Many Buyers have been in this situation. You have studied properties online for months. You have researched and compared listings as they’ve gone into escrow and then closed. After previewing a variety of properties in person, you have narrowed it down and one property has made it to the top of your list! GREAT. Now the question is, what price do you offer the Seller?
Is the Seller overly optimistic in their list price? Will paying full price make you less of a Buyer? If you miss out on this property due to a low offer, will you regret it later? Are there multiple Buyers making offers on the property?
There can be an endless stream of questions and mind bending scenarios a Buyer can put themselves through when making an offer to purchase. This strain can be minimized by working with a seasoned REALTOR®, who has thorough market knowledge in the area you are considering.
Your REALTOR® will be able to advise on what has sold in the immediate subdivision, and/or neighborhood that compares well to the subject property. Your REALTOR® will be able to provide you market statistics relating to a properties average days on market, and the average sales price to Seller’s list price. This will clearly indicate the market, and how soft or competitive it is. If the past 15 sold properties, have sold 5%-10% off of their original list price, you can expect some negotiation room in the property you are considering.
Lastly, your REALTOR® will provide you all of the facts and information pertinent to your decision making and assist you in making the final decision.
Happy house hunting and if you have any questions feel free to get in touch!