Buyers

Here are a couple of the most important benefits of home ownership:

Growing equity - Homes appreciate about five percent a year on average, and recently in San Diego County, quite a bit more than the average. Appreciation helps the value of your investment.

Tax savings - The interest on your mortgage and your property taxes are both tax deductible; the government is essentially subsidizing your home purchase. Income taxes paid are less due to the IRS interest rate deduction.

How to determine your offer -

As you are thinking about your offer to purchase a home, look at the condition of the home, what other homes have sold for in that area recently, how many other people are making offers, and how much you want this particular property.

Comparable sales - A professional realtor has immediate access to the latest data on sales in the market area you desire. She can provide detailed information on active listings, as well as a history of sold properties in the area.

What price is too low? - If you make an offer which is too low you run the risk of losing out to a higher offer and/or alienating the seller.

What price is too high? - Most buyers are unlikely to make an offer that is too high, but in some cases people just fall in love with a certain house and offer over the market value. The danger here is that if they pay too much, and the home does not appreciate past that amount, they could lose money at the point they decide to sell the home.

Negotiable costs - In addition to the offer on the home price, buyers may choose to ask the seller to cover some of the other costs associated with the transaction as a bargaining tool.

Factors which may affect price:

Circumstances of the sale - In a distressed property, the seller may be in a hurry or the property itself might need work.

Asking price - The asking price is a starting point, not necessarily where things will end up.

Condition of the property - There are three kinds of conditions - average, greatly improved, and in definite need of attention. These affect your offer price and terms.

Current market conditions - Comparable home sales, the local economy and other factors affect your offer.

Improvements to the property - If there are special additions and features which are attractive to you, this may justify a better offer.

Get your agent's advice - Be sure to do a reality check with your agent as a test, and as a way to verify everything is ready.

Your offer should reflect enough "room" for negotiating a few thousand dollars if necessary.

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