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Highlands Ranch - Real Estate Information

How to determine an offer price for a house?

You just toured a house that caught your interest and you are considering to make an offer. But how do you determine what a good offer price is? When you prepare an offer to eventually purchase the home you just toured, you already know the seller’s asking price.

Finding your offer price is normally a three-step process. It usually depends on the market if you have time or the option to think about an offer price different from the seller's asking price. Sometimes you become involved in bidding war and you have to offer more than what the asking price is. Or you just offer the asking price and get the contract right away. But for when you want to offer less than what the asking price is, the following applies.

First, you (better: your real estate agent) look at recent sales of similar house in that area to come up with a price range. Then, you put into consideration additional data, such as the overall condition of the home, improvements/enhancements made to the property, the overall market conditions, and then eventually you will look at the circumstances of the seller. This mix will help you to settle on a price you think would be fair (and acceptable for you) to pay for the home. The result from all these things will be your offer price.

Do not necessarily trust your real estate agent. Keep in mind his commission depends on the actual sales price. The higher the price, the higher his commission will be. Just keep this in mind if the recommendation he makes is not backed up by real data. Overall you often depend on the information your real estate agent has prepared for you. If you are in a buyers market and houses go slowly you will probably have enough time to do your own research. Don't feel pressured to buy a house. This is not a small expense - this wants to be carefully considered and evaluated.


 

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