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What Affects Your Offer Price?
What Affects Your Offer Price?

 
Monday, September 16, 2013
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When you are searching for the perfect home, you will likely have a set of criteria that your realtor will use to recommend homes that would appeal to your specific taste.. As you see various properties and find a fit, now is the time your realtor will give you an analysis of market values to assist you in making a reasonable offer. A comparative market analysis will provide a range of values for your desired property, based upon comparable properties that have recently sold in your target area. While most buyers are still looking for a good deal, in this market you will want your offer to be accepted, and therefore it must be competitive. Below are some items that factor into your offering price. If you are looking for condos or a single family home in the Fort Lauderdale, contact me today.

Property Condition. How does the property compare to other homes that have recently sold in the neighborhood?  In this instance, take note of the structural elements such as roof, ceilings, walls, and other elements that would be laborious to repair.

Market Conditions. Market conditions, such as the inventory of homes available in the area, and what other similar homes have sold for, are provided and interpreted most accurately by your realtor. Currently, in Fort Lauderdale, it is a seller’s market and the inventory is limited, so more buyers are competing to buy a home, making a competitive offer extremely important.

Improvements. Substantial improvements include major structural improvements such as a new roof, remodeled kitchens and baths, high end finishes, ceiling popcorn removal and hurricane impact glass. These improvements add considerable value, however note your realtors advice on the actual value of the improvements inside a unit, as it may be over valued in the market.

Seller Motivation. If a seller is highly motivated, additional value can be added to your offer through the terms of the closing. A CASH OFFER, short inspection period, minimum of 10% escrow deposit, and quick closing add value and often result in a lower offer being accepted as opposed to those with longer closing periods, financing and other contingencies.  The stronger the offer, the more likely it will be accepted.

The Final Number. Use all of the items above and the advice of your realtor to arrive at an appropriate offering price. If you are fair in your assessments and use a realtor knowledgeable in your area, you will likely strike a deal. Best of luck!

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