Making an Offer on Your Dream Home - newhometeamva.com

Making an Offer on Your Dream Home

You've finally found your dream home that has everything you wanted, and you're pre-approved for a mortgage. Now it's time to make an offer.

While everyone wants to get a good deal, it's important to understand the local real estate market in Bedford, Lynchburg, and Roanoke. Unlike some other parts of the nation, these markets don't experience extreme swings in home values. This means we don't see huge bubble prices or exceptionally low prices. However, the market is constantly changing despite what you may hear in the news. This is where a knowledgeable REALTOR can make a difference. Consult with your New Home Team agent for their opinion on the current market conditions.

The New Home Team evaluates property values by considering several factors:

  1. Market Analysis: Our team knows the area and the properties. We have insights into recent sales and how long properties have been on the market.
  2. Condition and Property Features: Not all properties are equal. Some are updated, while others are not. By understanding the market inventory, a member of the New Home Team can provide advice based on the features and quality of the property.
  3. Time on Market: Days on the market can be misleading. Sometimes great properties become stigmatized if they have been listed for a long time. There can be various reasons for this, such as an initially high listing price that was later reduced. Additionally, properties in certain price ranges may have a limited market and take longer to sell.

While it may be tempting to make a low-ball offer, it's important to note that such offers typically don't help in negotiations. In fact, they can often insult the seller and lead to no transaction or a difficult transaction. Having a REALTOR® who knows the market makes a significant difference.

Your New Home Team REALTOR® will have knowledge of recent sales on the same street and how the home you're interested in compares to others currently on the market.

Sometimes negotiations go back and forth a few times. It's important not to get too emotional and to think logically throughout the process. Don't lose sight of what you want and what will make a successful purchase for you.