How much?
Find out what other homes have sold for in the area and how much money you might have to put into repairs or renovations. These considerations should be factored in with how much you're comfortable spending. As your agent, I will do a thorough market analysis to help you determine what is the right offer to make.
Also, it helps to know the features that help or hurt resale. In some areas, a swimming pool actually detracts from a home's value and makes it harder to sell. In neighborhoods with two-car, attached garages, a single-car or detached garage may affect the home sale and future value.
In addition to sale prices for other homes, there are several ways you can determine a good amount to offer:
- The condition of the house. Is the home in move-in condition, in need of paint and other cosmetic improvements, or a fixer-upper that needs some real work?
- The market. If you are in a buyer's market - where there are more homes for sale than there are people to buy them - prices are probably stable or falling. If you are in a seller's market - where there are more buyers looking for homes than there are homes for sale - prices are probably moving upward.
- Your ceiling. If you've gotten a credit pre-approval, you know how much you can borrow for your home purchase. Of course, you may not be comfortable paying as much as you've been approved to borrow, so think carefully about your financial situation before making an offer.
Next, decide how much you are willing to pay for a home. Remember, the advertised price of a house is just a starting point - it may take quite a bit of negotiating to arrive at a final cost.
The information provide above is personal commentary and should not be taken as fact. The Texas Real Estate Commission who licenses Texas real estate agents is very clear about informing clients that even as Texas Realtors, we are licensed as real estate salesmen and are: not Texas licensed attorneys giving any legal advice or binding legal information; not Texas licensed home inspectors, not appraisers, not surveyors, not loan officers, bankers or underwriters and are not title company representatives.