Nowadays, making a home purchase is easy because of the many, many homes on the market, and the weight on the list price from the increased competition and longer time listed that results. Making a mistake on the home offer could mean losing your dream home, so make it a point to make an acceptable offer to the home seller. Keep in mind that there are plenty of buyers these days that could be eying the same home you want to buy. Also, sellers, are generally guided by their seller’s agents, using every trick in the book to get a good value for their homes.
Despite the fact that the market is very favorable for buyers, savvy sellers will scrutinize every detail. Little details can set off alarms. It’s vital for a buyer to do the research before you make an offer for a home.
Here’s some ideas on how to increase the chances of your home offer accepted by that same savvy seller:
1. Work with an agent. Your agent will be able to represent you properly. Additionally, the agent has access to lists of homes for sale so you can choose a home that best fits your needs, preferences and your budget.
2. Figure out the value of the home as well. If you have a real estate agent, he or she could help you but if you don’t have one you should do your own research. There are online calculators that you can use by just keying in the information of the home and you will be provided with three estimates. You could also inquire how much homes in the area cost. Look for time on market too. A home that’s been languishing as a listing for a while might make a seller more eager to deal.
3. Make sure that you learn how to negotiate. If you know the value of homes in the area, you can negotiate your offer easily. It is also critical to use the ten day period after the offer is accepted to have the home inspected to ascertain that you are getting value out of your money. You might also ask that the seller pays the costs of closing or pay for a home insurance. Remember though, the seller has the right to decline your offer. They could also decline and issue a counter-proposal. Be ready for what’s asked.
4. If you find the right home, consider carefully what the seller might be looking for in an acceptable offer. See to it that you have a prequalification letter and that you’ve completed… and applied… your research to put a tempting offer on the table.
5. It would be better if you have an idea on how long the home has stayed in the market. If it has been in the market for a while, then the owner might settle for a lesser value. If you can, determine why the owner is selling the property. There might be conditions that allow a for a lower offer. Just knowing them, sometimes, is enough.
6. You can offer a low price and settle into the offer-counter offer process to find a happy medium. Or, you can offer the listing price to snap up that must have property. Either way, position yourself properly, present a good balanced offer, the seller will most likely to listen to you. You could ask the home seller to shoulder the cost of closing or a portion of it and could ask him or her to include a year of insurance for the home or two and include this in the contingency section of your home offer.
“The victor wins the battle before it’s fought. The defeated fight a battle and then try to win.” In making an offer, you’re in control. Do the research, think it through thoroughly and fire off a winner.
Have fun!
This home tips have been brought to you by Lew McConkey
Thinking of selling your home? I have a passion for Real Estate and love to share my marketing expertise! Contact me today for a market analysis of your house!
I service the following towns in South Shore MA: Whitman, Hanson, Brockton, Rockland, Abington, Pembroke, East Bridgewater, West Bridgewater, Easton, Weymouth, Braintree and Quincy MA.
Rosen Realty
(781)252-9789
Lewmcconkey@rosenrealty.com