If you’re planning on buying a home in the coming weeks or months, you’ve probably already started searching homes for sale, possibly on a site like Zillow or through an agent’s search. That’s a good place to start, but you might want to search sold data, too. Here’s why.
Search Sold Data to Get the Whole Picture
Active listings, that is, homes currently for sale, can tell you a lot about the market in your area. And of course, the home you’ll eventually buy will probably show up on that list at some point. But if you want to get a complete idea of the health and competitiveness of the market, you might want to take a look at the recently sold listings, too. Here are some things you might learn from sold listings.
Sold listings show actual prices
Even if you don’t start your search with sold listings, odds are you’ll be using them before you make an offer. Sold listings are commonly used by agents to determine the true value of a home. By comparing the sale prices of similar recently sold homes in the area, an agent can determine a competitive offering price.
If you’re just starting your search, you can use this same information to determine what sale prices might look like in your preferred area—versus what homes are listing for. They can also help you to determine if a particular home is priced correctly.
Sold listings show market competition
Sold listings can help you to determine the competitiveness of a market. For example, if homes seem to be selling for more than their asking prices, high buyer competition could be causing bidding wars and those climbing prices. If the sales prices of homes are significantly lower than their list prices, it might indicate that the market isn’t seeing a lot of buyer interest, which has caused prices to drop.
Sold listings can also tell you how long a home sat on the market before it sold. Short turnaround times indicate a competitive market, while lengthier stays on the market might be a sign that things are a little more quiet.
Sold listings show agent ability
Want to know just how good a particular agent is? Check their sold listings. A good agent’s homes should sell fairly close to their asking prices and in a fairly short period of time, provided the market isn’t particularly slow. As a buyer, this information isn’t just useful for picking an agent, but also for making an offer on a home. An agent who regularly makes their numbers probably won’t appreciate a lowball offer or may be a more savvy negotiator.
Search Sold Data & Active Data When Buying
Of course, sold data won’t tell you what’s currently actively for sale, so you still have to search active listings in your preferred area! Sold data is simply a tool for better understanding what’s happening in the market, which can help you be a more competitive and savvy buyer.
Buying a Home in the Triangle Area?
Are you thinking about buying a home in the Triangle area? We’d love to help! Contact Carla Freund Realty today to learn more about how we can help you find the perfect home… in just the right location.