Are You Overpaying?

If you have been searching for Moorpark homes for sale you have likely noticed that there are very few available. This can be extremely intimidating if you are in the market for a new home. What is happening is that low inventory has created an extremely competitive market with most homes receiving multiple offers causing bidding wars. However, even in a market this competitive market how do you know if you are overpaying? Below are a few things to consider when purchasing your next home.
1. Listing price is high compared to recent comps: Since today’s market is so highly competitive a lot of homeowners are just throwing numbers out there to see if they can get what they are asking. This is unlike any “normal” real estate market but is currently the reality. If you see an asking price that seems unusually high for the neighborhood this is likely what has happened and you would be in fact overpaying.
2. Online estimates show much lower: While it is not a trustworthy source to rely on online estimates such as Zillow or Redfin it can be a helpful benchmark when comparing home values.
3. Home has been for sale awhile: If you notice a home that has been listed for some time in this current market this is a huge red flag. Most homes are selling in less than a week for over asking price. If a home is sitting right now, there is a reason.
4. Needs significant repairs: The amount of work that the home needs should be reflected in the asking price. If a home is listed for top dollar but needs an extraordinary amount of repairs you are likely overpaying.
Remember that a lot of these concerns can be easily addressed with your realtor if you are looking for Moorpark homes for sale. We are happy to help you navigate this difficult market and make sure that you land the home of your dreams without having to overpay!