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A sharp listing price on any home, and also homes priced under $400K still often draw multiple offers (and it may feel uncomfortable!). Here are some ideas to consider:
1. Work with an experienced agent who understands the market
2. Before offering, consider whether this is truly a house that you WANT. Will you be disappointed to lose it? Are you afraid you may not find another like it?
3. Put yourself in the seller’s shoes (again, this may be uncomfortable!). If you were the seller and had a lot of showings and a lot of interest, what would be going through your mind? What would the “right” offer look like?
4. Any offer you submit should be shaped in large part by what comparable properties (comps) have sold for. Your Realtor is the expert on finding that data – it should be local to the property you are considering and have many similar features. Comps should be recent sales not last year’s or (in this market) even 6 months ago – think of how life, economy, employment has changed since then!
5. If asked, your Realtor will give you their opinion of sale price and offer price. Occasionally based on comps, and their experience in the market, your Realtor may tell you that the likely sale price is higher than you wanted to offer. Do always know that is not an implication that your Realtor wants you to offer higher than you feel comfortable. But instead, it’s important for them to be realistic about the market, multiple offer situations, and the strength of your offer.
6. Last, sellers will always look for the “best offer”. This may mean highest offer, or quickest closing, or no inspection, or large deposits, or large down payment or a combination of several of these factors.
7. A good, ethical, experienced agent is providing valuable information to assist you in determining what to offer. Buyer’s agents will do their best to negotiate and succeed in getting your offer accepted, but ultimately it is the seller’s decision.
I hope this information is helpful and always reach out if I can help you buyer or sell a home in central or eastern MA. I am your local real estate expert!
