Making An Offer On That Next Home Isn T Always About Asking For The Lowest Price

Category: Finance, Real Estate.

Making an offer on that next home isn t always about asking for the lowest price. If it is a house you love and a house you want to buy absolutely be sure the offer price you present is something you can live with.

There are a lot of factors that should be considered before that final price is presented. Here are 4 factors you must consider before submitting that offer price. 1) What Condition is the Property in? If not it s wise to look at other properties to get a sense of how the condition of other properties compare to each other. You probably have been through a number of houses in your area and have a pretty good idea of what the condition of properties are in the neighborhood. Based on condition and comparable selling prices you should be able to come up with a pretty fair offer price. Some great indicators of wear and tear are the walls, do they look faded and have chips and scratches on them. Common sense would tell us that a property in normal condition would have a price that is comparable to other homes that have recently sold.

Other indicators include checking out how warn the flooring is comparable the age of the house, how well the door knobs, light fixtures and light switches have held up. 2) What is the Market Like? A Seller s market usually garners more than one offer, subsequently the offers on properties will go up. Generally an offer price will change based on what type of market your area is in. Alternatively in a buyer s market you might be able to lower the offer price, more inventory and less buyer s should present a deal. If the home has had some major home improvements or additions that have increased the value, then these will have to be taken into consideration when figuring out your offer price. These of course are generalities and each property is different, you may find yourself in a great position to buy but the seller won t budge. 3) What Upgrades and Home Improvements Have Been Done.

A homeowner has done this for 2 reasons, 1) They wanted to make the house more comfortable and livable for them. 2) They had resell in mind. A motivated seller will generally take offers that are below asking price, but in this case don t get greedy. Some improvements that you should be aware of that will increase the value, additions of bedrooms and bathrooms, and kitchen remodels, basement finishing. 4) How Motivated is the Seller. Just because a homeowner is on his way across the country doesn t mean they are always going to take a low ball offer. So when that next offer price comes to mind on that potential new home make sure to take a few minutes to consider the following, it might be the difference between getting the house and losing it. So when making the offer on a house you really want, try cutting it by a few thousand dollars and you should be walking into that new home.

Read more...

Buying And Selling Property - Finance and Real Estate:

Buying and Selling Property.

Located A Short Distance From Downtown San Diego - Genevieve Aumick about Finance and Real Estate:

Located on the south western corner of the United States San Diego is often called America s finest city .

A Common Mistake Is Not Recognizing That An Older Deteriorating Home Which Can Give You Larger Capital Gains - Finance and Real Estate Articles:

It does not take long for most investors and home owners to realize that there are incredible benefits to investments in metro Denver real estate. What makes a good real estate investment are the type, condition and location of the property.