Given the current environment of such high interest loan, what are some things/research you can do to ensure that the house your buying is rightly valued?

For context, I’m looking at a house in Philly (Francisville) area. Our agent have shared compatibles but there’s no perfect one. Thank you!

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Depends on your situation/ needs (family home or investment). Typically Im not worried about rates given the high demand and rates are not cutting until next year most likely, in fact they are going to continue to go up this year.

When I look at properties and comps, I start with the location (is it in a growing area/ is it close to public transportation), then the land/ features (pool, garage, basement), then the amount of bedrooms (does it have more bedrooms then the rest of the market). Depending on the scarcity of the market for those items relative to the subject property tells me if the house is going to be a good value. If you find a house you like, I wouldn’t wait.

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My wife and I are on a similar boat. Interested to hear what people that have already bought their first home think.

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What was most helpful for me was comparing price per square feet. Most of the homes in my area (Vancouver WA) were similar in lot size and years built. You’d be shocked how much you can save per square foot by moving 5 minutes further out. Remember expansion naturally grows outward so buying right out side of a already growing community means there is more room for growth. Avoid area that are already fully built out because there won’t be as much room for growth in your investment. Also look for a nice home that maybe didn’t have the best previous owner. The house will look dirty and unkept to others but you could make that house your own and bring it back to life for pretty cheap! Overall good bones, good layout, good price per square foot, and a blank canvas allow you to really get the best bang for your buck!

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The rates are higher than the historical lows we have enjoyed. I would say the market has leveled off. Rents are high due to landlords getting the moritoriums enforced for so long. I say bay smaller now amd build equity

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