You’ve been searching and searching and you’ve finally found it: the house of your dreams.  The asking price may even seem reasonable on this property, so should you just offer what they’re asking?  Common wisdom dictates that you offer a lower price but there’s more to consider than just that.  Keeping an eye on the following four factors can help you make a decision you won’t soon regret.

Condition of the Property
How does the exterior property compare to neighboring properties?  Lawn, landscaping, even driveway condition – if these things are substandard you may end up paying for them after you make the purchase.  The interior of the house should also be in good repair including carpeting, countertops, doors and walls, light fixtures, outlets, plumbing – even doorknobs.  The condition of the home will dictate its worth.  This is why home inspectors are invaluable not only to lenders but to buyers as well.  Speaking with your trusted agent about these things can alleviate much of your stress.

Buyer/Seller Market Conditions.
If the real estate market is leaning toward the sellers, homes will often have several people not only looking at them, but making offers as well.  In a buyer’s market, homes are moving slowly and sellers are aching for offers which gives you as the buyer much more room for negotiation.  Then again, there are “in-between” times as well when the market favors neither the seller nor the buyer and it’s more of an even playing field.  Talk to your trusted agent to determine the market’s “mood”.

Home Value
When selling a home, the owners will likely spruce it up as best they can without spending too much money.  They want the house to look good, but don’t want to invest much money into something they’re selling.  A little paint or a new front door won’t do much to improve the value of their home, however if they’ve added a third bedroom or finished the basement, this can add thousands to the asking price – and rightfully so.  Compare this home to other similar homes for sale in the area and adjust accordingly for additional living space, added-on garages, etc.  Again, your trusted agent can educate you greatly in this department.

Is the Seller Motivated
If a homeowner is, for example, drowning in debt and needs to sell their home or they will lose it, they are what’s called a “motivated seller”.  There are many reasons for becoming a motivated seller, but it all adds up to savings for the buyer.  Motivated sellers may be willing to take less for their home, but may also expect a quick turnaround and could base their accepting your offer on a timely closing.  Beware, however: ads with sellers promoting themselves as “motivated” may simply be an attempt to draw additional interest.  Your trusted agent can help you determine their sincerity.

Take the time to consider these four factors before you make an offer on a home.  Working with a trusted real estate agent can help you through this part of the purchasing process.  At Jim Miller Coldwell Banker Residential Brokerage we want you to be an educated buyer and that all starts with a phone call.  Call (603) 801-3987 and ask for Jim, an agent you can trust.