When buying a home, buyers want to get the best deal but they may need to juggle some numbers in order to reach an amount that seems fair to both parties. Deciding what to offer a seller for their home is a delicate process. Before making an offer, there are some items you should analyze.
A comparative market analysis (CMA) is a popular method for estimating the true value of property. Similar to comparison shopping, a CMA will examine the home in terms of number of bedrooms, bathrooms, and total square footage. Realtors can find similar homes that have recently sold or are currently on the market so you will be better equipped to discuss an offer price.
Other situational factors can also affect price. If the seller has already moved out or wants or already has a contract to purchase another home, the seller may want to speed up the process. If such a situation exists, it will highly impact your bidding strategy. For example, you could agree to a quick closing date but ask for a lower price.
You should also know if there is other completion for the home, how long the home has been on the market, and current interest rates. There is no question that every home, seller, and real estate market have unique circumstances that affect every transaction. The more educated you are about these circumstance the better off you will be when deciding on your offer price.
Balancing out the situation and property-specific factors with local market trends is the best way to decide how much you should offer. By approaching this stage of the process with an educated outlook, you will be successful in getting the best deal on a new home
Whether you are buying or selling a home, George Maynes will always work in your best interest while helping to make your real estate transactions as stress free as possible.
George Maynes and his team are excited to assist you in all of your real estate transactions. Please contact George Maynes for a FREE (no obligation) consultation if you plan to buy and/or sell a home. We will provide you with reliable advice so you can make informed decisions.
Prudential Fox & Roach, REALTORS®
2451 Fairmount Avenue, Philadelphia, PA 19130