You found the house. Now comes one of the biggest decisions in the buying process:

There is no formula that automatically gives us the answer. Determining a reasonable offer takes research, local market knowledge, contract expertise and a clear understanding of your goals.

The Asking Price Does Not Determine the Value

The seller can believe the home is worth a certain amount. The listing agent can recommend a price. Other real estate agents can have their own opinions, and even your agent cannot personally decide what the property is worth.

Those opinions do not establish market value.

Ultimately, a home is worth what a qualified buyer is willing to pay and what a seller is willing to accept. If financing is involved, the property may also need to appraise sufficiently for the lender to approve the loan.

Sources: National Association of REALTORS, Real Estate Appraisal & Valuation and Freddie Mac, What Homebuyers Can Expect With an Appraisal

The asking price is simply where the seller chose to begin. It may be supported by the market, priced below market value to encourage competition or priced higher than comparable properties.

That is why we do our homework before recommending an offer.

A Great Deal of Expertise Goes Into the Analysis

Before you decide what to offer, The Debra West Team will evaluate the information available, including:

Because we handle a high volume of transactions, we have a strong pulse on the local market. We use that experience to help you understand what the numbers mean, not simply hand you a list of comparable sales.

An Offer Is More Than a Price

The highest-priced offer is not always the strongest offer. Sellers also evaluate the terms and the likelihood that the transaction will successfully close.

Your offer may include decisions involving:

Each term can affect your cost, your protection and the strength of your offer. The strategy that works in one transaction may not be appropriate in another.

You Make the Final Decision

Our job is to research the property, explain the market, evaluate the contract terms and help you understand the possible outcomes. We will give you an honest, informed opinion, even when it may not be what you hoped to hear.

Your goal is not to “win” the house at any cost. It is to make a well-informed decision that fits your finances, priorities and comfort level.

Once you understand both the value and the terms, we will prepare an offer designed to protect your interests while giving you the best possible opportunity to purchase the home you want.

THE DEBRA WEST TEAM  |  RE/MAX ELITE GROUP