When it comes to submitting your first offer to the seller of the Brantford home you are interested in buying, the thing that you should remember is that you want your demands to be a reasonable as possible. The more realistic you are in your initial offer, the more likely it is that it will be accepted. Going back and forth too many times can result in you either overpaying for the home or losing the house completely, so you want to decide on how much you want to offer carefully. In order to successfully accomplish this, I always tell my Brantford home buyers to consider three things as they compose their initial offer:
Use a comparative market analysis. Your Brantford real estate agent should give you a comparative market analysis, which is essentially a document that estimates the true value of the property. The CMA takes important characteristics of the home and compares it to other properties in the area with matching features. For your offer, you should look at what these other properties sold for and adjust the price based on which of the sold homes match closest to the one you are thinking about buying. This will give you the most mathematically accurate estimate to use when deciding on a starting figure.
Examine market trends carefully. Right now, in Brantford real estate, we are really in more of a buyer’s market, so that should factor in to your offer. You could get away with making an offer that is a little bit on the lower side because market conditions are making it more difficult for sellers to get their homes off the market. You should also consider factors such as how long the home has been on the market, how many other active listings there are in the area, interest rates, and seasonal issues. Consulting with your Brantford real estate agent about current market conditions will allow you to get a picture of what you should be offering.
Look at the specific facts of the property and the seller. You can use items like the CMA and market trend statistics as a jumping-off point, but every home is different and has its own set of extenuating circumstances. You should review all of the details of the property and the situation that the seller is in and take that into account when making an offer, as well. Look at what the property appraised for and don’t offer anything above it. Once again, this is something that you should discuss with your Brantford real estate agent! They will know details about the property that could play an important role in your initial offer.
Out of all of the advice I give on this topic, this is perhaps the most important: make your first offer your best offer. Analyze the data carefully, take a look at all of the important factors and make the best, most educated offer you can come up with. I can practically guarantee that if you consider everything carefully and make a fair offer, that the seller will respond well to it, even if they do counteroffer. Remember: the more information you have to back up your thought process, the better you can negotiate with the seller if they don’t accept your initial figure.
As an experienced Brantford real estate agent, I make it a top priority to aid my clients through the process of making an offer. It is truly a difficult and challenging art form that requires the right information and guidance. If you have any questions about buying a home on the Brantford real estate market, don’t hesitate to contact me! I’d love to help in any way that I can. I hope to hear from you soon!
Wally Dufrat | Sales Representative
RE/MAX Twin City Realty, Inc. Brokerage
515 Park Road North | Brantford, ON N3R 7K8 Direct: (519) 752-5400 & (877) 759-5900 | Cell: (519) 761-7400 | Fax: 519-752-3400
Before You Buy or Sell Your Next Home, Visit My Websites at:
www.BrantofordHomeInfo.com or www.FreeBrantfordHomeInfo.com for FREE Information!
RE/MAX Twin City Realty, Inc. Brokerage
515 Park Road North | Brantford, ON N3R 7K8 Direct: (519) 752-5400 & (877) 759-5900 | Cell: (519) 761-7400 | Fax: 519-752-3400
Before You Buy or Sell Your Next Home, Visit My Websites at:
www.BrantofordHomeInfo.com or www.FreeBrantfordHomeInfo.com for FREE Information!
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