For the last several years housing prices have been soaring. It’s only recently that prices have begun to decrease once more. Still, some homeowners have not realized that a price adjustment is probably a necessity in today’s buyers’ market in order to achieve a quick sale. In any market, it can sometimes be a daunting task to determine what a fair offer price, when you are buying a home. Determining whether a home is priced fairly requires market research and some assistance from your real estate agent. You don’t want to pay more than you absolutely have to.
Your Real estate agent is the best sources of information on housing prices. Because she/he intimately involved in pricing homes in your neighborhood, your agent has knowledge of comparative prices (comps) and knows how the house you’re considering falls in comparative market analysis.
Quick Note: An average buyer pay on a offer is between 94% to 96% of asking price. This means if you divide the price you’re planning on paying by the listed asking price, you should come up with roughly 94% to 96%. Therefore, if your looking at a home that’s being offered at $299,000 and you want to offer $275,000, your offer might be too low. ($275,000 divided by $299,000 is approximately 92%). Still, it is advised to offer a lower price early on to see if the homeowner accepts it, but to also leave room for negotiation. You may settle on $282,000 for the home, which is within the range of 94%. By using some of my tools that I can offer you by helping you in your purchase, you’ll be more likely to get your dream home at your dream price.