You may not be the only one making an offer on the home of your dreams. Multiple offers are common, and buyers often offer more than list price in order to beat out the competition.
Is it still a buyer’s market? Yes and No. If you mean are there great buys and low interest rates on Cedar City, UT, homes for sale, the answer is yes. However, there are more buyers offering, and there aren’t as many homes on the market. Supply and demand seems to be indicating a turn toward a seller’s market in some price ranges. Some buyers are even willing to pay above appraised value in order to win.
What should buyers do? Start looking for your home right away. If you find the home you want, offer immediately. How much? Your REALTOR can show you sold comparables that will help give you an idea of what the home appraisal may be. But note that buyers are sometimes offering above the sold comparables.
If you want a bargain and you don’t care if you get that particular home, go ahead and offer less than list price. If you really want the home, you’ll want to offer at least full price. Even full price may not be enough if you find your offer competing against multiple offers. Buyers often offer above list price.
You’ll want to remember that a seller has the right to consider all offers up until he signs one. His right to choose is gold. He doesn’t have to come back to your offer at all if he has another offer he prefers, so you’ll want to make your offer the best you are willing to do. You’ll want to offer enough that you won’t feel bad if you lose the home because you wouldn’t have wanted to pay any more anyway.
The seller facing multiple offers on his home has 3 choices as to how to respond to multiple offers. He can reject one and counter or accept the other. He can counter all of them however he wants with the clause included that if more than one buyer accept his counter he can choose which one he wants. Another choice is that he can request all buyer’s highest and best offer.
If you do lose out to another bidder, don’t give up. Sometimes you have to offer on 3 or 4 homes before you become the happy successful bidder. Make sure your agent will keep working with you until you own your home. I believe you’ll always be happy that you joined the homeowners who are glad they kept trying until they bought their dream home.
Please call the Naisbitt-Bagley team at 435-865-1019 today for top experienced service with all of your real estate needs or email email@example.com. You can text Janet or call her mobile at 435-559-7772 or call toll free 800-934-3742.
Check out the homes for sale at www.homesincedarcity.com including foreclosures, short sales, new construction and other bargain priced homes. Then call Janet’s team 865-ten nineteen for your free tour of homes.