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Does it Matter How Much the Seller Purchased the Newport Beach House For?

Does it Matter How Much the Seller Purchased the Newport Beach House For?

You are considering buying a Newport Beach home for sale, and you are considering market value of the home you are interested in. You have looked at recent home sales in the Newport Beach neighborhood you are looking at, and have established what you considered to be fair market value with the guidance of your Newport Beach Realtor. Newport Beach house for sale

Upon performing your due diligence, you also want to know what the owner paid for it. Do you think that has any influence on current market value?

The answer is plain and simple – NO.

What the owner paid for the home, and when they purchased it has no bearing whatsoever on the current market value of the home. If it looks like the owner “got a deal” maybe they did, or maybe they did not. You have no way of knowing the terms of the deal when the owner purchased the home, and you have no idea about the condition of the property (with the exception of what is disclosed in the MLS).

Perhaps the home was an REO  or short sale, and the seller purchased it and put considerable money into it as a result of deferred maintenance.

My advice is, don’t get caught up in what the seller paid for the home. Instead, look at recent home sales with comparable properties to establish the value of the home.

If you would like a complimentary market analysis of your home, or one you are considering purchasing, please contact me.

 

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ABOUT ME

Sharon Paxson is a full-time REALTOR® with EQTY | Forbes Global Properties and has been specializing in residential real estate throughout the Newport Beach area since 2005 assisting Buyer’s, Seller’s, Landlords, and Tenants with their real estate needs.

If you are thinking about buying, selling or renting your home, condo or other Real Estate in the following areas including Newport Beach, Newport Coast, Corona del Mar, Huntington Beach there are thousands of Realtors to choose from. However, it doesn't cost you any more to work with a top Newport Beach CA Realtor. We welcome the opportunity to show you how we get outstanding real estate results with specific and targeted marketing. If you are looking for a top real estate agent who will make a difference you have come to the right place. Use this real estate website to learn about communities and homes for sale.

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DISCLAIMER: All information, photographs & content contained on this site is the property of Sharon Paxson. You must obtain written permission from Sharon Paxson if you would like to use any of this content contained herein. Opinions expressed are those of Sharon Paxson and may not necessarily be opinions of past and present brokers. Articles may be time and date sensitive. All statistical information utilized to create market reports has been obtained from the CRMLS. Information Deemed Reliable but not Guaranteed.

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