It’s an indescribable thrill finding your new home and buying Markham real estate market. Your hunt may have been ongoing, especially if you’ve been aiming for the perfect house in the best location that ticks off all the boxes on your list.
Now you can plan your offer. The right offer is critical for securing a sale. However, it could cause you to lose the house or end up overspending if it’s flawed.
Get your dream house at an ideal price by avoiding these common offer mistakes:
Overlooking Your Advantage in a Buyer’s Market
A buyer’s market means that there are more homes for sale than people buying them. This heightens sellers’ urgency to negotiate with people who show any interest in their house.
If you fail to recognize this advantage that you have in a buyer’s market, you could end up missing a chance to offer a lower price for the property. If you overlook this opportunity, you could miss out on an impressive discount, which could save you a good fortune.
Neglecting Comparables
A house price may seem fair, in your opinion. However, the seller could have heightened it when other properties like theirs are worth less.
That’s why you need to consider comparables, like the values of other houses in the neighbourhood or ones similar to it on the market. If they are lower, you can use the comparative numbers as evidence when negotiating a lower offer price effectively.
Not Doing Your Research
Impulsive buying will not be beneficial to you if you want to give an offer that favors you. Look into these details of the house’s listing:
- Days on Market- have they been trying to sell for months?
- Competition Appeal– determine if you need to submit a higher, more appealing offer.
- Structural Flaws– some issues could be enough to leverage for a lower offer.
Aiming Too Low
While it helps to find details in a sale to justify an offer below the price, you need to be careful. Remember there’s always a chance that other people may be interested in the house with a competitive offer available.
Make an offer that is fair to you and the seller. By aiming a bit lower, you could save thousands and also benefit a seller who’s been on the market for a long time. However, if you’re buying in a seller’s market, you’ll need to supersede your competition with a higher offer to convince the seller to give you the house.
Get Expert Guidance
Making a house offer can be a complicated process. That’s why it helps to have a Markham real estate agent by your side to determine the perfect offer to get the house of your dreams. Contact Martin Macfarlane for your Markham real estate assistance now.
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