To help answer this important question, your buyer’s representative will prepare a detailed Comparative Market Analysis (CMA) that examines recently-sold properties, active listings, pending
You’ve found a home you’d like to buy. How much should you offer to pay?
To help answer this important question, your buyer’s representative will prepare a detailed Comparative Market Analysis (CMA) that examines recently-sold properties, active listings, pending sales and expired listings. Through their Multiple Listing Service (MLS), your agent has access to the most current information on properties in your area.
From the CMA and your agent’s personal knowledge, you’ll gain insights on the market in general and the specific property you’re considering—important details that should be factored into your offer. These include:
Price of Similar Properties - both list and sales prices for similar properties in the area
Price trends - current percentages of list price compared to sales price
Supply and demand - in a high-demand, low-supply market your offer may be competing with others
Absorption rate - number of month’s supply of inventory. Smaller numbers (shorter time frames) indicate a more competitive market for buyers.
Average time on market - because listings expire or homes may be re-listed to appear “new” cumulative market time is critical
Property condition - is it in good condition or will you need to make substantial investments in repairs?
Length of time on the market - a long time on the market may indicate a slow market, inappropriate pricing or some inherent problem with the property
Seller’s motivation - a seller under pressure to close a deal may be more receptive than one who can wait until the “right offer comes along.”
Terms - what terms and contingencies must be written into the offer? Terms that make your offer more attractive include an all-cash transaction, pre-approval for financing, quick closing, and few contingencies or seller concessions.
Property history - previous sales and financing history
Count on Mark Van Dyke, your Buyer’s Representative to answer your questions and guide you through these and other important decisions when buying a home. Please contact Mark at (602) 820-5478 or [email protected]
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As seen on HGTV Desert Homes, Mark Van Dyke, is a real estate agent with The Van Dyke Group at Platinum Living Realty located in Scottsdale, AZ. Call on Mark Van Dyke when you need local professional ....
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