realtyreport
In the Offering
You've found the next property you want to call home and are ready to make an offer. But how do you arrive at an offer price? Below are four key determining factors.
- Comparable sales. What have similar homes in the same area recently sold for? Ask a real estate sales representative, who has full access to the Multiple Listing Services®, where such information is centralized.
- Condition of the home. Is the property structurally sound? Are its plumbing and electrical systems in good shape? If an inspection has recently been done, what did it report? Have the owners made improvements that make their property worth more than others in the neighborhood? Or will it need work to get it up to par?
- Market conditions. Every market's different — what are conditions like where you're hoping to buy? Are sellers entertaining multiple offers, or is it a buyer's market, where there's more negotiating room? For insight into local market conditions, contact a real estate sales representative with expert knowledge of the area.
- Seller motivation. Is the owner under pressure to sell, perhaps because they've already bought a new home or accepted a job offer requiring them to relocate? While seller motivation doesn't always have a huge impact on price, it is possible that their circumstances will allow you some flexibility to negotiate.
As you can see, there's a lot to consider, which is why establishing an offer price is a job best left to real estate sales representatives.
