Rochester Real Estate | LOCAL Homes For Sale https://www.rochesterrealestateblog.com Rochester Real Estate | LOCAL Homes For Sale | Homes for sale in Rochester, NY, LOCAL Rochester real estate listings, market data, REALTOR® info, and high quality content updated every 15 minutes! Wed, 25 Jun 2025 11:50:30 +0000 hourly 1 https://wordpress.org/?v=6.7.2 https://www.rochesterrealestateblog.com/wp-content/uploads/2016/11/cropped-SITE-LOGO-512-x-512-1-32x32.png Tips To Help Determine How Much To Offer For A Home – Rochester Real Estate | LOCAL Homes For Sale https://www.rochesterrealestateblog.com 32 32 June Home Maintenance Checklist: 40+ Must-Do Tasks to Prepare Your Home for Summer https://www.rochesterrealestateblog.com/june-home-maintenance-checklist-summer-prep/ Tue, 19 May 2015 11:00:25 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=20501 Tips To Help Determine How Much To Offer For A Home[/caption] Finding just the right home for some buyers is a difficult task and can be emotionally and physically draining.  Once a buyer finds their "perfect home," only a small portion of the home buying process has been completed. One of the most important steps in the home buying process is successfully negotiating with the home owner.  There are many things that a buyer must decide on when negotiating with the seller.  What contingencies do they want to include?  When do they want to close on the home?  Do they want to have a home inspection? One of the top frequently asked questions from home buyers relates to price.  What should we offer the sellers?  Ultimately the buyer is the person in charge of making the final decision on what amount they should offer the home owner. There are many ways to help home buyers determine how much to offer for a home.  Here are some of the the best tips, and also things to avoid, when determining how much to offer for a home! What Should You Avoid When Determining How Much To Offer For A Home? Unfortunately there are many home buyers in the market place who have no idea when it comes to determining how much to offer for a home.  There are several things that home buyers need to avoid when figuring out how much to offer for a home, otherwise, the probability their offer is accepted is slim to none! Using Online Home Value Estimates One of the most popular misconceptions when it comes to home buying is that online home value estimates are accurate.  Home buyers who believe this "BS" fact about home buying will be extremely disappointed when offer after offer is rejected. When determining how much to offer for a home, make sure you avoid at all costs, online home value estimates.  Online home value estimates, such as Zillow's "Zestimate," are in many cases very inaccurate.  In a recent study of Rochester, NY homes that recently closed, almost 40% of the homes that closed on a specific date had "Zestimates" which were $15,000-$20,000 lower or higher than the actual sale prices. [caption id="attachment_2698" align="alignleft" width="450"]What Should Home Buyers Avoid When Determining How Much To Offer For A Home What Should Home Buyers Avoid When Determining How Much To Offer For A Home[/caption] A buyer who believes any online home value estimates will put themselves at a huge disadvantage when it comes to buying a home.  It's important to remember when determining how much to offer for a home, these online home value estimates are often generated by a computer formula and can be very inaccurate. Don't Be Fooled By Tax Assessments It's important to understand when buying a home, there is a difference between market value, assessed value, and appraised value.  One of the biggest thing to avoid when determining how much to offer for a home is using a homes assessed value as an offer price. The assessed value of a home is used for one thing, to determine how much the property taxes will be.  Assessed value has no correlation to a homes market value.  There are many real estate markets where the assessed value of homes will be significantly lower or higher than what homes are selling for. For example, a significant percentage of recently sold Webster, NY homes have sold for much higher than their  assessed values.  This is great for the local residents as it helps keep the property taxes lower. What Are The Top Tips To Help Buyers Determine How Much To Offer For A Home? There is no absolute way to determine how much to offer for a home.  Due to the fact that every seller has different reasons and different expectations, as well as the fact that homes are rarely identical, knowing how much to offer for a home can sometimes be tricky.  Here are several top tips to help buyers determine how much to offer for a home. Review The Current State Of The Local Real Estate Market It's important that buyers keep in mind what the current state of their local real estate market is when deciding how much to offer for a home.  Every real estate market is different.  Some real estate markets are neutral, some markets are buyers markets, and some markets are sellers market. If the local real estate market is a buyers market, it's possible that many of the homes for sale have been listed for quite some time.  It's fairly common that the longer a home is for sale, the lower the home can be bought for, but this isn't always the case.  In a buyers market, the chance that multiple offers will be received is greatly reduced as there are more homes available. If the local real estate market is a sellers market, it's likely that the homes for sale are sold fairly quickly, within the first week of being listed.  Buying a home in a sellers market can be more difficult for many reasons.  