After a long, grueling search, including several overheated bidding wars, Jim and Claire found the home of their dreams. They were ecstatic when their offer was accepted and the transaction
Is Bidding Low Still An Option In Todays Real Estate Market
As we approached the close out of the first half of 2016 (whew that went fast) and as I wrap up my final two closings of the month, I've began to think about buyers and if there is any negotiation power in this current Real Estate Market. Being that I work in a highly sought after location in Atlanta, the buyers can outweigh the number of available properties at a given time. So once the showing is over and its time to write the offer, what is the best thing for a potential buyer to do? Is it time to play hardball and start with a low offer hoping the seller will meet you in the middle? I think not. The low offer days of 2010 are long gone. You see, once a home is listed on the market with the assistance of a Real Estate Professional, it should be considered that the proper footwork has been done to derive at a final listing price. This is the responsibility of agents working on both sides of the transaction. The Listing Agent needs to have the home listed fairly and competitively with other homes in the area. And the Selling Agent, should know what comparable homes in that area are going for. Not to mention, just think for a moment if you were a seller and you know exactly what your home is worth. Would you be interested in a cat and mouse game with someone trying to buy your home for a deal?
I try to educate my buyers about the ever changing real estate market to help them make the best decision possible when submitting an offer. With that being said, I have seen buyers lose out on homes that they absolutely loved just because they wanted to play hardball with their offer price.
Here are a few tips to increase your chances of an accepted offer the first time.
1. Look for homes in the price range that you are comfortable paying
2. Trust your agent's research on the Market Value of the property you are listed in.
3. If you love the home, make the best offer. Appraisals can always dictate the final price you pay.
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