Making an offer on a home is an exciting step - you've found the house you want and you're working towards making it your home. Be sure you're serious about buying before you make an offer. If the seller accepts your offer, it becomes a legal contract after a few days.
To determine your initial price for the property work with your real estate agent to understand the fair market value of the property. To establish a fair offer price use the factors outlined in this article to help calculate any increase or decrease in value.
Things to consider are:
- How long has the property been listed?
- Get a list of recent sales in the area from your Realtor – research your market
- Consider resale value
- Any home improvement costs to consider?
- Will money need to be spent to improve the property?
- Consider items other than price, such as seller credit toward closing costs or down payment, repairs and warranties
- When you make a real estate offer to purchase a property, you must do it based on recent sales data. The market determines what a house is worth - the seller does not. A smart seller will price it right from the start, in order to make a quick sale. But many homeowners overprice their homes when listing them.
- Your real estate agent will help you evaluate the asking price by reviewing sales data for similar homes in the area.
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