How to Determine a Good Offer in the Long Beach Island Real Estate Market on LBI
What Is A Good Offer On A House In The LBI NJ Real Estate MarketThe Long Beach Island Real Estate Market
There is little question that the LBI NJ real estate market has seen an increase in activity which begs the question, “what makes a good offer in the LBI real estate market?”. Almost every buyer wants to get a good deal on the house they are trying to buy. Of course what makes a “good deal” depends on the individual situation. For some, a good deal may be getting the house far under the listing price. For others, it may be winning the house in a bidding war. In either case, there are some clear ways to help determine What Is A Good Offer On A House In The LBI NJ Real Estate Market. Click here to search all homes for sale in the Long Beach Island NJ real estate market
What Is A Good Offer On A House In The LBI NJ Real Estate Market
Regardless of the individual situation, there are a few tried and true methods that will help a buyer get the best deal on a house in Long Beach Island real estate market such as:
- Avoid making a low ball offer
- Change the terms of the offer to make it more appealing to the seller
- Provide comparable sold properties to support the offer
Making a low ball offer is the favorite tactic of an uneducated buyer. The thinking is that the by offering a low price, the buyer can see how flexible the seller will be. Sadly, this tactic almost always has the opposite effect as it can you as the buyer appear uneducated and unrealistic. A seller will therefore not want to spend a lot of time negotiating with a buyer who does not understand the current market. It is far better to do some hard research on the current market, compare similar properties that have sold and make a solid first offer with smaller increases during the negotiation. This tactic will show the seller that you are a serious buyer and understand the value of their house in the LBI real estate market. That being said, a low ball offer is a relative term. If the house is overpriced to begin with, it is advisable to offer far less than the listing price provided the offer is in line with the current real estate market!
It is important to remember that the terms of an offer can be almost as important as the price that is offered! While the first thing most sellers look at is the price, the closing date and the terms of the offer can be just as critical. For example, a quicker closing date will save the seller carrying costs (mortgage, taxes, insurance, etc) and could be better received than an offer with a 2 or 3 month closing period. Removing the mortgage contingency, a home inspection or accepting the house in “as is” condition can often sway a seller to accept one offer over another.
The best way to determine What Is A Good Offer On A House In The LBI NJ Real Estate Market is to provide evidence to support the offer. When presenting an offer to a seller, it is a good idea to explain why you are offering the price and terms you are offering! By showing the seller recently sold properties and comparing the differences between the two properties leaves you in a strong position for the final round of negotiation.
Buying a Home in the Long Beach Island Real Estate Market on LBI
The LBI real estate market can be an excellent long term investment and a great place to make summer memories…provided the house is purchased at the right time and at the right price! When making an offer on a house in the Long Beach Island New Jersey real estate market you should have a clear understanding of the current market trends and be aware of what homes are selling for. For more information about what is a good offer on a house in the LBI NJ real estate market feel free to contact me, Nathan Colmer, and I will be happy to answer any questions you have!
Nathan Colmer | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com
Click here to search all homes for sale in the Long Beach Island NJ real estate market
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