There really is no set formula to making an offer on a home. Some sellers are willing to budge while others are greatly offended when you offer them something below their asking price. Fortunately, you can improve your odds of closing at a price you’re comfortable with by doing some research.
Using Comparative Market Analysis
To estimate the true value of a property, you need to look at a comparative market analysis (CMA). This report distills properties into categories, such as square footage, bathrooms, bedrooms, and other essential characteristics. Compare these features with other properties currently on the market or those recently sold.
Your exclusive buyer’s agent can obtain this report and help you assess it, should you be confused by it. Pay particular attention to sales price, list price, and DOM. The actual sales price holds more value than list price because it’s what people actually paid for a property. Read more on this article: http://bit.ly/2p3FJdy
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