If you are in the process of looking for a house to buy, your real estate agent will probably be your go-to person. Your agent will help you locate homes, ask homeowners the right questions, and give you tips relating to financing. In addition, your agent can also help you determine a price to offer when you find the house you want to purchase. Here are some factors to keep in mind when coming up with an offer amount for the house you choose.
Length Of Time House Has Been For Sale
The first factor that can help you determine how much to offer on a house is the length of time the home has been on the market. If the seller just listed the house, he or she might not be in a rush to sell it. The seller might have a timeframe in mind for selling the house, and he or she might not care if it does not sell right away. Because of this, the seller might wait not be willing to accept an offer that is for less than the asking price.
On the other hand, if a home has been listed for months and is still for sale, this buyer might be more motivated to accept an offer that is less than the desired amount. Your agent can look up this information so you can find out the answer to this question.
Price Comparative Homes Recently Sold For
Another great factor to consider when making an offer is the prices on comparative homes. A comparative home, often called a comp, is one that is similar to the house you are looking at and has recently sold. By viewing homes like this, you can see what other buyers paid for houses, and this can help you determine if the seller's asking price is too high.
If you notice that most of the comparative homes sold for $10,000 less than the asking price of this one, you might have more ground to stand on if you make an offer $10,000 lower than the asking price. On the other hand, you might notice that homes are selling for more than the amount this person is asking. In this case, you may want to offer the full asking price for the house.
If you are a first-time homebuyer, having a good real estate agent to help you is vital. If you would like to learn more about the home-buying process, contact a real estate agent or broker (such as one from RE/MAX EXECUTIVES PLUS) today.
Share4 November 2015
When I started looking for a new house a few years ago, I realized that I had no idea what I really wanted. I knew that I wanted a place that had been updated recently, but apart from that, I was completely in the dark. After evaluating my budget and considering my options, I decided that it would be a good idea to go around with my real estate agent to help me to find a place. My agent was incredibly helpful, and I was able to narrow down my choices within a few hours. This blog is all about making the ever-important decision of becoming a homeowner.
