You’ve looked and searched and finally found a house you’d like to make your home. Now it’s time to make an offer. But what do you offer? Do you offer the asking price? Do you make a lower offer? Do you make a really low offer hoping to get “a deal?” Do you make an over asking price offer to beat out other offers? Your REALTOR® will be able to guide you on what is a reasonable offer. They will have looked at comparable homes and sales, investigated the demand, seen with you the condition and maintenance on the property, and communicated with the seller’s agent and have gotten an idea of what is important to the sellers.
There are several factors that go into making an offer. First, what’s comfortable to you in regards to your mortgage limitations, and monthly payments.
Second, what type of market is it? Is it a Seller’s Market and there are multiple offers on homes? Is it a Buyer’s Market and houses are lingering on the market before they sell? Is it a Balanced Market and homes are available to consider and both parties (buyers and sellers) are open to negotiate?
Third, what is the condition of the property? Has it been well maintained or will it need repairs?
Take everything into consideration and listen to your agent. They are there to help you navigate this process. Contact me for more information on buying your home.