Schools are important to your home hunt for two reasons:
1) If you have kids or are planning to, there are the obvious reasons - you want them in the best schools available. By first figuring out which schools you are open to, you will greatly narrow your house search from hundreds of homes to maybe dozens. This is a great way to narrow the search and save time.
2) Even if never plan to have kids, schools are such an underlying factor that affect property values. In Guilford County, you will see values change fairly drastically depending on what school district you property is in. Being in a popular school district might make the difference in selling your home very quickly for a very high percentage of market value versus very slowly for less money as there are less buyers interested in moving to the are with the less popular schools.
All this being said, this is a factor that certainly changes with time, and what is a great school today may , unfortunately be a failing school in years to come. And vice versa, a school with poor rankings today may very well turn around and be the next hot place to get your child enrolled in years to come.
Answer: You simply look at what other folks have been paying for similar properties in recent history. Or ask your Realtor to 'run comps' for you.
I just had a client ask to show them a FSBO (for sale by owner) home that was priced at $350,000. I said I'd love to, but I first wanted to see where the seller got their price from. Turns out, the home was listed about thirty or forty thousand dollars too high.
Now, had someone contracted to buy the home for 325K, they would probably think they were getting a deal (wow $25,000 off list price!) when in reality they would've overpaid by at least 10 thousand dollars as the home is worth about 295-315K in the current market. Just goes to show - the asking price on a home is not always based in reality.
I just wanted to write a quick post to give my two cents about the day-to-day practices in Greensboro real estate that I see as gimmicks. You'll often see the following in real estate advertising:
Now, there's nothing wrong with any of these practices, but I always advise my buyers to be aware of these options and decide which are important to them individually. Then, disregard who's offering what - find the house you want to pursue and try to negotiate the items you want on the property you want!
Buyer Agency Explained (Again)...
I feel like I say this a lot, but it's worth repeating. As a 1st time home buyer in the market to purchase a home in Greensboro, NC or the surrounding areas, you may not be aware that having a highly trained Realtor at your side through the process is generally going to be absolutely FREE! That's because the seller pays the real estate commission. A good buyer's agent will:
*Buyer Agency Agreements could include provisions where the buyer would be asked to compensate the agent for any number of reasons such as: 1) The seller is offering less than the buyer's agent expects to receive or 2) The buyer decides to purchase a FSBO (for sale by owner) that will not agree to compensate your Realtor.
P.S. I've represented lots & lots of buyers, and it has never cost any of my buyer-clients a dime to work with me!
Where To Start? The Basics. Buyer Agency Explained (again).
My first blog! Where to start? I thought I'd start with the basics. The things I seem to repeat a lot. I mean a lot. It's not that they're complex or hard to understand concepts. It's just that I work in a field (like anybody else) that has it's own language and/or is overly boring until you are in the market to buy or sell a home. So, I guess my first few blogs will be about the basics - working with a Realtor (me) as a buyer, as a seller, or as both. We will cover:
I'm Zane Gerringer, and I work full time as a Realtor with Allen Tate Realtors in Greensboro, NC. I believe owning a home and investing in real estate are essential in building a secure financial future for your family. I love representing both buyers & sellers, and I want you to make smart real estate decisions in the Triad!