Start your homebuying budget with the costs you can comfortably manage, then test it against suitable homes. I want that decision to reflect your priorities, not just an appealing asking price.
For Colton single-family homes, condos, townhouses and apartments, the latest market report lists the typical asking price among homes listed for sale at $517,499. The typical sale price was $283,000 for completed sales in the latest market report. The estimated value of a typical home was $534,880, based on model-generated property estimates. Asking prices and sale prices describe listed and sold groups, while estimated values are not formal appraisals.
I would not use any townwide figure as the maximum price you are comfortable offering. Your budget needs to reflect the home's condition, financing costs and the money needed at closing. Comparisons with similar homes help us judge a specific asking price without treating different measurements as a negotiated discount.
Ask your lender to explain the full payment and money needed at closing for the homes you are considering. Bring me your must-have features so we can compare recent sales of similar homes separately from asking prices. Decide which repairs you could afford before setting the maximum price you are comfortable offering.
