You don’t want to spend too much on a property, but you also don’t want to lose out on the perfect place. That’s why you should do some research before making an offer on a home. Take these three steps to present a compelling offer to sellers.
Decide on the Right Price
The sale price of a home across town may have little to do with what a home in your area is worth. Determine the right price by finding out how a property compares to similar homes nearby, what REALTORS® call “comps.” Comps are an important part of determining price because they reflect neighborhood conditions. Your REALTOR® can help you find the best comps to use for the property you want.
Show Sellers You’re Serious
Finding the sellers’ perfect price doesn’t guarantee they will accept your offer. Homeowners will consider the amount of earnest money in the proposed contract as well. A higher number may show sellers you’re serious about your offer.
Some sellers may have a strong preference for when they close on the sale. If you can meet their timeline, your offer gains strength. And your flexibility on contingencies, repairs, or other negotiable aspects may make your offer more attractive to the sellers.
Your REALTOR® can help put together an offer that gives you the best chance of getting the home you want at terms that are favorable to you.