If you’re wondering how much you should offer for a home, here’s a quick checklist of points to take into account that will help you come up with a definitive number:
1. What the comps say. Everyone should have an opinion of what a property is worth, and any offer should have some math behind it.
“You’ll need a different strategy for a home that just hit the market than one that’s been listed for, say, six months.”
2. How much work the property needs. What’s the state of the roof, windows, AC unit, electrical system, etc.? If any of these areas need repair, they’re expenses you’ll have to deal with, so factor that into your offer as well.
3. Whether there are competing offers or not. You’ll need a different strategy for a home that just hit the market than one that’s been listed for, say, six months. Sometimes you have the luxury of not putting your best foot forward. Other times, you might be compelled to offer list price or more. It all depends on how much you want the house.
Other questions you’ll have to ask yourself in this situation include:
- How desirable of a buyer are you?
- What type of financing do you have?
- Do you need closing cost help?
- Is your offer contingent?
- What’s your closing time frame?
- How big is your deposit?
If you’d like to talk more about this subject or you have any other real estate questions, don’t hesitate to reach out to me. I’d love to help you.