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How much should you offer for that house?

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A toy house on top of a stack of $100 bills

04/22/2016 | Author: Jaime Lee

You’ve likely heard that everything is negotiable in real estate. That’s because buying real estate isn’t like shopping at the mall or buying groceries, where you just pay the advertised price. Instead, a real estate buyer can submit an offer for less than the asking price, or more, or even offer the asking price but use other considerations to make their offer more attractive … and a seller can accept (or reject) any of these offers.

Start with a professional
The best way to present a strong offer is to work with a Texas REALTOR®. He or she will help you determine your realistic budget before you even start looking, and then use market knowledge and experience to help you arrive at the best offer for a property. In fact, a 2015 consumer survey found that the top three things buyers need from a real estate agent are: help finding the right home for them, help negotiating the terms of the sale, and help with price negotiations.

How much was the neighbor’s house?
One way your Texas REALTOR® will likely help you find the best offer is to review the sale prices of comparable properties nearby that have sold recently. He or she will look for homes in relatively the same area that have features similar to the property you’re considering. These features can include square footage, number of bedrooms, and age of the property.

Demand can play a role, too
If you’re in a market where properties are under contract soon after listing—a matter of hours, in some cases—your Texas REALTOR® will have advice for being ready to take action. This can mean offering more than the asking price or negotiating other items in the contract that make your offer attractive … something you definitely can’t do at the mall.

If you’re thinking about buying a home, use the Find a REALTOR® search at texasrealestate.com to locate a Texas REALTOR® in your area.                                                    

Categories: Buyers, Renters
Tags: buyers, homebuyers, renters, pricing

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Legal disclaimer

The material provided here is for informational purposes only and is not intended and should not be considered as legal advice for your particular matter. You should contact your attorney to obtain advice with respect to any particular issue or problem. Applicability of the legal principles discussed in this material may differ substantially in individual situations.

While the Texas Association of REALTORS® has used reasonable efforts in collecting and preparing materials included here, due to the rapidly changing nature of the real estate marketplace and the law, and our reliance on information provided by outside sources, the Texas Association of REALTORS® makes no representation, warranty, or guarantee of the accuracy or reliability of any information provided here or elsewhere on texasrealestate.com. Any legal or other information found here, on texasrealestate.com, or at other sites to which we link, should be verified before it is relied upon.

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