A few factors that contribute to the difficulty level of buying a home in a sellers market include low housing inventory, multiple offers, and a greater number of pre-approved buyers. Remember when determining how much to offer for a home that the condition of the local real estate market is vital.  A sellers market will generally demand an asking price or over asking price offer while a buyers market may warrant a significantly lower offer. Find Out How Much The Home Owner Paid Knowing how much the current owner paid previously for their home sometimes has no relation to how much to offer for a home, but, it certainly can.  Once a buyer finds the home they want to make an offer on, they should attempt to find out how much the current owners paid for the home. In some cases, the homeowners could be an original owner that built the house 40 years ago and obviously with inflation and other factors will make the amount they paid an irrelevant number.  The same can be said with newly built homes.  The cost of new construction is generally much higher than the homes value will be in a handful of years, due to the costs of building.  For example, a home that cost $300,000 to build a handful of years ago may only have a market value of $275,000. The opposite can be true for a homeowner who purchased a home in the past 5 or 6 years.  Finding out how much the current owner paid should be relatively easy as the information is still very likely to be in the local multiple listing service (MLS).  If a homeowner purchased a home for $150,000 a few years ago and they are trying to sell if for $200,000 now, it would be helpful to know what improvements they made to warrant a $50,000 increase in the value. Knowing the history of past transactions of a home can be a very helpful piece of information when determining how much to offer for a home. [caption id="attachment_2702" align="alignright" width="450"]When Determining How Much To Offer For A Home, Ask An Expert! When Determining How Much To Offer For A Home, Ask An Expert![/caption] Ask The Professionals Buying a home is an experience that many people are not familiar with.  When buying a home, it's critical that buyers have a top Realtor representing their best interests.  A top Realtor can help a buyer determine how much to offer for a home, which is a quality tip when it comes to determining the amount to offer for a home! One of the most important interview question to consider asking potential buyers agent's is whether they have experience selling homes in the desired neighborhoods.  An experienced Realtor who has sold homes in a specific neighborhood should be able to have a good idea whether a home is priced accurately or not simply by walking through the property. A top Realtor should be honest with their client and inform them if they feel a home is overpriced, priced well, or possibly under priced.  Unfortunately, there are some Realtors who will try and up-sell buyers, in order to make a few additional bucks and not advise the buyer the home maybe overpriced. Ultimately the decision of  how much to offer for a home is the buyers and not the Realtors.  Even though it ultimately is the buyers decision on how much to offer for a home, taking the advice of a top Realtor is high suggested.  Buyers who completely ignore what a Realtor suggests for an offer price is one of the top things home buyers do that real estate agents hate. Request A Comparative Market Analysis Be Completed Another excellent tip to help home buyers determine how much to offer for a home is by requesting a comparative market analysis be completed by their Realtor.  A comparative market analysis, also known as a CMA, is a very popular method Realtors use to determine market values. Having a comparative market analysis completed can be very helpful for a buyer when determining how much to offer for a home for several reasons.  First and foremost, a comparative market analysis is likely the method a listing agent utilized to determine the list price.  If the listing agent has experience selling homes in the area and is one of the top Realtors in the area, the price they listed the home for sale is likely close to the homes true market value. Another benefit to having a comparative market analysis completed prior to making an offer is it can eliminate possible low appraisal problems.  Just because a home is listed at a specific price, does not mean the home is worth that price, even if a buyer agrees to pay the full list price.  A comparative market analysis can help reduce the chances that a buyer overpays for a home and that the bank cannot justify the agreed sale price. A professionally completed comparative market analysis is a tool that can be a huge help when it comes to determining how much to offer for a home.  The value range that a comparative market analysis suggests, if done properly, should be relatively close to what a home sells for. Determine What The Highest Price You Will Pay Is And Stick To It One of the biggest mistakes that buyers make when buying a home is not sticking to their budget.  Once a buyer finds their "perfect home," it's important they set what the highest price they are willing to pay for that specific property is. Buying a home can be an emotional decision.  Without setting a maximum price, it's possible that a buyer will pay more for a home than they can afford.  By setting a maximum price, a buyer knows that if the negotiations push the price above that maximum number, it's time to walk away.  While it's easier said than done to walk away from a "perfect home," determining a maximum price can be a helpful tip to help determine what to offer for a home. Final Thoughts Determining how much to offer for a home is a big decision and can be tricky.  