This series of articles will break down into 3 parts. In this series of articles, we’ll be talking about how to make offers and counteroffers successful in the Albuquerque real estate market. Understanding what to fight for, when to give in and most importantly how to win the home.
In this very first part, we’ll be discussing it from a Buyer’s point of view.
You’re a family of five that is moving from California for a job relocation. You’re looking for Albuquerque realtors or a real estate agent in Rio Rancho in order for you to find your perfect home. You finally selected a Roaring Realtor and you’re off to go on tour. You’ve found the absolute perfect home for you and your family but it’s listed at $250,000.00, what do you want to offer?
e. let’s not offer until we figure out what the realtor says after he or she does a Comparative Market Analysis.
I’ll buy you a coffee if you chose option e!
The answer is definitely, let’s wait until your realtor can do a market analysis and we can figure out what the home is valued based on the homes that were sold within the area within the past 6-12 months. Although your Realtor is not a licensed appraiser, they can give you a rough estimate, it’s not a guarantee but it’s cheaper than paying an appraiser for each and every home that you’re interested in putting in an offer.
- If the home is worth about $250,000 we can put in at $250,000 and ask for sellers to take care of all inspections, closing costs and even a home warranty.
- However if the home is worth $300,000 and they were going for a bidding war, it’s completely different strategy. In that case, most of the time you have to come in over list price to even have a chance of winning that home.
- If the home is worth about $225,000 we can definitely put in an offer for $225,000 or even less due to the fact that sellers weren’t reasonable or realistic with their pricing.
In order for the deals to be successful both sides must feel that they have won something. The deal has to be centered around a win-win with both the seller and buyer otherwise it will be a tough road for both. Something as small as buyers willing to pay for appraisal (≈$500) and home inspection (≈$320) will perhaps make the sellers be more inclined to accept the $10,000 price reduction you asked for.
Basically at the end of the day, in order to make a successful offer, we need to look at a market analysis to get a better understanding of where we stand as a buyer. Also it helps when you understand the seller’s motive is. We’ve seen homes listed at $2,000,000.00 sell for $1,000,000.00 and we’ve also seen homes listed at $300,000.00 seller for nearly $400,000.00. There is no specific algorithm in order to draft up an offer, but we do need to consider every single aspect to be able to fully make an offer that both is successful and beneficial to you as the buyer.
Let’s talk more in depth over some coffee that I owe you from choosing the correct answer earlier!
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