Stephanie Payab's Blog
What happens if you receive an offer on your home that fails to meet your expectations? Ultimately, you may want to decline the offer. But before you do, there are several questions you'll want to consider, including:
1. Is the offer "fair"?
Let's face it – one home seller's definition of a "fair" offer may differ from another's. However, an informed home seller will be able to differentiate a "lowball" offer from a strong proposal.
A lowball offer typically fails to account for a home's condition and the current state of the housing market. As such, this proposal may fall far below a home seller's initial asking price.
On the other hand, a strong proposal may meet or surpass a home seller's initial asking price. This offer likely accounts for a home's strengths and weaknesses, along with the needs of a both the homebuyer and home seller.
2. Are there any other offers on the table?
If you receive an offer on your home, you'll probably have one to two days to decide how to proceed. And if you have multiple offers in hand, you likely have a lot to think about in a short period of time.
In some cases, the best offer is not necessarily the highest offer, and for good reason.
For instance, a homebuyer may submit an offer on a home that exceeds a home seller's initial asking price. But if this homebuyer has not been pre-approved for a mortgage, he or she likely will need to obtain financing to proceed with a home purchase.
Conversely, a homebuyer who has been pre-approved for a mortgage knows exactly how much money is at his or her disposal. When this homebuyer submits an offer, he or she may be better equipped than other homebuyers to acquire a residence.
3. Can I afford to be patient?
Consider your timeline as you debate whether to decline an offer.
If you're in no rush to sell your home, you can afford to be patient with offers on your house. Or, if you want to relocate to a new address as soon as possible, you should price your home aggressively from the get-go.
4. If I decline an offer, what will happen next?
After you decline an offer on your home, the homebuyer has the option to submit a new proposal or move on to other houses.
As a home seller, it is important to take an informed approach to home offers. With a real estate agent at your side, you should have no trouble making the best decisions on any proposals.
A real estate agent understands the ins and outs of the housing market and can help you evaluate all offers on your residence. He or she can provide you with honest, unbiased real estate recommendations and ensure you can get the best results during the home selling journey.
Collaborate with a real estate agent – you'll be glad you did. A real estate agent will enable you to evaluate home proposals and maximize the value of your house.
Ready to sell your California residence? You're not alone, but there are many things that you can do to differentiate your Golden State house from other homes on the state's real estate market.
Here are three tips to ensure you can sell your California home quickly:
1. Understand the Golden State Real Estate Market
The housing market fluctuates constantly, and your home's value may have increased or decreased since you initially purchased your residence. Thus, you'll want to evaluate the California real estate market closely to understand your residence's value. This will enable you to price your home accordingly, and ultimately, maximize the value of your home.
Remember, the price of a two-bedroom, two-bathroom home in Oakland is unlikely to match the price of a similar residence in Beverly Hills. Home sellers who devote the necessary time and resources to learn about the California real estate market, however, will be able to establish a fair price to generate plenty of interest from homebuyers.
Evaluate real estate trends over the past few months in your city or town. This will allow you to get a better idea about how similar homes were priced recently, along with how much homebuyers paid for these residences.
2. Take a Close Look at Your Home's Interior and Exterior
Does your home stand out in a crowded real estate market? If not, you may struggle to sell your home quickly, particularly in California's highly competitive housing market.
Fortunately, taking a close look at your home's interior and exterior may provide you with the insights that you need to revamp your residence inside and out.
Consider the homebuyer's perspective as you evaluate your home. By doing so, you may be able to learn about your home's strengths and weaknesses and work toward transforming its weaknesses into strengths.
In addition, establish a home renovation budget. This may help you determine which home repairs you'll be able to complete before you add your house to the real estate market.
3. Hire a Real Estate Agent
Employing a real estate agent may make a world of difference, particularly for a California home seller who is unfamiliar with the state's real estate market. This real estate professional will help you set a fair price for your home, evaluate offers, find ways to improve your residence's curb appeal and more.
Finding the right real estate agent to sell your house may seem difficult due to the broad range of real estate agents who are available in the Golden State. Home sellers should look at a real estate agent's experience during the evaluation process. Of course, home sellers also should meet with a real estate agent and ensure that they would be comfortable working with this professional before they make their final decision.
Use these tips, and you should have no trouble selling your California home quickly and optimizing its value.