| How to Determine What to Offer on a House
When hunting for a home to buy, it’s important to find one that meets your needs first and foremost. Once you’ve found a suitable property, the next step is crafting an offer that will allow you to secure it at a price you’re comfortable with.
Before submitting an offer, conduct research into the property market to determine how much you should offer. Although price is not the only factor to consider when crafting an offer, it is undoubtedly the most critical. It’s worth noting that asking the vendor’s agent for advice on your offer may not be helpful since their primary objective is to achieve the highest sale price possible for their client.
One way to negotiate without getting emotional is to utilize the services of a professional buyer’s agent. They can conduct extensive research on the property and comparable sales in the area and help you negotiate the best possible deal.
To determine what to offer, start by researching recent sales in the same area, which is known as “comps” or comparables. Ensure that you compare homes with similar size, land, rooms, facilities, condition, age, and position. Additionally, check the number of days the house has been on the market, known as “days on the market,” as this may indicate how flexible the seller is on price.
The condition of the home is another critical factor to consider when crafting an offer. A move-in-ready home typically receives higher offers than a fixer-upper. It’s also important to have a qualified professional inspect the property for any structural or other serious issues that may impact your offer.
Finally, decide how flexible you are on price and explore other negotiation tools such as varying contingencies, length of settlement, repairs, and rent-back options. These tools can help sweeten and make your offer more appealing to the seller.
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This is not meant to be financial or professional advice and is only of general nature. You must seek professional advice before taking any actions. The above information comes with no warranties whatsoever. We take no responsibility for any actions you may or may not take. All content is of general nature only and is NOT to be taken as advice whatsoever