How Much Should You Offer on a House?
Congrats! 🎉 You’ve found a house you love—now it’s time to make an offer! But should you stick to the asking price, go above, or negotiate below? The answer depends on several key factors, and as your buyer’s agent, I’ll help you evaluate them.
Understanding the Market
It’s crucial to analyze the local real estate market before making an offer. Here’s what we’ll consider:
- ❓ What’s the local market doing?
I’ll provide insights into current real estate trends. In a seller’s market, homes often sell at or above asking price. In a buyer’s market, you may have more room to negotiate. - ❓ How long has the home been listed?
We’ll analyze the days on market and compare it to local averages. If the home has been sitting for weeks, the seller might be more motivated. If it’s newly listed, they may wait for stronger offers. - ❓ What have similar homes sold for?
A comparative market analysis (CMA) is essential. I’ll research recent sales of similar homes in the area to help you determine a fair price range for your offer. - ❓ How competitive is this property?
If there are multiple offers, you may need to offer more to stand out. If it’s your dream home, you might consider going above asking to secure it. - ❓ What’s your budget and comfort level?
Even in a competitive market, it’s important to stay within your financial limits. We’ll work together to balance your goals with what you can comfortably afford.
Making an Informed Decision
The final decision on what to offer is ultimately up to you. My job as an Accredited Buyer’s Representative (ABR®) is to make sure you have all the information, insights, and analysis to make an informed offer with the best chance of success!
If you’re ready to start your homebuying journey—give us a call!
- Tim Mira, RB, ABR, RENE – ph: 808.639.2263 Call/Text
- NagĂ©l Mira, RS – ph: 808.631.8339 Call/Text
Key Takeaways
- Analyze the local market and recent comparable sales
- Understand the seller’s motivation and time on market
- Know your budget and stick to what you’re comfortable with
- Work with a trusted buyer’s agent to strategize effectively