There is no absolute formula or method to help buyers determine what the purchase offer price should be.  The above tips should make deciding what to offer for a home much easier and less stressful.  Ultimately it is the buyers decision, however, by choosing a top Realtor and having the proper tools and information, buyers will be more comfortable with their decision. Other Top Home Buying Resources If you're buying a home in Rochester, NY, these tips to help determine how much to offer for a home will give you a huge advantage over your competition.  A buyer who has the "know-how" when it comes to determining how much to offer for a home will greatly increase their chances of successfully getting their "perfect home!"  If you haven't selected a top Rochester, NY realtor yet, please contact me, and I'd love to share my experience and expertise about buying a home in the local Rochester real estate market!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Tips To Help Determine How Much To Offer For A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> May Home Maintenance Checklist: 30 Essential Tasks to Prepare Your Home for Summer https://www.rochesterrealestateblog.com/may-home-maintenance-checklist/ Tue, 19 May 2015 11:00:25 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=20484 Tips To Help Determine How Much To Offer For A Home[/caption] Finding just the right home for some buyers is a difficult task and can be emotionally and physically draining.  Once a buyer finds their "perfect home," only a small portion of the home buying process has been completed. One of the most important steps in the home buying process is successfully negotiating with the home owner.  There are many things that a buyer must decide on when negotiating with the seller.  What contingencies do they want to include?  When do they want to close on the home?  Do they want to have a home inspection? One of the top frequently asked questions from home buyers relates to price.  What should we offer the sellers?  Ultimately the buyer is the person in charge of making the final decision on what amount they should offer the home owner. There are many ways to help home buyers determine how much to offer for a home.  Here are some of the the best tips, and also things to avoid, when determining how much to offer for a home! What Should You Avoid When Determining How Much To Offer For A Home? Unfortunately there are many home buyers in the market place who have no idea when it comes to determining how much to offer for a home.  There are several things that home buyers need to avoid when figuring out how much to offer for a home, otherwise, the probability their offer is accepted is slim to none! Using Online Home Value Estimates One of the most popular misconceptions when it comes to home buying is that online home value estimates are accurate.  Home buyers who believe this "BS" fact about home buying will be extremely disappointed when offer after offer is rejected. When determining how much to offer for a home, make sure you avoid at all costs, online home value estimates.  Online home value estimates, such as Zillow's "Zestimate," are in many cases very inaccurate.  In a recent study of Rochester, NY homes that recently closed, almost 40% of the homes that closed on a specific date had "Zestimates" which were $15,000-$20,000 lower or higher than the actual sale prices. [caption id="attachment_2698" align="alignleft" width="450"]What Should Home Buyers Avoid When Determining How Much To Offer For A Home What Should Home Buyers Avoid When Determining How Much To Offer For A Home[/caption] A buyer who believes any online home value estimates will put themselves at a huge disadvantage when it comes to buying a home.  It's important to remember when determining how much to offer for a home, these online home value estimates are often generated by a computer formula and can be very inaccurate. Don't Be Fooled By Tax Assessments It's important to understand when buying a home, there is a difference between market value, assessed value, and appraised value.  One of the biggest thing to avoid when determining how much to offer for a home is using a homes assessed value as an offer price. The assessed value of a home is used for one thing, to determine how much the property taxes will be.  Assessed value has no correlation to a homes market value.  There are many real estate markets where the assessed value of homes will be significantly lower or higher than what homes are selling for. For example, a significant percentage of recently sold Webster, NY homes have sold for much higher than their  assessed values.  This is great for the local residents as it helps keep the property taxes lower. What Are The Top Tips To Help Buyers Determine How Much To Offer For A Home? There is no absolute way to determine how much to offer for a home.  Due to the fact that every seller has different reasons and different expectations, as well as the fact that homes are rarely identical, knowing how much to offer for a home can sometimes be tricky.  Here are several top tips to help buyers determine how much to offer for a home. Review The Current State Of The Local Real Estate Market It's important that buyers keep in mind what the current state of their local real estate market is when deciding how much to offer for a home.  Every real estate market is different.  Some real estate markets are neutral, some markets are buyers markets, and some markets are sellers market. If the local real estate market is a buyers market, it's possible that many of the homes for sale have been listed for quite some time.  