So you have found your dream home Iin Northern Kentucky and now you are struggling with how much to offer for the price on your purchase offer contract. How do you really know what to offer?
A lot of good deals on the market come from analyzing up front what the actual, current market value of the home may be. As a buyer, you want to always obtain a good deal on your home purchase and that means not paying more than fair market value, whether your home is in Boone, Kenton or Cambell County, KY.
Together with your agent, you will take a look at what has been selling and what is currently available in the market during the past 6 months and within a 1/4 - 1/2 mile radius around your target home. This is exactly what the future appraiser for your lender will be doing once you are under contract and have completed your home inspection.
You will want to key in on homes that mirror your approximate square footage, number of beds and baths, acreage, etc., along with other outstanding characteristics such as brick, vinyl or wood construction. What you trying to accomplish is to come up with a reasonable price range that your subject home should fall in and compare that price to what it is currently being listed to determine whether the asking price is too high, just right or a little below current market value.
An experienced agent should be able to provide you data on all these comparisons, more commonly referred to by agents as "comparables" or "comparative analysis". Be sure to obtain and review this data with your knowledgeable agent so that you can make a good decision on just what to really offer.
As you can expect, if you are not offering at full price, then you may receive a counter offer from the seller. Evaluate all counter offers carefully and give a timely response if you wish to keep the offer going. Just know that while you are negotiating, you do not have a legal contract with the seller as yet. Should another buyer come in with a better offer, the seller may accept that one over yours and you can be bumped out!
One other note here for First Time Home Buyers...sometimes there are overbids on popular properties that have been listed slightly under market value....sort of your buyer frenzy situation. Consult with your experienced agent to know when you come across one of these properties and the possible complications that may arise. _____________________________________________________________________________________________
Northern KY Homes for Sale - Cathy Miles with Key House Realty, Florence, KY.
As a full time Realtor® in Northern KY, my goal is to help buyers & sellers successfully navigate the ever changing currents of the real estate market. Call today and learn how the Miles Home Team can make a difference in either the sale of your current home or the purchase of your next one. Just ask Cathy… 513.673.7726