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FAQ #5: How Low of an Offer Can I Make in a Home? #homebuying

By
Real Estate Agent with Samson Properties VA0225077251

If you're a homebuyer in Northern Virginia, you likely have a lot of questions about the process, including how low of an offer you can make on a home. While there's no one-size-fits-all answer to this question, there are a few factors to consider that can help you make an informed decision.

What type of property are you buying?
As mentioned, the type of property you're looking to purchase can have a big impact on how low of an offer you can make. In a condo market where the inventory is higher and the market is softer, you may have more leverage to negotiate a lower offer or ask for closing costs. In contrast, in a townhouse or single-family home market, particularly in areas like Arlington, Fairfax, and Loudoun County, we are seeing escalation, meaning that buyers are having to make offers above the asking price to win the bid.

What's the current inventory?
Another factor to consider when making an offer is the current inventory of homes in the area you're looking to buy. If there are a lot of homes on the market, you may have more bargaining power as a buyer. However, if the inventory is low and there are a lot of buyers competing for the same properties, you may need to offer more than the asking price to be competitive.

What's your ultimate goal?
When deciding how much to offer on a home, it's important to consider your ultimate goal. Are you looking for a long-term investment, or are you planning to sell the home in a few years? If you're looking to stay in the home for the long haul, you may be willing to offer more upfront to secure the property you want. If you're planning to sell the home in a few years, you may want to be more cautious with your offer to ensure you don't overpay for the property.

Work with your real estate agent.
One of the best ways to determine how low of an offer you can make on a home is to work with a knowledgeable and experienced real estate agent. Your agent can help you understand the local market conditions, including inventory and recent sales, and can provide you with guidance on how to structure your offer.

Negotiate more than just the purchase price.
When making an offer on a home, it's important to remember that you can negotiate more than just the purchase price. You can also ask for seller concessions, such as closing costs, to help offset some of the upfront costs of buying a home. Additionally, you can negotiate other terms, such as the closing date, home inspection contingencies, and more.

How low of an offer you can make on a home in Northern Virginia really depends on a variety of factors, including the type of property, the current inventory, your ultimate goal, and the local market conditions. By working with a knowledgeable real estate agent and understanding the factors at play, you can make an informed decision about how to structure your offer and negotiate for the best possible outcome.

 

 

Posted by

 
                             
Associate Broker
MRP, ABR, ePRO

NVAR, Life Time Top Producer
NVAR,Multiple Million Dollar Sales Club Member
Samson Properties
Cell - 703-625-4949
Email - info@eNOVAHomes.com
Web: www.eNOVAHOMES.com
 
Residential real estate agent serving Northern Virginia in Fairfax & Loudoun county over a decade and almost $100+M in sales volume experience. 


 

Comments (1)

Michael Jacobs
Pasadena, CA
Pasadena And Southern California 818.516.4393

Hello Ritu - who doesn't want to save some money?  However, what's most important - buying a house or getting a deal?  It's a question that can reveal much about motivation.  

Mar 16, 2023 09:04 AM