True or False: The lower I write my offer, the more the seller will back down from their list price.
False!
The goal in writing an offer is not to end up in days of back and forth negotiation. Remember, the seller can accept an offer that comes in during negotiations, they are not tied to your offer until it is signed, sealed, and delivered. Therefore, the best thing to do when determining how much to offer on a home is to write your offer based on facts.
How do you do this? By working with me of course! I can easily explain to you what the market value is and can pull the data to help guide you to the appropriate number so you can put forth a strong, reasonable, offer.
The number could be significantly lower than what the sellers are asking depending on a myriad of factors. The biggest factor is market conditions – are we in a sellers’ market or buyers’ market. Others include recent comparable sales, the length of time the home has been on the market, the condition of the home and the seller’s motivation for selling. But, the only way to know is to look at the data.
Ultimately, throwing numbers blindly is not the answer. Work with a professional who is joyful, reliable, and genuine… wait, that’s me!
List price does not determine market value, it only determines how long your home will be on the market – said many wise agents!
So, what determines market value – so many things. Ultimately, the price the buyer is willing to pay and the price the seller is willing to sell at determines market value. Recently, our market value is increasing due to the lack of inventory. When our supply is low (and when I say low, I mean LOW) and demand is holding steady, market value will increase.
Clear as mud!
Are you ready to buy your first or next home? Check out my Buyer’s Resources by clicking here!
I would also love to chat and see what you are looking for and how I can help you!
