Determining Your Offer Price
When you prepare an offer to purchase a home, you already know the seller’s
asking price. But what price are you going to offer and how do you come up with
that figure?
Determining your offer
price is a three-step process. First, you look at recent sales of similar
properties to come up with a price range. Then, you analyze additional data,
such as the condition of the home, improvements made to the property, current
market conditions, and the circumstances of the seller. This will help you
settle on a price you think would be fair to pay for the home. Finally,
depending on your negotiating style, you adjust your "fair" price and
come up with what you want to put in your offer.
Comparable Sales
The first step in
determining the price you are willing to offer is to look at the recent sales
of similar homes. These are called "comparable sales." Comparable
sales are recent sales of homes that compare closely to the one you are looking
to purchase. Specifically, you want to compare prices of homes that are similar
in square footage, number of bedrooms and bathrooms, garage space, lot size,
and type of construction. Call Dale or Cathy for a review of the Pinehurst MLS Listings.
If the home you are
interested in is part of a tract of homes, then you will most likely find some
exact model matches to compare against one another.
There are three main
sources of information on comparable sales, all of which are easily accessed by
a real estate agent. It is somewhat more difficult for the general public to
access this data, and in some cases impossible. Two of the most obvious
information sources are the public record and the Pinehurst Multiple Listing
Service.
This site was developed to
provide information on Pinehurst real estate including Pinehurst Golf
and Waterfront homes, Pinehurst condos, and Pinehurst and Southern Pines
Commercial real estate.
Sotheby's International Realty
Dale
Heck – Realtor/Broker
910-528-4652
