Putting an offer while buying a home

You have fallen in love with a property and want to buy it as soon as possible. After long research, you came to the conclusion that this is what you want. You have money for the down payment, you have almost completed the process of applying for the home loan, and you are ready to buy the property. The only thing left is to speak to the seller, put an offer and get it done!

This is what every first-time buyer thinks when buying his/her first home. Putting an offer in front of the seller is not as easy as it looks. There is some more research that you need to do even before putting an offer in front of the seller.

You don’t need to low down the offer too much or insult the seller and see the home going into another buyer’s hands. You also don’t have to pay more than what is necessary and determined by you. So how to maintain a balance between losing and getting your dream home?

You need to check for another similar property sales in that area where you are about to buy your new home. Check if other properties are reasonably priced in comparison? Did other homes sell for less or more than the asking price? If they sold for an amount that's comparable to your seller's list price, that's a good indication you should be offering a number close to asking. The last thing to look upon is to check what the market is like in the area? The market can change without any prior warning so a buyer must be well aware of the market on which you can take help from a real estate agent.