WHAT SHOULD I OFFER?
It's the most common question we get when a buyer finds a home they want. What price should I offer on a home?
To help you answer this question, a good agent does three things:
1. Do a market analysis
The first step to determining what price you should offer is looking at similar homes that have sold recently. We do this for every client. We look for similar homes and look for any differences and adjust accordingly. Both are 3-bedroom, 2-bath houses, but this sold property is not as updated as the one you're looking at.
Once we have a handful of "comps" (or comparable properties), we can see what the omnipotent "market" thinks your place is worth.
2. Talk with the listing agent
This is a step not every agent takes, but they should. If you talk to a listing agent long enough, they often tell you information that is helpful to your offer.
We can often figure out if there are other offers, and if there are other offers, what price range they're in. We also figure out what is motivating the other side. Often, it's just money, but sometimes they need more time to move out. In that case, we can offer them a post-closing occupancy agreement to give them that time. Sometimes, they want a quick close. In that instance, we'll communicate with your lender to see if that's possible.
It's all about knowing the sellers' needs and trying to match them with your offer.
3. Account for the tangible (and intangible)
IF this is an investment property, then we need to account for that. At what price does this make sense with your spreadsheet numbers?
But there's also the intangible. How much do you want this home? If you lost this home to a buyer that offer X amount, would you kick yourself?
This is a step at which it pays to have an agent you can trust. You must feel comfortable having difficult and direct conversations and must know that your agent will have your interests in mind, not theirs.
Ready to get started? Call or email us today.