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We found a house we love! How much do we offer for it?
I was just reading this question on Trulia.  It seems to be coming up over and over again in different variations:
We just found a dream home.  How low do we go?Is there a standard formula for offering lower than asking price?  How much lower can we offer without offending the sellers?And, so on...
First of all, home buyers, make sure that you are working with a great Real Estate Agent.  You need that Real Estate Agents' help to ensure that you make the right offer.
In answering the above questions, I will assume that you found a home that you see yourself living in and are not buying to flip (update and resell).  Having said that what are the steps:
Have your Real Estate Agent run a Comparable Market Analysis (CMA) to look at what is currently on the market, what is under contract or is in escrow and what has Sold within the last 3 months in a 1/2 a mile radius from the home that you like.
The reason you want to look at Active properties (for sale on the market right now) is to understand how much inventory is there and how long have these homes been offered for sale.  This will help your ... more

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