Determining Your Offer Price
When you prepare an offer to purchase a home of course you know the asking price. But what are you going to offer is the question.
It is a process. We need to look at recent sales of similar properties, analyze additional data ( condition, improvements and market conditions)
Recent sales are pretty straight forward for a real estate professional. I can look at MLS and tax data and get a pretty good “snapshot” of the recently sold properties.
Many clients have sent me information they have acquired from the internet. Sometimes totally accurate…and sometimes NOT. Sometimes very dated information…and sometimes not. As YOUR real estate professional, I can help you separate the truth from the old…no longer relevant…data.
The truth? The most recent data is the most valuable. Pending sales are the leading indicator of value. As YOUR agent…I will do everything I can to talk with my fellow agents to collect as much information as possible about the pending sales. This often is a great value in helping my clients determine their offer price.
In today’s market there are a number of variables. Buyers need to consider the condition of the property, improvements, the current market conditions of the neighborhood AND the sellers motivation (if able to determine). Is it a short sale…a foreclosure…is the seller being transferred…all good things to consider.