Have you found the perfect home for you and your family and want to move forward in the buying process? Then you’ll need to have a talk with your real estate agent about making an offer as soon as possible. Here’s what you can expect when you decide to make an offer on your dream house.
Get a Comparative Market Analysis
The house’s selling price is most likely based on a comparative market analysis. This is an estimate of what the current house is worth solely based on the last three property sales. If updates have been made to the home, that may increase the value from the previous sales. To be safe, you’re realtor is able to obtain a copy of this analysis to make sure everything is aligned properly.
Consider Time on the Market
Based on the location you’re interested in purchasing a home in, the amount of time a house has been on the market can indicate the areas housing market. This is crucial if you know this isn’t your forever home and are likely to sell it in a few years time. Homes in a buyer’s market will sit unsold for much longer than homes in a seller’s market. This will also determine how easy or difficult it will be to purchase a home.
Determine the Seller’s Motives
A seller’s motivation for selling their home is something you need to consider, as their level of desperation to get rid of their home could mean a lower purchase price for you. On the other hand, if the seller is fine staying in their home until the right offer comes in, you’re less likely to get a deal on the home, or even be considered.
Are There Other Offers?
Depending on where you are, multiple offers might not be disclosed to the buyer until after the offer has been accepted. However, if the seller wants to incite a bidding war between buyers, then the seller’s agent will divulge any other offers on the property. Think there’s already an offer? If you love the house, then submit yours and cross your fingers.
The Seller’s Response
After you’ve submitted an official offer on the house, understanding what may or may not be refunded to you if the offer goes through, having a pre-approved letter present or increasing your down payment, the seller can respond in one of three ways. They’ll either accept your offer, meaning that you’ve just bought yourself a home, they’ll come back with a counter-offer requesting more money or different closing terms, or they’ll reject your offer completely. Once your offer has been sent off, it’s all in the hands of the seller.
If you’re looking to buy a home or condo in the Vancouver area, then it’s in your best interest to give Cherry Yeung a call, your Burnaby real estate agent. With years of experience selling homes across Vancouver, Yeung has in-depth knowledge about the housing market and an incredible track record with her clients. Be sure to Cherry Yeung, one of the top realtors in Burnaby, and get started on your house hunting journey.