Recently I was talking about dual agency relative to who can be your buyers agent and I wanted to expand on what I consider to be a very important question that buyers ask.
How Much Should I Offer On A House?
First I should explain that I am not going to answer that question here. Aside from the fact that every house, buyer, seller, situation, area is different, it’s not the point of this article. The point of the article is that this question is one of the most commonly asked of an agent when a buyer wants to make an offer. It’s not limited to first time buyers either. Buyers that buy property with million dollar and up price tags also want the information and the guidance to plan their offer strategy.
Enter Dual Agency. If you contacted the listing agents for all the homes you looked at and have decided you want to buy one of them here’s your choice. If you now want to work with the listing agent, he or she has to become a dual agent. They are already working for the seller and will now be working for you as well. I encourage you to read what dual agency means so you understand what you’ll be missing out on.
Your other choice is to find an agent that is going to be working for you, 100% of the time. Referred to as buyers agents it simply means you have an agent working for you as real estate buyers.
How Does This Help With Your Question – How Much Should I Offer On A House?
A dual agent cannot help you, it’s as simple as that. Of course you can offer the asking price or more and in some markets in early 2014 that’s already happening. Our market here in Barrington is not like that. It’s mostly due to the fact that our prices are higher. Yet it’s a safe bet that if you offer the asking price the answer should be yes, assuming all other terms are acceptable.
If however you need guidance having your own agent will ensure:
- Your agent will find comparable sales to show you.
- Your agent can make suggestions on a starting price for your offer.
- Your agent can suggest a strategy relating to price.
- Your agent can adjust as the process moves forward.
- Your agent should know the market well and tell you when it’s right to make strong starting offers and when not to.
You won’t be left to fend for yourself and the questions you ask should receive impartial answers. It stands to reason though that choosing a local expert to be your buyers agent is a wiser move than just choosing the first name you come across.
We’re here to help Barrington home buyers. We live here and serve buyers of real estate, everything from condos to luxury mansions. Give us a call or start your home search. Access is instant, just contact us when you need our services. We’ll be ready to answer your question “How much should I offer on a house?”