How Much Should You Offer on Homes in Utah?

So How Much Should You Offer?

The important thing isn’t the list price, or the initial list price, but what the property is worth to you. How does this home compare with the other properties you have looked at? How bad would you feel if you didn’t get the property? Some properties are listed at deal prices while others are substantially overpriced.

Figure out what market value of the property is by having your buyers agent run a Comparitive Market Analysis (CMA).Use this value, as well as your personal opinion of how much this property is worth in relation to  the other properties you can buy. You should also consider how long the property has been on the market at its present price, how much the seller owes, and any other factors that may make the seller motivated.

Unless there are other offers on the table, sellers will almost always lower their price, and/or help contribute towards closings costs. Your initial offer should be a little bit lower than what you are really willing to pay for the property. Sometimes sellers will surprise you and take it. When making the offer, you want to be careful not to offend the seller. Sometimes pride and emotional attachment can prevent a seller from doing what is actually in their best interest.

The market we are currently in Utah is a sellers market for the higher homes, but is really pretty balanced for homes priced below the median point. While it’s a good idea to offer less than list price, sellers aren’t always going to accept these prices, and offering too low may actually blow your chances of getting the home.

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