Making an Offer: Tips for Painless Purchase
Prospective buyers should obtain documentation of mortgage approval from a lender for the amount they will spend on a home. In the case of a condo, buyers should also make sure their lender is able to lend on the type of complex they are interested.
Finding a realtor who is geographically competent (knows the local market) and is a skilled negotiator is essential. A knowledgeable realtor will be able to find answers to questions that could influence the purchase price.
When negotiating, prospective buyers should avoid “low-balling” their first offer, but they should have a good idea of how much room they have to negotiate. Typically, buyers should never reveal how much they are willing to pay, but in the current market, buyers should be prepared for bidding wars and the need to offer above the asking price. A Breckenridge Associate agent can help you write an offer with your best interest in mind.
Ask your Realtor if the property you are looking at has had any price reductions and how many days it has been on the market. It’s also fair for your Realtor to ask the listing broker if the property has had any other offers.
Make your offer as “clean” as possible and keep in mind that having too many conditions will make your offer less attractive to the sellers. Finally, prospective buyers should never sign a contract for purchase and sale until they have reviewed the document very carefully.
The current average list-to-sell ratio in Summit County is 99% in April 2021. That number, while valuable, can be misleading because it doesn’t take into consideration any price reductions that the property may have had during the duration of its time on market, although at this time most properties are selling quickly and near or above asking price. Historically on average a Summit County property sells for 97% of the listing price if priced correctly. For current MLS statistics, see our Market Statistics page.
Contact your Breckenridge Associates Broker/Partner to learn more about how to best negotiate the home buying process.