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How do you know if that house is worth it?

You find your dream home. It's beautiful. It's in a neighborhood that you like. It includes all of your must-haves.

For some people, that's enough. They'll pay whatever it takes to get that home. For most of us, though, we still want to know if the home is worth buying. Is that a fair price? How do we know?

The best place to start is by looking at homes in the same area that have sold recently. Make sure you look at homes that are roughly the same size and have been updated in the same ways. While there are variables, this can tell you what someone would realistically pay for the home you want.

You may also want to consider other homes that are up for sale right now. Is this home's price in line with those ones? This doesn't tell you everything you need to know since the asking price could be higher or lower than the final sale price, but it still gives you a good ballpark.

If possible, compare both. You may see that all of the homes on the market come in at $350,000, for instance. The recent sales run from $280,000 to $320,000. This tells you that people are overpricing their homes and you probably won't get into a bidding war if that house is around the same mark.

Once you do decide if the price is fair, you need to figure out how you want to proceed. Make sure you are well aware of all of the options that you have and the steps you need to take.

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