Once youíve found a home youíre interested in purchasing, the next step is putting an offer on the table. How do you determine that right price for a home in ? In this article, Iíll show you exactly what you should consider when youíre picking a number for your offer.
Tip 1 ñ Understand the Real Estate Conditions
The first step is to consider what the market conditions are. Real estate conditions in have had both upswings and downswings in the last several years. Is it a buyerís market right now, or a sellerís market? Is a house likely to sit on the market for weeks, or is it likely to receive multiple offers?
Look into what other similar houses in the area are selling for, both currently and in the last few months. This will give you a good baseline value to base your offer of.
Tip 2 ñ Understand Your Sellerís Mindset
The goal of making an offer isnít to offer market price. The goal of your offer is to make an offer thatís as low as possible that will be accepted by the seller.
In order to achieve this, itís important to understand the mindset of the seller.
One thing to look into might be how long the house has been listed. If itís been listed for several months already, they may be more likely to want to sell for a lower price.
Another thing to look into is how much the seller paid for the property. Although this doesnít affect its current value, it has an impact on the sellerís mentality. If the seller is already making a profit no matter how much they sell it for, theyíre likely to be more lenient. If theyíre losing big money by selling right now, they may be more likely to pinch pennies.
Tip 3 ñ Itís Not Just the Numbers
Your offer must be considered in its entirety. The clauses and contingencies have a big impact on whether or not your offer will be accepted. Work with your real estate agent to craft the best offer possible.
There is a lot of free information available to you about buying, selling or investing in real estate. For complete information about the real estate market including current homes for sale, property values and more please visit the most complete website online dedicated to everything real estate at www.pauldingandpolk.com. Please feel free to contact me with any of your real estate or mortgage related questions and I will be more than glad to answer your questions. Call me on my cell at 404 374 1620 or email me at firstname.lastname@example.org
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