I’m buying a home. How do I know how much to offer?

from A Heads-Up for Home Buyers home buying tips, 11 things you might not have thought about

Home Buyer Tip #7. Only if The Price is Right. After you’ve found the home of your dreams, one of the most critical considerations will be your offering price.

Your agent can provide not only the selling prices of similar homes in the area, but terms of those sales (foreclosure, short sale, estate sale, contingencies, etc.) and the condition of the sold property in comparison to the one you are thinking of purchasing. This is critical information if you are to determine the right offering price.

The value that an appraiser arrives at will undoubtedly take these factors into consideration so you will need to do the same. Keep in mind that the information you may find on line or in public tax records typically does not include condition of the home or terms and circumstances of the sale.

Note: As of today the Phoenix Valley is experiencing a shortage of inventory and multiple offers. The price you offer may make the difference in buying your dream home or someone else living there.