Home Buyer Tips: Determining Your Offer Price

Written by Posted On Saturday, 07 February 2015 10:46




Of all  items that make up an offer to purchase real estate, price is by far the most important. For a buyer, how much to offer may be as difficult a decision as which house to buy. Although your real estate agent is likely reluctant to name a price for you, you can utilize your agent's expertise to figure out a price to offer when buying a home. Here is a short list of steps you need to take to make a smart offer-one that gets you a great value but is also likely to be successful at getting property.

  1. Check Out Comparable Properties That Are Currently on the Market

Comparable sales are recent sales of homes that compare closely to the one you are looking to purchase. Look for comparables that are very recent sales (3 months or less before your listing or buying), very similar properties (i.e., same number of bedrooms, bathrooms, square footage; and similar style, condition and amenities). This will help you come up with a price range. Buyers should work with an experienced, local agent to understand what the home’s value is. Most buyers agents will do this by offering you a look back at similar properties that have recently sold.

2. Look at Comparables That Were on the Market Recently but Didn't Sell

If the house you're considering buying is priced similarly to homes pulled off the market because they didn't sell, the property you're considering may be overpriced. Off the market properties will always be higher than the median prices of the comparable sales.

3. Consider Market Conditions and Appreciation Rates in the Area

Look at the area’s appreciation rate of the house you’re considering of purchasing, the appreciation rate will tell you if prices have been going up or down. If the area you're buying in is  a seller's market, properties will probably be somewhat overpriced. However can be underpriced if the market is on the upswing and not near its peak. In a buyer's market, properties are likely to be underpriced but if the market starts to decline they can also be overpriced.

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Josh Feinberg

I’m super excited and passionate about what I do and take pride that a lot of my business is word-of-mouth referrals that has created many long-term relationships with people who have bought and sold through me repeatedly over the years. I ‘m more than just a realtor I’m an advocate, facilitator and expert in Phoenix’s often intricate real estate market. 

For ten years I’ve helped my clients in setting realistic expectations by considering such factors as budget, desired location and the event of a sale, I’ve helped achieve for them the maximum selling price. Having expertise and experience in the ever changing Phoenix real estate market dramatically has helped shape the decisions of my clients through the complex process that real estate has become.  


10 Years Of Experience 

• Expert knowledge of the Scottsdale,Paradise Valley and Phoenix area

• Skillful negotiating skills

• Innovative marketing ideas

• Extensive knowledge of the mortgage industry

• Excellent communication skills

• Outstanding personal service



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