Making an offer on a home is a big step. The lengthy process of getting a mortgage and house hunting can exhaust you into settling for a house you don’t want. The pressure of competition may also get to you, and you might just purchase a home out of impulse for too high a price. To make the perfect offer on a house you want, you need to consider the following things:
1 – Listen to Your Real Estate Advisor
No one knows the real estate market more than those who dabble in it as a profession. They know that prices should be down if there are any problems with inspection and can provide you with all you need to know to make an informed decision and fair offer.
An advantage of having an expert on your side is that they can give you an objective perspective. They can tell you the best price to offer to the homeowner. If they tell you that the house isn’t worth the price, they might save you from making a poor investment.
2 – Make a Good Offer that Works for Both of You
Don’t make an offer that’s beyond your budget. Remember that you’ll be paying the mortgage for years, so you need something you can afford long-term. But at the same time, it’s foolish to place an offer way below the asking price. Remember that you are most likely not the only person interested in the home, so you need to put in a modest yet competitive price. With consultation from your real estate advisor, you can make an offer fair enough for both you and the seller.
Pro Tip: Never bid with your top offer. Start somewhere near there in case you need to make a counteroffer. That way, you don’t go overboard.
3 – Always Stay Open to Negotiations
After placing an offer, sellers may accept, reject, or make a counteroffer with some changes. Negotiation is always part of the transaction, especially if there are others after the property. If the price is just a couple of hundreds over yours, then it may be worth it to give it to them. But going into thousands of dollars may not be worth it.
4 – Know When to Walk Away
As much as you would like things to be over and just move into the first place you want, you need to be patient with these things. If the house is worth the offer and only slightly above what you want, then talk it out. But if it’s beyond your budget, you have to keep looking. There are plenty of good properties in good neighborhoods that are in your comfortable price range.
Making an offer can be challenging, especially if you’re hoping for a home in a good neighborhood, likely in high demand. But before pulling the trigger, you need to be absolutely sure about the home you’re buying. For that, it is best to consult a real estate agent that will make the most informed recommendations.
Are you a military family looking for a home to start a new life? To make a bid on the right home, you need the help of a great Arizona real estate agent that caters specifically to you. Desert Heroes Team is a group of experienced and licensed real estate agents that proudly caters to families serving Luke Air Force Base and beyond. Contact us today!