When buying a new house, it is important to draft an offer and price that will help the seller decide in your favor. Many factors need to be considered when determining how much you should offer for the house. The offer price is undoubtedly one of the most important factors of the house buying process. Here are some ways that can help you set an offer price for a new house.
Time on the market
One important factor that can help determine the offer price of your house is the amount of time the house spent on the market. Basically, the longer it remains on the market, the lower your offer price should be. On the flip side, if a house has just been listed on the market you must be careful not to set a cheap offer price. Some sellers may not appreciate a low offer price despite the property being on the market for some time.
Prices for similar houses
It is important to be aware of the prices that similar houses fetch before making an offer. During your research, be sure to factor in such things as location, quality of construction and square footage. Beginning your research in the area where you are looking to buy the house is better than starting elsewhere. A real estate agent can help you with your efforts based on their knowledge and contacts.
Flexibility on offer price
If you happen to be on a tight budget, you may be able to play around with certain options that may appeal to the seller. Besides the offer price, you may sweeten the pot with such things as offering rent backs, a shorter closing schedule and waiving off certain contingencies. Any sellers who prefer to quickly close the deal are likely to take such a deal.
Setting the right offer price when buying a new house can be tricky, but you can make the process easier for yourself by following the tips we have explained. You can get in touch with me for any assistance or advice about buying or selling a home in Greater Boston. Feel free to call me or send me an email or get in touch on Facebook.
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