WHAT PRICE SHOULD I OFFER?

This is the million dollar question, and access to a crystal ball could make a person a fortune! Not having access to a dependable, accurate crystal ball, a Buyer needs to be able to rely on the advice and experience of their REALTOR. Many factors come into play in the initial offer, for instance: How long has the property been on the market?  How motivated is the Seller?  What is the condition of the property?  Is the property priced within the neighborhood market?  As your REALTOR, I can answer most of those questions, and will search the market for the comparable sales so that you can make an educated offer. Your friends and/or family may advise you to always offer 10% less - if they are not familiar with the real estate market, you could be getting very bad advice.  And, unfortunately, that advice could place you in second position on that competitively priced "perfect" home for your needs. Close only counts in horseshoes, and second place is not always where you want to be.

Again, things to consider are as follow:

• How long has the property been on the market?
• If a new listing, how competitively priced is the property? I've often had situations where the home was so well priced, multiple offers are received within days. In this situation, offering a few hundred dollars over list made the difference in owning, versus unhappily continuing your search. In other situations, it's obvious the property is $20,000 overpriced, and a lower offer can be justified and submitted with documentation to back the offer up.
• Current market conditions can play a big factor. A REALTOR active in the local market knows what's going on in the market and can advise you accordingly.

Get good advice from your REALTOR, and listen to it!  Often, an initial offer that is too low can insult the Seller, and some Sellers have long memories. If you offer too much for an over-priced property, you may be leaving money on the table. Look at the comparable sales, make calculations based on those -- prices, similarities, condition, etc. - then make an educated, sensible initial offer!