A good offer is one that achieves the goal of getting the best house at a great price. That means paying at or below market value for a property. Your realtor will be able to assist you in determining value.
The market value is simply what the average buyer would be willing to pay for the house given the current market conditions. This is usually calculated/estimated by looking at comparable homes.
The best way to find a home's value is to know the market by seeing lots of similar homes in the areas you are most interested. This can be accomplished by looking at homes your agent emails to you and then selecting the most attractive homes to tour.
Many homes are priced right for the market. Those are the ones you should be offering on. However, if the home is priced for the market, a low-ball offer (less than 10% below asking price) is almost a complete waste of time. If the house is that far overpriced, you should be focusing on better priced homes to maximize the potential for success in the market.
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Keller Williams Big Bear - Big Bear Lake, CA
Big Bear Real Estate
Keith,
Great information and all true. I think it is part of the agents duty to educate as they show.
Steve
Apr 26, 2008 05:55 AM
ALLY Real Estate - Waikoloa, HI
Hawaii Real Estate Expert
Finding a good agent who isn't afraid to negotiate a good deal is helpful. I hate working hard, writing up a contract and then the AGENT says "oh, no ... they will never accept that". Really, do they know they are overpriced by $100,000. Present my offer. An offer is a starting point and is rarely accepted as is. These days a good idea is to present the offer with comps to back up that offer. Nobody wants the house to fall short on appraisal. The sellers sitting there with their overpriced homes should think of that.
Apr 26, 2008 05:59 AM
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