How to Determine What to Offer on a Home for Sale

Before you go ahead and buy a home, it is very important to determine why the owner has decided to sell that house. You can either use a real estate agent or gather information on your own to find out why the house is on sale. This, together with the following factors will help you determine the best offer to place on the home.

The Status of the Real Estate Market

The status of the real estate market can help you determine whether to place a high or considerably lower offer on the home. If the market favor's you as a buyer, it means that you have less competition and therefore the seller can accept your offer even if it is low since there are few buyers. But if the market is in favor of the seller, making an offer that is anything below the asking price will not be a good idea. You should make an offer that is as attractive as possible to increase your chances of getting the home.

Seller's buying price for the same home

The asking price the seller has set for the home is likely to be closer to what he paid for the home, and therefore determining the amount he paid for the house will help you determine the best offer to place on the house. Even though the seller might have made some renovations to the house that may cause the home to be priced higher, it is more unlikely for the asking price to be so high compared to the amount with which he or she bought the house.

Price of comparable homes in the market

Homes that are similar in configuration, location as well age to the home that you want to buy are likely to be in the ทาวน์โฮมมือสอง กรุงเทพ same price range. You can therefore look for data for the recent sales of comparable homes in the area you want to buy the home. Focus on homes that have been sold within a span of 6 months and less.

The seller's mortgage balance

If the owner of the house still has a high mortgage balance to clear, he or she may be willing to take an offer that is slightly lower than mortgage together with the housing costs. He or she may be selling the house so as to clear the mortgage and therefore chances of him or her accepting a low offer especially in buyer's market will be high.

But if the seller's mortgage is low, chances of him or her accepting an offer that is below the mortgage are very slim. In such a case, you will need to weigh the situation of the market and then put an offer that you know can be accepted.

The time the home has been on the market

If the home has been in listings for long, it implies that there is no competition towards it. Also, the home might have been in an expired listing but it has been re-listed by a real estate agent. In such cases, an offer that is slightly below the asking price might be accepted.