Most buyers want a good deal. That's true with just about anything, but especially when buying a home. The idea of offering over list price for a property sounds counter-intuitive. But that's not always the case. Sometimes, an offer over list price might be just the ticket to get you into your San Antonio dream home, especially if you want to make the Stone Oak lifestyle your own.
When Should You Offer Over List Price?
In a Seller's Market
Do you notice homes in your desired neighborhood selling like hotcakes? If you want to set down roots in that area, don't be stingy with your offer. A seller's market means a lot of competition among buyers for houses. Ask your San Antonio REALTOR® about the neighborhood. What's the local market like? How long do houses stay on the market before they go under contract? Are they selling above or below list price and by how much? According to Redfin, the Stone Oak housing market is considered "somewhat competitive". Some properties receive multiple offers. On average, a Stone Oak home stays on the market for about 33 days before going under contract. They sell for about 2% below list price. However, the hottest properties receive full asking price and go under contract 18 days after hitting the market. Your REALTOR® should be able to help you narrow down where your dream home falls in these categories.
Seller Lists Below Market Value
When buyer activity heats up, some sellers try to spark a bidding war by underpricing their properties. In turn, this drives the price up. In that case, you might want to offer over asking. While other buyers clamor over themselves trying to put in the highest bid without going over, you can swoop in at a better price and rise above the rest of the competition. But you don't want to offer over market value. To determine a good price to offer, talk to your Stone Oak REALTOR® first. They can run the numbers to find out what the current market value is so you can beat the competition without paying more than you should on your dream home.
While the majority of home buyers borrow money to pay for their dream homes, some San Antonio homebuyers pay all in cash. That's tough to beat. Since they don't have to worry about approval on a loan, sellers consider cash buyers very attractive. But, these buyers might also put in a lower offer because they pay in cash. If your finances are strong, offer over list price to steer the seller's attention your way.
You Found "The One"
Finally, there's no "ifs", "ands" or "buts". This is your dream home. In that case, go for it. Offer a little over asking to ensure that it doesn't get away from you.
Alexis Steel - 928-303-2199
Keller Williams Arizona Living Realty
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