Finding The Right Price To Offer On A West Knoxville Home For Sale
You’ve finally found the perfect West Knoxville home for sale, after looking at countless homes for sale. This great home you’ve found meets pretty much everything on your list of what you want and need in a home, plus a few added bonuses.
Now, it’s time to make an offer. You know the West Knoxville real estate market is competitive, so you want to be sure you offer the right price, while getting the best deal possible.
In this post, we’ll take a look at finding the right place to offer on a West Knoxville home for sale.
First Things First: What’s The Market Value?
Before you make an offer on a West Knoxville home for sale, do some research into what other homes have sold in the area and what else is for sale. Your realtor can help provide you with this information.
In addition, your realtor can help you factor any additional upgrades the home may have. For example, if the home you’re making an offer on has additional square footage, an extra bathroom, or other upgrades, you may need to take this into account with the price.
Not only will doing this make sure that you make an offer at a fair price, it will also make sure that a home appraises properly.
Second: Is There Competition?
With the West Knoxville real estate market being a seller’s market, you can probably expect that you will be facing some competition. Before you make an offer, your realtor can try and see if there are any other buyers who are thinking about making an offer.
You should take the level of competition into account when you write an offer. When you’re facing other competition, you’ll go in with your best offer from the start, hoping that the seller will work with you in negotiations or accept your offer outright. When you fail to do this, you risk losing the home.
Even when you’re unsure of if you’re facing competition, that doesn’t mean you should go in with a low offer. There could still be a buyer you’re not aware of.
Third: What Else Are You Asking For?
An offer is sometimes more than just the price you offer. There may be other things that you include in your offer. When you ask for additional things in your offer, you may want to take that into account with your offering price.
Things buyers will commonly ask for in an offer include:
- Washer and dryer
- Pieces of furniture
- Home warranty
- Closing costs
When you ask for additional items that may cut into a seller’s bottom line, you may want to consider that in your price, especially if you’re competing with other offers. For example, if you’re asking for $5,000 in closing costs, you may want to up your offering price by that amount to make up what you’re asking for.
Finally: How High Are You Willing to Go?
Finally, when it comes to determining what price to offer on a West Knoxville home for sale, it also comes down to how much you want the home. Some buyers are only willing to bargain so much before they walk away, before making an offer, you need to know how high you’re willing to go.
Before you put in your first offer, be sure you know at what point you’ll be paying more than your comfortable on a home. Be sure you know that that is before you start negotiating, so you don’t get so caught up in negotiations you go higher than your comfortable.
Are you interested in buying a Knoxville home for sale? If so, please do not hesitate to let us know. Rick can be contacted at 865-696-9002 or via email at Rick@KnoxvilleHomeTeam.Com. Kati can be contacted at 865-696-1888 or via email at Kati@KnoxvilleHomeTeam.Com. Also, be sure to check out our West Knoxville Home Search Page to see what homes are for sale in the area.