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  Determining Your Offering Price.

Determining Your Offer Price

When you prepare an offer to purchase a home, you already know the
sellerís 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.

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 Multiple Listing Service.

copyright 2000 by Terry Light and RealEstate ABC

 

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