While every transaction is different, some buyers may be surprised to learn
that there will be times when it’s appropriate to go in at the asking price.
This is where the expertise of your realtor really proves its worth. One of your
agents’ most important duties is to provide you with the appropriate research
to help you make sound decisions. They can tell you when a home is well
priced, and whether or not there are comparable alternatives on the market.
And they can also tell you if there are likely to be other offers competing with
your own.
If you’ve found a great property that meets all your criteria, the asking
price is attractive, and there aren’t any other comparable homes available,
you may be well served to go in at the asking price. Buyers should take
into consideration that negotiating the price extends the timeline when the
home is still open to offers and during this time, other buyers may enter the
process. Sometimes the best course of action is to go in at the asking price
and bring negotiations to a quick conclusion.
But what happens if you’re interested in a home but think it’s overpriced? If
everything else is right about the house, don’t just walk away...negotiate! You
have nothing to lose and everything to gain by making an offer.
Be sure that you have your facts straight before assuming a property is
overpriced. Before you decide on what price to offer, your realtor can show
you recent sales and also active listings of comparable properties, as well
as advise you about neighbourhood trends. All this will help you to estimate
what price range the home will likely sell for in the current market.