Among the many steps of the home-buying process, making an offer on a house can be seen as one of the more critical stages that could make or break a deal. But with some creativity, a whole lot of research, and a wise and reliable real estate agent backing you up, you can make that winning offer that is sure to catch a home seller’s attention.
Here’s how to do it.
Do prep work on how it’s done
Preparation, research, and information gathering will form the foundation upon which you will build your offer. Ground yourself with a basic understanding of the process.
Don’t be afraid to ask a lot of questions, particularly those regarding the current housing market and the history of the house. Also, research the background of the seller and their requirements. The more substantial and relevant your information is, the more detailed and to-the-point your offer will be.
Get a glimpse of the market climate
The general climate of the local real estate market in your preferred area can give you a wealth of information that will set the tone for your offer. It can give you an idea of the level of competition and the most attractive price point to present.
A buyers’ market indicates more buyers than sellers, so reasonable offers made to the latter will be most welcomed, even if these are marked a bit lower than the selling price. In a seller’s market, however, anticipate fierce competition from other buyers who are also interested in the home you fancy. Moreover, sellers may not want to consider anything lower than their listed price.
Realtor.com reports that as of February this year, Bridgewater Township is a buyer’s market. In the said month, homes were sold at 2.31% below their asking price. If you’re up for finding the perfect home in the area, now’s your best chance.
Set budget limitations and boundaries
Only look at and consider properties within your price range. Establish your ceiling early on and only write offers for homes you can truly afford.
Dig up some home history
Home history here means its selling history. Sometimes, a house is listed for sale but with no takers, its listing becomes expired. The seller will re-list the home, either with adjustments to the price or none at all. Should the home you’re eyeing be the kind that’s been languishing in the market, you may want to find out why this is so. Moreover, a seller with this type of home will be more amenable to settling for a price that will favor the buyer – as long as they finally make that sale.
Study comparable sales
Comparable sales, or “comps,” are very helpful in establishing the right price to offer for a home. Check out the selling prices of similar homes in the vicinity of your preferred property that were sold within the past six months. The median from the price range you’ll get can be the most reasonable basis for your offer.
Work with the right realtors
It’s important to work with realtors with the expertise and experience in negotiating and pushing forward your offer. Select one who understands your needs perfectly.
In Bridgewater, NJ, you don’t need to look far for the right real estate group to help you draft the perfect offer. The Pagnotta Homes team is here for you. Contact the team at 908.436.7947 or via email at info(at)pagnottahomes(dotted)com.
