Before making a purchase offer, home buyers with smart agents prepare their own written comparative market analysis (CMA). The seller's agent will have already prepared a CMA at the time the home was listed for sale. However, having a buyer's CMA provides you with updated information on sales (not asking prices) of comparable nearby homes, asking prices of similar neighborhood homes currently listed for sale, and the asking prices of competitive listings, which recently expired. Only after you have this important CMA, then adding or subtracting value for the pros and cons of the residence, can you offer a purchase price that is not too high.
How to I Determine the Initial Offer?
Having your own buyer's agent advocating your interests only (not the seller's) is key to getting the best deal possible. Listen to your real estate agent's advice, but follow your own instincts on deciding a fair price, and pay close attention to the data available. Calculating your offer should involve several factors: what homes sell for in the area, the home's condition, how long it's been on the market, financing terms, and the seller's situation. By the time you're ready to make an offer, you should have a good idea of what the home is worth and what you can afford. And be prepared for a give-and-take negotiation, which is very common when buying a home. The buyer and seller may often go back and forth until they can agree on a price.
We'd be happy to prepare a CMA or buyer's CMA and represent your interests when you are ready to make an offer on a home.
Click below for a free over-the-net CMA:
No comments:
Post a Comment