You’ve found a home for sale that checks all your boxes, and now it’s time to make an offer. These guidelines will help you craft an offer that gets accepted quickly and leads to you loving your life in your new home.
Try to get a sense of the seller’s motivations
Understanding a home seller’s motivations will help you make determinations about what kind of acceptable offer you can make. If a seller is trying to unload a property quickly to move on, they may be willing to accept an offer that is below average market value. Conversely, if you try to lowball someone who is selling their beloved childhood home, they may be easily offended by an initial low price, even if you only intend to use it as a jumping off point for negotiations. Consult with your agent on why the seller is listing their home to fully understand the situation.
Have a pre-approval letter from your mortgage lender ready
Getting pre-approval from a mortgage lender is always a good idea when you begin looking at homes. Ask your lender for a letter confirming your pre-approval amount; sellers will often think potential bidders are more serious if they have already taken concrete steps toward the purchase.
Consider a wide range of factors when determining your offer price
As you try to decide on an appropriate price for your offer, it’s easy to focus on one simple metric such as price-per-sq.ft., or seller’s asking price. However, a home sale is a complicated transaction, and it’s best to include a variety of factors in your assessment. Consult with your agent on facts including how long the property has been on the market, how long the average home stays on the market in that area, and the overall state of the market in your city or zip code. Your agent will be able to quickly and easily pull this information.
Your agent will obtain a competitive market analysis
Many home sellers rely on a competitive market analysis (CMA)—which evaluates recent sales in the home’s area to create an estimated value for a property—to help them arrive at their listing price. A professional buyer’s agent will be able to determine if the seller’s pricing is too high and help their client avoid paying too much.
Ultimately, the easiest way to ensure you are making a competitive offer is to work with a licensed agent. They have the experience and market knowledge needed to make strategic offers and counteroffers.
Whether you need a real estate agent to help you make an offer on your dream home, or get the best price for your listing, trust the agents at The Parker Group to work to get the best offer accepted. Contact us today to learn more about how to get started buying or selling a home in the Greenville area.