Once youíve found a Kalamazoo home for sale that youíre interested in purchasing, the next step is putting an offer on the table. How do you determine that right offer price for this home??? 

In this article, I will show you exactly what you should consider when youíre picking a number for your offer.

Tip 1 - Understand the Kalamazoo Real Estate Conditions

Look into what other similar houses in the area are selling for, both currently and in the last few months. This will give you a good baseline value to base your offer of.  Kalamazoo Realtors can provide you with valuable information about prices.  You may want to know the average list price vs. the average selling price.  Days on Market stats will be helpful too.

Tip 2  - Understand Your Sellerís Mindset

The goal of making an offer isnít to offer market price. The goal of your offer is to make an offer that ís as low as possible that will be accepted by the seller.

In order to achieve this, itís important to understand the mindset of the seller.

One thing to look into might be how long the house has been listed. If itís been listed for several months already, they may be more likely to want to sell for a lower price.  Find out if they've lowered their price recently or are overdue for a price adjustment.

Another thing to look into is how much the seller paid for the property.  Although this doesnít affect its current value, it has an impact on the sellerís mentality.  If the seller is already making a profit no matter how much they sell it for, theyíre likely to be more lenient. If theyíre losing big money by selling right now, they may be more likely to pinch pennies.  It's also quite possible they can't afford to sell it for less than the list price, try to learn as much as you can about where they are with the price.

Tip 3 - Itís Not Just the Numbers

Your offer must be considered in its entirety. The clauses and contingencies have a big impact on whether or not your offer will be accepted. Work with your real estate agent to craft the best offer possible.  For example, how soon are you indicating you want to close?  What about a date of possession?  An offer is comprised of more than just a price.  This applies to bank owned properties as well.

There is a lot of free information available to you about buying, selling or investing in Kalamazoo homes. For complete information about the Kalamazoo and Portage MI area real estate market including current Kalamazoo homes for sale, property values and more,  please visit the most complete website online dedicated to everything Kalamazoo real estate at http://HomesofSWMichigan.com Please feel free to contact me with any of your real estate or mortgage related questions and I will be more than glad to answer your questions.

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 Tags: Kalamazo Real Estate, Kalamazoo homes, kalamazoo homes for sale, portage mi

Article's Author

Joel Nelson
Keller Williams Realty - Kalamazoo
Kalamazoo, MI

Contact Joel Nelson