Should I offer Below list price? How much below? Should I offer full price? Should I offer over list price? Do a little research before submitting your offer on the home of your dreams and get the best deal.
The seller priced the home at $200,000, many buyers will instantly come up with their offer price without doing any research. Look at comps in the area. You need to figure out if the home is below, above, or at market price.
First off you need to figure out what the market value is. Get in touch with the seller or listing agent and check on the activity. If there are no offers or not to many showings then you can negotiate. If there are offers already or if they are anticipating some you may have to go in at list price or above. You may want to think about using an escalation clause.
Good home sell quick. Your best strategy is to put in an offer before everyone else does. Try to act quick and get the seller to sign off on an offer so you have it locked up. A home that’s priced really well can last less than a few days. Generally you will have to offer full price or over for these deals. It’s hard to offer over full price but if you do your research and the home is priced way less than your research shows then it will make it very easy decision.
After your research if you find a home is priced at about the market value and its been on the market for a while with little activity then you know it’s most likely still a little over priced. See how long its been on the market without a price change.
For an overprice home your best strategy is to try to convince the sellers that its over priced. Be prepared to sit down and show them your comps. Most of the time sellers think their home is better than everyone else. It will be up to you to show them you have done your research and you are ready to give them market value for their home.
The quick lesson on this article is not to pay to much attention on the listing price. You need to run your own comps and come up with what you think the home is worth in the current market. When looking for sold homes try to stay with a mile radius of the subject home and use homes that have sold in the last 6 months.
So do your homework before submitting an offer. Houses will either be priced high, low, or at market value. Each one comes with its own play book. The more research the better, but be prepared to make decisions. A lot of people will loose out on their dream home because they can’t make decisions. They usually can’t make decisions because they don’t do their homework.
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