Housing Market

Is it enough to offer asking price in today’s market?

Thinking of buying a home this season? What do you need to do to get your offer accepted? In previous years, it was common for buyers to try and determine how much less than the asking price they could offer to still get the home. So, the buyer and seller would then negotiate and typically agree on a revised price that was somewhere between the buyer’s bid and the home’s initial asking price.

In today’s real estate market, buyers shouldn’t shop for a home with the same expectations.

THINGS ARE DIFFERENT TODAY

Today’s housing market is anything but normal. According to the National Association of Realtors, the average home that is sold today receives 4.8 offers and sells in 17 days. Homes selling quickly and receiving multiple offers shows how competitive the housing market is for buyers right now. This is because there are more buyers on the market than homes for sale. When the number of homes available can’t keep up with demand, homes often sell for more than the asking price.

How does this impact you when it’s time to submit an offer?

Market conditions should help guide your decisions throughout the process. Today, the asking price of a home is often the floor of the negotiation rather than the ceiling. Knowing this is important when it’s time to submit an offer and you should also use that information as you are searching for homes too. After all, you don’t want to fall in love with a home that ultimately sells for a price higher than what you have budgeted for. So, be realistic with your housing search.

So, when you have found your dream home, you will want to do everything you can to submit your best offer up front and win a potential bidding war. I will give you my experience and knowledge of today’s housing market throughout the process. And, I will also balance conditions in your area to make sure your offer stands out above the rest.

Bottom Line

Understanding how to approach the askiing price of a home and what’s happening in today’s real estate market are critical for buyers. Let’s connect so we can work together to create a winning plan for you.