Q: How can a homebuyer find out if a home is priced too high?
A: When a homebuyer is looking at a house [they] cannot determine whether or not the price is too high on their own. This is why the best way to go through the home buying process is to use a Realtor.
What you’ll want to do is have the Realtor do a market analysis, which means that you would want to look at the homes that have sold in the past six months, not the homes that are currently on the market. It’s important to look for properties that are similar to the one you are looking at. A homebuyer has access to homes that are on the market but not the price, which is what a Realtor provides.
There are some websites that claim to have that information but are often incorrect. One website to check would be www.har.com, although it lists ranges and not specific sales prices. You want to compare the property that you are interested in with other similar homes and not just homes that are in the neighborhood.
The price of a home depends on size and location and varies from neighborhood to neighborhood.
— Marta Mohan, Keller Williams Realty Southwest, 713-851-6661
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