Making your first offer is an important step that requires significant preparation and analysis. When you submit the proposal to the seller, please go in knowledgeable and consider all the components of your price offer. You are not responding to their listing price as much as you use your factors to arrive at your offer. The two aren't necessarily related. A critical component is a comparative market analysis (CMA), which your real estate agent can provide—another benefit of working with a buyer's agent—and is a mathematical model that can determine the value of your future home. It calculates the basic conditions, such as the number of bedrooms, bathrooms, existence/size of the yard, or swimming pool. Then, it compares your potential home to similar houses on the market in your area. This model will give you an idea of the average local cost, which will be fundamental information to inform your offer. After the approximation, add or remove the components that increase or decrease the value. For example, the current owners recently changed all the plumbing in the house. Their plumbing is 25 years old and will probably start breaking down soon. You can get estimates for any immediate repairs, or ask for estimates. Research the market trends. Has the local market gone up or down over the last few years? Do people buy or sell more? Are there houses being built that will soon be for sale? For example, teardowns and new construction would indicate rising local home prices. Those calculations and forecasts may take time and effort, but they will leave you with options to consider and choose from. The real estate agent's services will be beneficial. It won't take a professional as long to evaluate all the pros and cons and come to you with a proposal.
Your real estate agent will be a key player in this process,
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