Are you getting ready to buy a home? The last thing you want to do is make a lowball offer—that is, offering something well below the asking price. Sure, you want to get the best deal possible for your budget, but you also don’t want to offend the sellers. They might disregard your offer completely rather than working with you to come to a reasonable price. It’s a fine line, but it’s important to find the right balance between a great deal and something that makes the seller want to walk away. Here are our best tips to avoid a lowball offer on a house in Alpine, TX:
- Decide whether you’re in a buyer’s or seller’s market: Knowing whether you’re in a buyer’s or seller’s market can help you determine how much to offer. For example, if you’re in a buyer’s market—in other words, there’s more house supply than demand—you could offer up to 10 percent lower than the asking price. If you’re in a seller’s market—that is, there aren’t enough houses for the number of people who want to buy them—you can expect to pay more than the asking price.
- Look at how the price compares to similar homes: One great way to price your offer is to look at how much similar homes in the area have sold for recently. This will give you a sense of whether their asking price is reasonable, and how low you can go.
- Figure out how long it’s been on the market: Knowing how long a home has been on the market can make a big difference in avoiding a lowball offer. Generally, the longer a home has been available, the more desperate a seller will be to get rid of it.
- Call the listing agent: A listing agent helps the seller get the best price and terms possible. It’s always a smart idea to call the listing agent (or have your real estate agent reach out to them) first. For example, they might tell you that the home has already sold, or that it has multiple offers on the table already. Alternatively, you may find out that it’s available for a short sale (when a distressed home sells for less than the seller owes on it). Making the call almost always pays off, and can give you a better sense of what’s a reasonable offer.
- Ask yourself how badly you want the home: Finally, think about how badly you want to purchase the home. Is this your dream home in your dream location, or is it just good enough and in a place where you wouldn’t hate living? That can make all the difference in your offer. Sometimes it’s worth putting in a lower offer if you’re willing to walk away.
When you need more advice about how to avoid your house offer being declined in Alpine, TX, Carpenter Real Estate can help. Call us today to learn more about our services or schedule a consultation with one of our realtors.