Buyer beware: There’s nothing in a sale to suggest you’re getting the best deal.
The sale, the seller says, is just about the right price for the house.
The buyer gets the house, the buyer gets everything the seller promised, and the seller gets a good price for what he or she is willing to pay.
But how much is the sale worth?
If the house sells for less than what you paid, you may not get the house back, according to a new study.
Here’s how the research compares.
Buyer Beware: There Is Nothing in a Sale to Suggest You’re Getting the Best Deal The study by New York-based consulting firm Savills found that the average sale price of a home in the United States is $1,719,000, according a 2015 study.
That’s less than half of the $2.3 trillion total price of homes sold in the country last year.
“In many cases, the sale price reflects the fair market value of the property,” said Matthew F. Fuhrman, the director of the Savills Center for Real Estate Analysis and Strategy, who conducted the study.
“For example, a home that sold for $1.2 million five years ago might now be worth $2 million.
A house that sold at $1 million five or 10 years ago may now be selling for $700,000.
The same property may be worth far more if the seller has a more recent mortgage.”
Some buyers may be reluctant to sell their homes because they want to maintain the current house, Fuhra said.
But that doesn’t mean they won’t be happy to get the sale for what they paid.
For example, “If the sale is $2,000 per square foot, and a buyer paid $500,000 for the property, the buyers satisfaction with the purchase is almost entirely the seller’s fault,” Fuhran said.
If you’re not sure if the sale will help or hurt your home, Fühn said, go back to the seller.
“The seller may be trying to get a price that’s not unreasonable, but he or her may be asking for too much.”
The study also found that buyers of single-family homes are much more likely to be able to sell the home for less money than other types of homes.
“A single-unit home is often an excellent value for money for many reasons,” Führan said, including: The property is built in a style that’s popular with buyers and renters, such as a traditional ranch-style house.