How much should I offer on the home?

Q: I found a home I really like. How much should I offer on the home?

Congratulations on finding a home! I am assuming from your question that you are not willing to offer the listing price being asked for by the seller and are trying instead to decide on what you believe to be a fair price to offer less than asking price.

Determing how much to offer

How much you offer is strictly a personal decision and should be based on your opinion of the home’s value. Your real estate agent can provide you with comparable sales listed in the MLS for you to review. Your county property appraiser may have a website that will allow you to look at recent sales in the area. You can also ask your agent how long the home has been on the market and have there been any price reductions or enhancements during this time. You should also be asking yourself how the home compares in price to other homes you have recently visited. What are the features of this home that you like? Can you find those same features in a home with a lower asking price?

What is next?

Once you are comfortable with how much to offer it will now be up to the seller to decide if the offer is acceptable. While the price may seem fair to you, usually there is no way of knowing what price the seller would be willing to accept, if any, less than what they have publically indicated by their list price. The seller has the option of accepting your offer, ignoring it or countering for a higher price or for better terms.

End the end you should decide what you are willing to pay for and offer for a home. When you have found a home that appears perfect for you, the answer of how much to offer will be clearer.


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