Make no mistake about it: the housing market is extremely competitive right now. But, that doesn’t mean that you shouldn’t make a lowball offer on that house you’ve been eyeing. Here are some factors we have for you to take into consideration before you do so:
Appeal to the Seller
If you appeal directly to the seller, you have a much better chance at having your lowball offer accepted. One way to do this is to reach out to them before the house is officially on the market. This isn’t an easy feat, but can be done through scoping out moving sales, word of mouth, and asking advice from real estate friends.
Assess Other Comparable Homes
A wise thing to do is to compare the home you’re interested in to other similar homes. This will allow you to see whether or not the price you’re asking is too much of a lowball price. This will also allow you to see if the home is overpriced, as many first home sales usually are. It’s your job to make sure you get the house for the lowest price possible.
Find Out How Long the House Has Been On the Market
If the house you’re interested in has just hit the market, you have a low chance of having your lowball offer be accepted. At this point, sellers are starting to have multiple offers come in and will most likely not accept yours due to the fact that they will receive one shortly after. However, if a house has been on the market for a few months, your sellers will start to see your offer as a last chance. If the house has been on the market for that long, though, you’ll need to make sure there’s not anything seriously wrong with it.