If you’re like many people, you’ve seen real estate listings marked as “price reduced.” but does that mean you’re in for a good deal if you make an offer to buy it? This guide explains.
Sellers reduce prices on properties for a wide range of reasons. Sometimes, it’s because an original deal fell through, and other times it’s because the seller realized they were asking too much for the property in the first place. In other cases, though, it’s because the property just isn’t up to par.
If you’re considering purchasing a farm that’s been reduced in price, your best bet is to talk to your real estate agent and see if he can find out why the price was lowered. Often, real estate agents can get you the inside scoop.
Related: 3 tips for setting yourself up for farming success
Does “Price Reduced” Mean You’re Getting a Great Deal?
In some cases, a price reduced listing means you are getting a great deal. However, in others, it means you may be about to buy a real lemon. One thing’s for sure: you need to find out why the property’s price was lowered, and if you do choose to buy, make sure you work with a reputable home inspector who can check things out for you. There may be things hidden beneath the surface that could come back to bite you after you make a purchase.
Related: 5 things to consider before you buy a horse ranch in North Florida
Price Reductions Are On the Rise
Right now, with the way the real estate market is moving, price reductions are a bit more common than they used to be. When sellers’ markets cool down, the original prices that sellers wanted for their properties sometimes becomes unrealistic. That means they need to lower the price if they expect to sell.
Often, sellers don’t listen to their real estate agent’s advice on pricing. Sometimes, these people attach sentimental value to their homes when they should only be looking at dollar value. A home or farm (or any other property, for that matter) is only worth what someone is willing to pay for it. When sellers overprice their homes because they attach sentimental value to them, buyers are looking at dollar signs; then, the seller eventually needs to lower the price if they expect to sell.
Are You Buying a Home or Land for Sale in Lake City?
If you’re moving to Lake City, we can help you find the perfect place to live. Call us at 386-243-0124 to tell us what you want from your home and we will begin searching right away.
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