How will you know the "Right Price" to offer?
Market conditions vary with location, timing, supply and many other factors. In a fast-moving market with a terrific house where there is other buyer competition, the "right" price may be over what the seller is asking. In more normal conditions, most homes sell within about 3% to 5% of the asking price.
The following factors all influence value:
size, location, condition, amenities - interior, exterior, neighborhood, time on market, seller concessions, transferability, zoning, environmental influences, particular site within a community, governmental and social influences.
Undoubtedly, however, the most accurate way to determine the fair market value of the home is to carefully analyze the recent sales history in the particular area. If you are having trouble locating this information, we will be happy to have someone assist you.
Once you have determined the fair value of the property,
the amount you offer should be influenced by these factors:
How much do you want that particular home?
How "hot" the market is and how motivated the seller is?
How good is your offer? (is it subject to the sale of your house,
financing or other contingencies and flexible as to the closing and possession dates, ? etc.)
Generally, your first offer should be within 10% of what you
determine to be the fair market value of the property.
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