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Making the Offer: What is a Good Amount?

How much you offer should be dependent on many things. Do you want to offer above or below the asking price? Maybe you are thinking of offering the asking price. Ask the advice from your real estate agent and consider the following before making a decision on how much to offer:

  • Most homes sell for an average of 5-7 % lower than the asking price.
  • Is this a buyers or a sellers market?
    Depending on the type of market you may be able to offer lower than the asking price and still feel the offer will be taken seriously. However, if you are in a sellers market, it may not be the best course of action while securing the home.
  • How motivated is the seller to sell?
    Ask your agent or look for signs such as how long the home is on the market and whether the seller has lowered the asking price and how many times?
  • Compare the asking price to that of similar homes in the area.
    You could ask your agent to help you with it or you could organize to have an appraisal completed.
  • How much can you afford and can you afford this home?
    At this stage you probably have calculated how much you can afford. If the home is a little pricier than you originally planned on spending and you still want the home, you may need to think of where you can get the extra funds.
  • How motivated are you to buy? If you really want the home, you may want to make an offer equal to or greater than the asking price.

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June, 2012

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