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Marion Lahey

, REALTOR®

WHAT TO OFFER?

Boy, now this is an area where a crystal ball could make a guy a fortune. Not having access to a dependable, accurate crystal ball, one needs to rely on the advice and experience of their REALTOR®. When buying, if possible, you should use the service of an Accredited Buyer's Agent.  

Many factors come into play in the initial offer. Some say always offer 10% less. Unfortunately, this route could end you up in second place on that competitively priced "perfect" home for your needs. And, second place is no fun.

Things to consider are:

  • How long has the property been on the market?
  • What activity has the property seen prior to your visit?
  • What issues in the surrounding neighborhood might affect price?
  • Are there maintenance or construction items that would alter your offer?
  • If a new listing, how competitively priced is the property? A well priced home may trigger multiple offers within days, where offering a few hundred dollars over list may mean owning versus second place. Or, perhaps the property is $20,000 overpriced and a lower offer can be justified and submitted with appropriate documentation.
  • Current market conditions can play a big factor. A REALTOR® active in the local market knows what's going on in the market and can advise you accordingly.

The best advice I would give in what to offer the Seller is "get good advice and listen to it!" Too low of an initial offer could insult the Seller. Too high, and you may be leaving money on the table. This is when you could benefit from the experience of a professional REALTOR®.

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