It is natural to feel scared about the technical aspects of purchasing Zeeland Michigan real estate if you are purchasing property for the first time. However, it is not very difficult to understand basic factors that you must consider when analyzing the pros and cons of a real estate transaction.
The first and the most important factor to consider is the average price per square foot in the region. You can find the current price for all Zeeland Michigan real estate transactions and compare it with the average price in the previous year. In 2012, there has been a 35% decrease in the average price of Zeeland Michigan real estate as compared to the last year. There can be many reasons for this decrease.
There may be a reduction in demand and this may have forced sellers to reduce their prices. Or, there may have many Zeeland foreclosures and this may have had a negative effect on the property market in the city. Knowing the average price per square foot will help you quickly calculate the market price for the property in question. You can then compare this figure with the price quoted by the seller. If there is a difference of more than 10%, then you ought to negotiate for a price reduction before finalizing the Zeeland Michigan real estate deal.
You should also calculate the median sales price in the city. As compared to the previous year, there has been a 6% increase in the median sale price of property in the city. Despite the reduction in the price per square foot, there has been an increase in the average sale price per property. This probably implies that the size of homes available in the market has been increasing and that sellers have been prepared to reduce the price accordingly.
This is a good option if you have a big family and are thinking of going in for a slightly bigger house. On the other hand, this can put a spoke in your plan to purchase Zeeland Michigan real คอนโด ราคาถูก estate if you want a small house.
You can understand the level of activity in the property market in Zeeland by focusing on the number of home sales in the city. As compared to the previous year, there has been a 53% reduction in the number of sales. This is probably the reason why there has been an increase in the median sale price. If you wait a bit longer, the number of homes on sale may increase and may bring down the average sale price.
The listing price is the first price at which the negotiations begin. This need not be the price at which the Zeeland Michigan real estate is concluded. Comparing the average listing price and the average sale price will help you understand the extent to which sellers are prepared to negotiate. The average listing price is around $200,000 while the average sale price is around $189,000. This means that there is scope for reducing at least $10,000 when negotiating with the seller.
With this information in hand, you will find it easier to get the best possible deal. Combine this knowledge with the services of a good professional Zeeland Michigan real estate agent and you will boost your chances even further.
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