Tanya Rankin discusses how you have to look at all the information in order to know what fair market value is when purchasing a home
Tanya Rankin: Hi it’s Tanya Rankin in Williams Lake. How do you know if you got a property at what’s fair market value or even at a really great buy? often I find people come back to me a couple years after they purchased the home with someone else and they want to sell it they express we know we got it for a really great buy because the people at the time were asking x and we got them down forty, fifty thousand off of their asking price. What they sometimes seem overlook is if the home is been in the market for a 300 or 400 days and they haven’t come down just because you negotiate it them off of their asking price substantially doesn’t mean that you got the property at a really great price. For example this is just a hypothetical but if the people are asking 500,000 and you get the home for 450,000 you may think wow we got it in really great price but if the fair market of the home was actually 410,000 you may have been directly over paid for the property. Never ever hesitate to ask for information, comparable sales data, what a similar properties have been selling for it’s going to help you make a more informed decision and anybody that has a real estate agent that they trust and respect as a professional in the industry is gonna be more than happy to provide you with that information and guide you accordingly. If you have any questions send me an email anytime to firstname.lastname@example.org and I hope you have a fantastic week!