Video: Determining an Offer Price For a Property
Friday Feb 19th, 2021
Determining an Offering Price
Selecting the right home is the easy part. The real challenge when it comes to buying is making an offer acceptable to the seller.
Here are some factors to consider before making your offer:
Are you in a buyer’s or a seller’s market? Generally speaking, in a buyer’s market you will be in a better bargaining position.
Find out how many days has the property been on the market.
Check on the prices of comparable properties that are currently listed for sale in the area and find out what comparable properties have recently sold for.
Don’t rely on the advertised list prices of sold properties since their actual sale price may have been more or less than their asking price.
What is the seller’s motivation for selling?
Certain reasons like a job transfer, the purchase of another home, or even financial problems can make a seller more open to negotiation.
Also, keep in mind that the seller’s REALTOR is obligated to try to get the best deal they can for the seller, so it would be in your best interest to hire a REALTOR who will act on your behalf.