Should You Make A Full Price Offer?
Should you make a full price offer?
In a seller’s market, it can be a very real decision you might need to make. When homes are flying off the market in a matter of days or hours, a full price offer may be the very thing that finally gets you that West Knoxville home that you’ve been searching for.
In this post, we’ll take a closer look at whether or not you should make a full price offer on a West Knoxville home.
How Long Has It Been On The Market?
One the most important indicators of whether or not you should write a full price offer is based on the number of days the home has been on the market. The longer a home has been on the market, the more likely a seller is going to be willing to negotiate on price. In contrast, though, a home that is new to the market is more likely to garner attention and get offers.
In a seller’s market, buyers are vying for homes. There’s simply not enough new inventory hitting the market for all the buyers out there searching for homes. So, when a new and fairly priced home hits the market, you can bet there are multiple buyers that are trying to get in and see the home. These homes often get full priced offers and sometimes even sell over list price.
Homes that have been sitting on the market for 30 days or more may offer you a bit more wiggle room when it comes to price, especially if there have been multiple price drops. These sellers are probably wanting to get rid of their home, so they may be more flexible on price.
As you look at homes, keep the number of days on the market in mind, as it can be a very important indicator of whether or not a seller may be motivated on price.
Is It Overpriced?
Even in a seller’s market, there is no reason you should pay full priced for an overpriced home. This could cause potential issues down the line with the appraisal. Plus, you don’t want to pay more for a home than what it’s actually worth.
When you get the feeling that a home may be overpriced, it can be helpful to get the opinion of your realtor. A realtor can help give you an idea of whether or not a home is overpriced. They can show you comparable homes that have recently sold or are for sale in your area. This can give you a better idea of what a home may be worth.
You may not even need the opinion of a realtor to know if a home is overpriced. If you’ve been on the market for awhile, you can probably quickly know whether or not a home is overpriced.
Does It Warrant A Full Priced Offer?
Finally, another important question that you must ask yourself is whether or not it warrants a full priced offer. There are a few things to consider when thinking about whether or not a home warrants a full price offer. Those include: overall condition, if other buyers will likely being making offers, and if you’re willing to pay full price for a home.
First, consider whether or not a home you’re willing to write a full priced offer on a home. Does it have what you’re looking for? Is it a purchase you’re going to regret making? A home is a big purchase. You want to feel like you’re making a good investment. So, before making a full priced offer, just be sure that it’s something that you’re comfortable with.
The overall condition is something else you want to consider. Does the property warrant a full price offer? You’ll want to make sure that the property is worth writing a full priced offer. Your realtor can help you assess whether or not a home is worth the price you’d be paying for it based on other homes that have sold or are for sale in your area.
Finally, you’ll want to consider whether or not it’s likely to get offers from other buyers. If the home is in a price range where homes are moving quickly or just hit the market, you’ll probably want to consider writing a full priced offer.
Are you interested in buying a West 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.