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Monday, April 24, 2017

The Home Buying Decision Process - Only One Real Option Available.

Melbourne, Florida.   The current Brevard County, Florida real estate market favors sellers.  There are usually multiple offers on move in ready properties that are reasonably priced.

When a buyer finally locates the target property the decision on making an offer begins to create all sorts of other questions.  This is especially true if there are time considerations.
  
Now the offer thought process begins (not really this one customer but several over the past few months)....
  • Is the house worth what they are asking?  I can run the comparables today but that does not tell me for sure what it is worth but it will paint a picture of what similar properties have sold for recently.  And it is the recent sales that forms the basis for appraisals.  Still, it is the market (buyer) that established sales price (value).   
  • Do you think they will take "whatever?"   As a real estate agent I do not know what a seller may take.  Most listing agents do not know what the seller will take either. And if they do they will not share. I have had buyers ask the question that has no answer:  "How low will the seller go?"
  • Will there be other offers?  Usually an buyer's agent will not know this unless the listing agent comes back with a request for highest and best offers.  Read "Sometimes the highest is not best."
  • If I offer $XXXXXX will I be paying too much?  A buyer rarely knows what price a seller will accept. In the end it is common for some buyers to wonder if they could have gotten it for a lower price.  
  • Will the value go up in the future?  This is one that concerns most buyers - eventually.   While a home purchase is an investment it is currently meeting a need for shelter.  There is no way to now the answer although values do tend to rise over time.  But there are uncertainties like length of ownership future development in the area, the economy and who knows what else!
  • Finally, what if I pay too much?  This is the danger of letting emotions enter into the process.  Do not let competitiveness (need to win) influence the decision.  Being emotional can work against a buyer's best interest.
While all these questions are important the number one question to be answered is....how much do you want the house?  Will a buyer be disappointed if someone else gets the house? What are the other considerations? 

I counsel buyers with these short words...
Make the offer one you can feel good about - whether accepted or rejected.  Feel good about your offer price.  Make a clean, reasonable offer and see what happens. Add a short letter to the seller. Don't be afraid of paying too much.  Be afraid of not getting what you want. 
In real estate there are rarely do overs.  Make decisions based on the best information at hand.  That is the only option.

Thinking of buying a home in Melbourne, Florida?  Call or text me at 321-693-3850 if I can help.  I provide personalized, one on one, service from the first contact to the closing table!

agent@moving2brevard.com

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