Expert Q&A: Buying A New Home

In this segment of The Marc and Mandy Show: Expert Q&A, Todd Talbot of the HGTV show: Love It or List It answers questions about buying a new home.

Q: How many homes should I see before making an offer?

Todd Talbot: So, this varies, but there’s a great rule of thumb out there. It’s 100-10-1. Look at 100 properties. Back in the old days, you’d have to go out and actually look at them. Then you would do your due diligence on ten properties. And you would ultimately end up with one property. Most people won’t go through that process, but if you do, you’re going to ultimately find the best deal. 

Q: What do you think the seller will accept as a fair price?

Todd Talbot: Fair market value is what someone is willing to pay at that moment in time. It might not be what you think it should be as a seller. Sellers tend to overprice and overvalue their property, but honestly, it depends on what someone is willing to pay. That’s fair market value. 

Q: How do I know if the property is a good deal? 

Todd Talbot: I think part of it comes down to due diligence. You need to understand what else is selling in the marketplace and be able to compare and contrast. That’s one element. So, you’ve got the numbers part of it that’s very statistical. And then you’ve got the emotional part of it, which is the value that you see in that property that might be different than somebody else. So, it’s a very loose term in terms of figuring out value. It’s different for everybody.

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