenities in the house that you are planning to buy. Compare their prices and see which is more reasonable. Some sellers would most likely want to be competitive with others so they’ll probably adjust to the other houses that is similar to the one that you’re considering.

Tip No. 3: Look for the Houses that were recently on the Market but Didn’t Sell

Check the market for any similar houses that didn’t sell and see if they may have been overpriced. Reasonable sellers would most likely lower their process down if there are a lot of similar real estate properties on the market. Check the unsold inventory index for information and see how long it will take for a certain property to be sold at a given rate.

Tip No. 4: Get the Appraised Value and Hire a Home Inspector

Get the appraisal value for the house. Hire a home inspector to check if there are any damages such as cracks and leaks on both the house’s interior and exterior parts. Once the done with the home inspection, you may want to ask the seller if the price can be negotiated. The house may be sold cheap to you, but the expenses just for repairs alone may even cost you more.

These are just some of the tips that you might want to consider on how to get a fair price for a house. It would be best to ask a real estate agent’s opinion if the property is priced appropriately or not. You can always look for a different house if you feel that the price is not fair.

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