You’ve been looking at lots of houses, and you have finally found “The One.”
Now it’s time to put in an offer! How do you know how much you should offer on a home?! That depends on a lot of factors!
Here are some things to think about:
- Are there any other offers?
More than likely, if the other buyers are aware of the multi-offer situation they are going to put in a higher offer. They are hoping their offer will be better than yours!
- How long has the house been on the market?
Has it been on the market for only a few days? Usually, if the home has not been on the market very long, the Sellers are not as willing to budge on their price. Has it been on the market a long time? Longer than 60 days? These Sellers may be more likely to negotiate.
- What is the owner’s situation?
Are the Sellers relocating? Do they need to move fast? Sometimes when you’re looking at houses you will see in the narrative (or the description that their agent writes) that they are motivated Sellers. That is good news for you, my friend!
- What other terms (besides money) can you offer the Seller?
Maybe they need more time until they close? Their new house won’t be ready until a certain date. Are you able to wait? Maybe they need inspections done in a week? These are other things you could consider when making an offer that would help the Sellers out.
- What is the overall market like?
I know in Titusville it is a Sellers Market. What does that mean? Well, we have a lot of people who want to buy homes and a shortage of homes available for purchase.
These are just a few of the things we’ll take into consideration before making your offer.
I will look at what the MLS data says that homes have sold for in the same area as the home you would like to purchase.
I’ve noticed most Sellers don’t respond well to offers where they’ve been offered less than $10,000 off the asking price. If they respond at all.
At the end of the day, it’s ultimately your decision on how much you initially want to offer for the home.
Remember, the “market value” is the price that a Buyer (you) is ready, willing, and able to pay for a home. But is it also depends on how much a ready, willing, and able Seller is willing to accept!
I will do everything I can to help you understand the market and the value of homes in our area so you can make an educated offer!
If you have any questions please reach out to me!
Jennifer Hennis, Realtor®
Pamela Myers Realty