Are there guidelines to how much a buyer should offer?
You've found the home you want, now how much should you offer to pay for it? This can be a tricky puzzle, because there are no carved-in-stone guidelines. Some homes are overpriced, while others are a "real steal" at the full asking price. Here are some tips:
- Ask your agent for comparables
To determine a fair purchase offer, ask your agent to prepare a written comparative market analysis showing the sales prices of similar neighborhood homes that sold recently and the asking prices of comparable homes currently on the market.
- Compare the details
To calculate your best offer, compare the features of the home that interests you with the features of similar homes that have sold recently in the same neighborhood.