A Guide: Buying A Home

How Much To Offer

Deciding how much you should offer on a house is a difficult decision. You want to get it at a good price, but you don’t want to lose out to someone else who offered more. Follow the tips below to arrive at a fair offer.

Tips:

• See as many homes for sale in the same neighborhood as you can.
  
  
• Check recent sales in the local newspaper.
  
  
• Get a list of recent sales in the area from local real estate agencies.
  
  
• Consider resale value - a three-bedroom home is usually more desirable and easier to sell than a two-bedroom home.
  
  
• Decide on the top price you are willing to pay, and plan to offer less than that amount (typically 5 to 15 percent less, depending on the market and how long the home has been for sale).
  
  
• Leave yourself room to negotiate.
  
  
• Consider items other than price, such as seller credit toward closing costs or down payment, repairs and warranties.
  
  
• When comparing recent sales of other homes in the area, remember to compare homes of similar size, based on number of bedrooms, number of bathrooms and square footage.
  
  
• Start low. You can always increase your offer.