One of the most important questions I often hear from buyers is: How much should I offer? While an offered purchase price has to be what a particular
house is worth to the buyers I can offer guidance in a few ways. First let’s look at recent neighborhood activity and comparables. When
studying comps we want to look at days on market, list price vs. sales price and pictures to see the condition. We want to look at like-for-like homes
as much as possible. Are homes in the area selling way over asking or have there been multiple price reductions? This is important and helpful
Next it’s good to know the seller’s motivation and what they are looking for in an offer. We always have to remember an offer is price and terms. I have
had sellers accept a much lower price because the terms of another offer were more attractive. It’s also important to work with an agent who knows the areas
you’re looking in. She will know the geography: Does a particular street have great views or is it a busy through street? Is a great school district or just a few
houses out of the district? And she will likely be networking with other area agents and hear about off market sales that have happened that could be pertinent
to your decision making process. Gathering and understanding all of this information should help you on your way to deciding on a price for a home
that makes sense and works for you.
That’s my two cents for today! I’d love to hear your thoughts!