The market fluctuates constantly, so if you want to know what you will need to pay to get the home you want, analyze the market trends!
- In the end, whether you agree with the market trends or not, most homes are going to sell for a price that falls within a range that reflects the demand of a specific market. You want the offer you submit to fall within that realistic range as to avoid overpaying or submitting an offer that won’t be competitive.
If you are well versed on the market trends, it will allow you to avoid overreacting if your offer is rejected. While a home rejection is always painful, it’s often preventable if you make the right strategic moves. Also keep in mind that the negotiation stage requires a lot of back and forth, and it’s rare for a seller to accept your first offer.
Once the offer is in, it’s time to already start thinking about a potential counteroffer if it’s necessary. You may think the asking price a seller wants is unreasonable, but responding negatively is not the way to go as the seller may end the process altogether. Instead, work to reach a compromise on a price where you both feel comfortable. In a hot market where there may be multiple offers on a home, the seller has most of the control, so you want to present your best offer in a positive and agreeable tone that will make them want to choose you.
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