real estate

7 ways homebuyers overpay

Don't know the neighborhood
Don't know the neighborhood © romakoma/Shutterstock.com

When you don't know the area, you won't know a good location from a bad one, and that ignorance will cost you.

"It is always best to be a well-informed buyer, but obviously this doesn't always happen," says Marge Peck, an associate broker with Discover Arizona Real Estate in Mesa, Ariz.

There's a simple solution -- work with an experienced agent who knows the area.

"If a buyer is working with their real estate agent, this shouldn't be a problem," Peck says. "The buyer's agent can, and should, educate them on what has happened to the house and what the neighborhood is like."

If an agent can't provide additional details about the neighborhood or doesn't seem to know the community, experts say it's best just to move along and find an agent who does. Hyperlocal knowledge can help buyers find the best listings and secure the right price.

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