Wants Vs. Needs

When looking at a home, and trying to justify the price you want to offer, please keep in mind that there is a difference between wants and needs.  Just because as a buyer you want all hardwood floors and granite counter tops, doesn’t mean that is what the house truly needs.

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I’ve seen several great homes, that are move in ready that buyers have passed on because they felt like the home needed too much work.  Just because it is your taste, doesn’t necessarily mean it is something that is needed.

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Be realistic when looking at a home, are there holes in the walls, and are the floor coverings extremely worn or missing?  These things probably do need to be taken into consideration prior to writing an offer.  If it’s a matter of a light colored carpet that is in very good shape or new and you would prefer darker carpet or a different type of flooring that doesn’t mean it needs to be changed.

It is very rare that you will find an existing home that is exactly what you want.  Not everyone has the same taste, so chances are you will want to paint, change flooring, fixtures or cabinets to make it your home.  Keep that in mind when looking for your home, and when making an offer.

 

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Looking For A Deal?

In this market buyers are looking for a deal.  Realistically, in any market buyers are looking for a deal!  There is nothing wrong with that, because we all want a great deal.  But there are some things to be cautious of when taking this approach to home buying.  It may cost you the home of your dreams, because you want to see how cheap you can get it.

Admittedly there are some homes that are certainly overpriced for the condition they are in, but most sellers have reluctantly accepted the fact that they may just break even, or have to bring money to the table in order to get the home sold. 

It’s not wise to lowball an offer on a house that you have said you would pay asking price for, because you know it is a great deal.  Especially if you are asking for the seller to pay a percentage of closing costs/prepaids for you.  In most cases the seller has one pocket that the money is coming from, so if for instance they list their home at $100,000.00, and you offer $92,000.00, and ask for 3% ($2760.00) in sellers concessions you are essentially offering $89240.00 for the property.  If they receive another offer, that offers more money or asks for no sellers concessions they will most likely reject your offer and go with the one that will net them the most.  Sellers also must pay the professional fee to a Realtor, as well as their closing costs.

Your Realtor can assist you with a Market Analysis and help you determine what a fair price is. 

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