5 Signs that You Should Make a Home Offer Under the Asking Price
Over the past few years the real estate market has turned to the seller’s advantage. A shortage of houses in many areas has caused the cost of homes to rise, thus making it difficult for buyers to find a good deal. However, there are still deals to be had if you know what to watch for.
As many buyers are forced to make offers over asking price you can look for the following 5 signs that you can come in under asking with your home offer.
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Everything in the house is outdated
It’s common knowledge that most buyers would like to find a move in ready house. Therefore, many sellers aren’t surprised if they receive lower offers when their house is outdated.
When you are looking at the house don’t just look at the décor of the house. Look past it at the finishes, flooring, appliances, and major systems.
The more you need to replace, the more cost you will incur after you buy the house. As a result, it makes sense to lower your offer.
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You aren’t looking for your dream house
If you are flexible on what you are looking for and not under a tight deadline you have an opportunity to find a deal. If you are more concerned with getting a great deal instead of finding “the house” then you can take a risk. Make a low home offer and if it is rejected you can move on to try another house.
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The house keeps coming on the market after not being able to sell
When a house continues to jump on and off the market it could mean that the seller is growing increasingly frustrated with the process. When this happens you might be able to succeed at coming in below the asking price.
Frustrated sellers may be ready to just be done with the process and have the home sell. However, find out what you can about the seller because the house might not be selling because they aren’t really motivated to sell it.
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The seller needs to sell
When the motivation to sell is high, sellers are usually willing to take below the asking price if they can. There are many different reasons why someone would be desperate to sell. They have been transferred out of state for work, are on the brink of foreclosure, or they already bought another house and want to get out from their old one.
Before writing your home offer try to find out why the seller is interested in selling.
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The house is overpriced
The key here is being able to determine if the house is actually overpriced or just expensive. One of the key ways to determine this is to look at how long the house has been on the market. Houses that are expensive, but priced right, should still sell relatively quickly. A house that is overpriced will usually sit on the market.
Don’t let the current sellers’ market get you down. There are still houses out there that you can score a deal on – you just have to know what to look for. If you are looking for a good deal make sure to do your homework and be proactive in researching possible homes that fit your criteria.