You found the perfect home! Congrats! But you don’t want to lose it, so how do you enter into the offer phase?
Here are a few things to keep in mind:
- Be diligent and look at the comparable sold homes. What were they listing for and what was the purchase price? Also, take a look at other active homes in the area and see how they all stack up against your dream home.
- Think about what you love about this house! What do you think needs improvement? Does it need a new roof? new interior paint? new floors? Are there items that you can put a monetary value on that need improved to live up to the asking price? These are items that could possibly be negotiated into your offer.
- When you are placing your offer, you want to know if you have any competition. You want to know if this needs to be your highest and best offer or if there is room to negotiate. So, go ahead and ASK.
- How badly do you want this home? Is this THE One? If it is, your offer should probably reflect that. Or at the very least, you have that in writing for the seller and you send it along with the offer.
Just like in selling your home, there are generally two approaches to calculating price. In the first approach, you offer a price that is your bottom price and you expect a counteroffer and the negotiating begins.
The second approach is the one where you offer what you truly think it’s worth and let them know this is your highest and best offer. And if they counter, well, you will leave the tiniest bit of wiggle room so that you can handle one round of counters.
At the end of the day, while there is room for error, you have to believe you will end up in the right home for you.
What’s the value of using a Realtor? Simple. Your Realtor does ALL of this work for you, freeing you up to design your floor layout, pick paint colors, call the movers, buy new curtains and all the FUN stuff about buying a new home! Call me today with your wish list and I’ll do all the hard work for you!