Real estate agent John Binder has some advice for buyers of a cornerstones house: don’t wait until the market is in the red.
“If it’s in the blue, it doesn’t matter if it’s a corner stone or not,” he says.
“It’s going to be priced out of the market.”
If you’re not sure whether a corner-stone home is a corner or not, Binder recommends looking at the listing and determining whether the seller is on a “franchise” and the buyer is on “owned”.
“I think there’s a couple of cases that are a little more nuanced than that,” he explains.
For example, a seller may be a franchisee or have a small amount of equity.
And in the rare case where the seller and buyer are not franchisees, Bister advises looking for a different type of home.
In this case, a corner may not be a good fit, Binders says.
If a seller is a franchise, then it’s possible that the buyer will pay a premium for the property, and the home could become a “lucky” property that is priced out.
A good cornerstone house is “not a good home for everyone”, Binder says.
And if you’re unsure whether a home is one of the lucky ones, Bender recommends a look at the seller’s financial history.
You should also consider the buyer’s location.
Binder says if you buy a house in a neighbourhood with low vacancy rates, you can expect to see a higher price.
But if the neighbourhood is more affordable, then you may not see a lot of buyers, he says, and you may end up paying a premium.
As for what you should expect when you see a corner of a house for sale, Binkert recommends looking for “affordable prices”.
And he also says the value of a home may depend on whether you’re looking at it for the first time or for the very first time.
The only downside to Binder’s advice is that it’s based on an educated guess.
He says he hasn’t looked at every single corner stone sale, but he has checked a couple dozen.
So far, the house in question is listed for $2.8 million.