Making an Offer in the Long Beach Island Real Estate Market
The process of purchasing a home on Long Beach Island may appear to be rather simple. In the most basic explanation, you meet with the real estate agent, that agent shows you several properties perhaps over several trips and you make an offer on the property you like the best. Unfortunately, in order to make your offer stands out you must have a proper understanding of the overall LBI real estate market and guidance on where your offer should begin and end. Making offers in the LBI real estate market is analogous to a first date. You want to make sure you make a good impression! That helps your offer beat any others that may be made on the property.
Making Offers in the LBI Real Estate Market
For a home that is priced well and has true value in the market, usually due to condition, location, and lot size, it is not uncommon for there to be several offers on the property. One of the worst mistakes a buyer can make is a lowball offer. Lowball offers generally convey a sense of ignorance to the LBI real estate market and can make a buyer appear as though they are not serious. In order to make an offer stand out, it is far better to:
- Make a strong offer with the expectation of negotiating less
- Offering strong terms
Above all else, making a realistic offer based on comparable sales is key. When a seller lists a home for sale in the LBI real estate market, they will most likely do so after having examined a comparable market analysis or CMA. This analysis will take into account the current listing inventory as well as recently sold homes to create a baseline for value. When a buyer is looking to make an offer, they should follow a similar process to understand the market and understands what is and what is not a fair price. In many cases, a lowball offer is a rookie mistake and almost always works against the buyer and the LBI real estate market.
Overall, the LBI real estate market is strong but there are many excellent buying opportunities to pursue. My suggestion of not making a lowball offer certainly is not intended to suggest a buyer should overpay, rather my suggestion is to make a strong realistic offer an attempt to beat the market by demonstrating your knowledge of the current market trends and be competitive. For more information about making an offer in the LBI real estate market or Long Beach Island real estate home sales, please do not hesitate to contact me.
By : Nathan Colmer | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | firstname.lastname@example.org
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