How Much should you Offer for the Home You Want to Buy
Very on point topic and that's why I am re-blogging Julie's post on the subject. Good points for the buying public to see and remember when buying a home. Home buying activity is picking up, so timely points.
Do you know how much you are going to offer for that house?????
Here are some helpful tips to keep in mind.
Study the competition
Simply put if there is an abundance of similar properties, bank owned and short sales near your subject property there is a chance that will open the door for lower offers. Other areas where the inventory might be sparse but the area is desirable could result in full price or multiple offers so knowing this information can have a real impact on the price of the offer you make.
Check the Comps
Your real estate agent will provide you with accurate information needed to compare the value of the home you are considering with similar properties that have recently sold.
Don't Buy What You Can't Afford!
Make sure you have calculated all your costs associated with buying your new home, not only what your mortgage payment will be, but other factors such as unplanned HOA fees, or instant repairs or modifications to the home. You may need to adjust your offer accordingly to stay within your budget.
How Motivated Are The Sellers?
A deciding factor regarding the offer you make can rely heavily on the urgency to sell by the current owners. Has the property price been reduced??? By how much???
And Finally......
How Badly Do You Want This Home?
What is your level of motivation? Not to say you should offer to pay more than fair market value, but if you have found your dream home you might consider offering a price that makes sense to both you and the seller and has a good chance for a successful negotiation.
I would love to have the opportunity to guide you through these important decisions. I invite you to visit my website www.juliemillettluxuryhomes.com where you can search the entire MLS or for your convenience my user friendly website makes it easy to search homes in Golf Communities or Gated Communities and many specific subdivision. Stop by and take a Look.
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