Homes have always been expensive, and as time goes on, they get even more pricey. This also means that making an offer that’s above the asking price is something that’s rather normal these days. However, there are those who are able to sell their home and get a good deal below the asking price.
Here are three clues that can determine when you should make an offer of your own that’s below a home’s listing price.
The Home is Ridiculously Overpriced
Even though a home may be expensive, that doesn’t always mean that it’s overpriced. There are some sellers, however, who always get a rather inflated view of what the value of their home is, which can cause the homes to remain on the market for a long time. This is where you and your low offer can come in, as you can work with your real estate agent to check out all of the comps in your area, as well as determine how much other homes are selling for.
The Home is Outdated
If you end up coming across a home that appears to still have features that come right out of the 1970s, obviously you will have found a home that’s pretty much outdated. A home can also be considered outdated if it has older mechanical workings, such as the HVAC system. Additionally, because of these factors, a home could end up remaining on the market for quite a long time, which means that if someone is truly looking to sell it, they may end up accepting lower offers.
The Seller Wants Out
Not each seller is willing to wait for an extremely amazing offer, but rather, they want to sell their homes as quickly as they can to the point that they’re willing to accept low offers. This is where you can ask your real estate agent to determine exactly what the seller’s motivation for doing this is, such as if they’ve gone into default on a loan, moving to a new state for a job, or taking care of elderly relatives. Depending on the situation, you may be able to negotiate a much better deal.
Thank you for visiting our blog. We at The Harrell Group pride ourselves on being one of the top real estate companies for homes in Flower Mound, Texas.