Making Your Best Offer
Making the proper offer is crucial when you have your eye on a home.
Offer too little, and you may get passed over for the next Buyer. Offer too much, and you may need to re-evaluate your budget for furnishings or upgrades. This can be one of the most challenging parts of buying a new property.
Want to make sure you have a strong offer at a price you can afford? Here’s when you might offer above, below, and at, the listing price.
At List Price
A home that's within your budget, move-in ready, and comes with all the amenities you want, could be worth an offer at the listing price, especially if you've been waiting for the right home to surface. But, you'll want to make sure there's not much competition for the property.
Below List Price
Most Buyers want to start with a lower price and work their way up if needed. This is okay if the market is balanced and not too competitive. Does the home need serious work? If so, you may want to offer below the listing price. In this case, bidding less money could free up cash for future repairs and necessary upgrades. However, you must consider that the property may already be priced accordingly based on its condition. You can also try a lower offer if there are plenty of homes listed in your area - but little demand for them. A large supply with little demand usually forces prices down, so you might be able to offer less and get a good deal.
Above List Price
You may need to go beyond the listing price if you're in a particularly active market, or you're up against several Buyers. A multiple offer situation drives the price up in most cases. You really need to study past sales in the area, the present market conditions, and how many Buyers are involved. It's a true science that requires special attention and communication with your real estate agent.
Ready for a new home, and the best deal? Reach out today, and we can begin looking for a property that's perfect for you, and your family.
