How Much Should Your Offer To Purchase Be?

Soon after finding the home of your dreams, or maybe an investment home that question will come up. It can be a complex one and there are some red flags you maybe should look for. Namely how long has this home been on the market. After that, how many similar nearby homes are currently available or have recently sold. There are some other things to notice but these two are usually the first I notice.

Homes For Sale in Tampa FL

If a home in close to the median price in Tampa, it should sell in a week or two unless something is unique about it. Unique usually means bad in real estate. It is after all synonymous with strange. A red flag will scream out to you if you don't get caught up in the excitement and know where to look.

Red Flags

If a median priced home has been on the market to long I look at it's history. Has it ever been pending? If so for how long. If it was off the market for less than 4 days it may have been off market because someone wanted to buy it but then failed to deposit the escrow check. It it was off the market between 4-15 days there is a high likelihood that the home had problems during an inspection period. If the home was off market for closer to 30 days then it is possible that the financing fell through. One of the biggest killers of a deal is a low down payment combined with a low appraisal.

Look at Recently Sold

This may sound easier that it may end up being. There can be differences that appear small and yet have a greater effect on pricing. Not to mention things can change in 6 weeks since the last closings. Homes which show up as pending will not reflect the true sales/ accepted offer price or final closing price until after they actually close. Also keep in mind you don't get to actually see the insides of the homes which sold recently and compare them to yours etc.

Recent solds matter because they matter to the appraiser. You should also go by them as well as the similar homes currently on the market. Most properly priced homes in a typical market will sell for 3 to 5 percent less than asking price. Contact us and we can help make sure you do not overpay.