Deciding How Much to Offer When Buying a Home
You have found the “perfect” home and you have decided to make an offer. You have concerns, though: if you offer too little you may not get the home; if you offer too much then you are throwing good money away. How does a home-buyer decide?
There are several criteria you can consider before making an offer on a home. First, check out comparable properties in that area that are currently on the market. These must be similar properties meaning they should have the same number of bedrooms, bathrooms, and square footage.
Look at comparable properties that were on the market but did not sell. Look at the price. Why didn’t those properties sell? Were they priced too high?
Consider market conditions and appreciation rates in that neighborhood. Have prices been going up or down in that area? Is this a seller’s market or a buyer’s market?
Does all this seem a bit too much for you to handle? Are you still afraid you’ll make the wrong decision?
The absolute best move any home buyer can make is to find a real estate agent who has experience in the area you wish to buy. It is crucial to have that agent’s expertise and counsel as you prepare to make an offer. Experience does matter in this case, and you want to tap into that experience with a qualified real estate agent.
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