Whether it’s the first home you’ve fallen in love with or the second, third or more, your feelings of overwhelming joy can most certainly have an effect on the price you are willing to pay for a home.
Overwhelming joy can keep you awake at night envisioning yourself in this new home that would be just perfect, you imagine. Oh, if you can only get this home, you think, your life will be perfect!
If you’re wild about the home, don’t learn the hard way by losing the home you love to another Buyer, because you thought you’d lowball the Seller. By determining the home’s value as discussed above, you should have a good idea of where your offer should be and are you really willing to risk what you love for your lowball offer? In fact, depending upon your local Real Estate market, your love of the home and any other interested Buyers, it could warrant an offer above fair market value. Yes, that’s correct. This is commonplace in a Seller’s market when homes are priced right and there are several Buyers vying for the same home; there aren’t enough homes to satisfy the wants and needs of home Buyers.
What is your moving timeline?
Do you have all the time in the world or is your clock ticking? Perhaps you’re just starting to look for a home and you aren’t in a rush, as you don’t want to have regrets and want to avoid the horror’s of home buying pitfalls that you’ve likely read all about.
If you’re not in a rush then you likely may be afforded the opportunity to save on your home purchase. It isn’t a guarantee that you’ll save if the Seller is looking for a fair value for their home, yet if you’re willing to risk the home because your clock isn’t ticking, then you may win the prize of paying a bit less than a home’s value, if you’re willing to risk losing the home to another Buyer or an outright Seller rejection of your offer. You’ll find this strategy can work for you as a home Buyer if the Seller is on the flip side of a coin in that their clock may be ticking and need to sell.
What if the other scenario holds true for you and your clock is ticking and need to find a home to buy now?! You’re going to have to rely on your Realtor to provide you with the details of the home’s value as discussed above, in order to make sure your offer is fair market value so you have a good chance of the Seller accepting your offer. Yet, what happens if the Seller’s vision of their home’s value is way above market value, you love the home and your clock is ticking? In other words, the home’s list price is above market value. Then you forget this home and go on to the next home, unless your Realtor can discover that the Seller is indeed willing to negotiate down to market value or a market value offer on your part would be considered by the Seller. If not, it is time to search for a new home as time isn’t on your side. We buy houses in Manhattan Ks.