It's fairly common that the longer a home is for sale, the lower the home can be bought for, but this isn't always the case.  In a buyers market, the chance that multiple offers will be received is greatly reduced as there are more homes available. If the local real estate market is a sellers market, it's likely that the homes for sale are sold fairly quickly, within the first week of being listed.  Buying a home in a sellers market can be more difficult for many reasons.  A few factors that contribute to the difficulty level of buying a home in a sellers market include low housing inventory, multiple offers, and a greater number of pre-approved buyers. Remember when determining how much to offer for a home that the condition of the local real estate market is vital.  A sellers market will generally demand an asking price or over asking price offer while a buyers market may warrant a significantly lower offer. Find Out How Much The Home Owner Paid Knowing how much the current owner paid previously for their home sometimes has no relation to how much to offer for a home, but, it certainly can.  Once a buyer finds the home they want to make an offer on, they should attempt to find out how much the current owners paid for the home. In some cases, the homeowners could be an original owner that built the house 40 years ago and obviously with inflation and other factors will make the amount they paid an irrelevant number.  The same can be said with newly built homes.  The cost of new construction is generally much higher than the homes value will be in a handful of years, due to the costs of building.  For example, a home that cost $300,000 to build a handful of years ago may only have a market value of $275,000. The opposite can be true for a homeowner who purchased a home in the past 5 or 6 years.  Finding out how much the current owner paid should be relatively easy as the information is still very likely to be in the local multiple listing service (MLS).  If a homeowner purchased a home for $150,000 a few years ago and they are trying to sell if for $200,000 now, it would be helpful to know what improvements they made to warrant a $50,000 increase in the value. Knowing the history of past transactions of a home can be a very helpful piece of information when determining how much to offer for a home. [caption id="attachment_2702" align="alignright" width="450"]When Determining How Much To Offer For A Home, Ask An Expert! When Determining How Much To Offer For A Home, Ask An Expert![/caption] Ask The Professionals Buying a home is an experience that many people are not familiar with.  When buying a home, it's critical that buyers have a top Realtor representing their best interests.  A top Realtor can help a buyer determine how much to offer for a home, which is a quality tip when it comes to determining the amount to offer for a home! One of the most important interview question to consider asking potential buyers agent's is whether they have experience selling homes in the desired neighborhoods.  An experienced Realtor who has sold homes in a specific neighborhood should be able to have a good idea whether a home is priced accurately or not simply by walking through the property. A top Realtor should be honest with their client and inform them if they feel a home is overpriced, priced well, or possibly under priced.  Unfortunately, there are some Realtors who will try and up-sell buyers, in order to make a few additional bucks and not advise the buyer the home maybe overpriced. Ultimately the decision of  how much to offer for a home is the buyers and not the Realtors.  Even though it ultimately is the buyers decision on how much to offer for a home, taking the advice of a top Realtor is high suggested.  Buyers who completely ignore what a Realtor suggests for an offer price is one of the top things home buyers do that real estate agents hate. Request A Comparative Market Analysis Be Completed Another excellent tip to help home buyers determine how much to offer for a home is by requesting a comparative market analysis be completed by their Realtor.  A comparative market analysis, also known as a CMA, is a very popular method Realtors use to determine market values. Having a comparative market analysis completed can be very helpful for a buyer when determining how much to offer for a home for several reasons.  First and foremost, a comparative market analysis is likely the method a listing agent utilized to determine the list price.  If the listing agent has experience selling homes in the area and is one of the top Realtors in the area, the price they listed the home for sale is likely close to the homes true market value. Another benefit to having a comparative market analysis completed prior to making an offer is it can eliminate possible low appraisal problems.  Just because a home is listed at a specific price, does not mean the home is worth that price, even if a buyer agrees to pay the full list price.  A comparative market analysis can help reduce the chances that a buyer overpays for a home and that the bank cannot justify the agreed sale price. A professionally completed comparative market analysis is a tool that can be a huge help when it comes to determining how much to offer for a home.  The value range that a comparative market analysis suggests, if done properly, should be relatively close to what a home sells for. Determine What The Highest Price You Will Pay Is And Stick To It One of the biggest mistakes that buyers make when buying a home is not sticking to their budget.  Once a buyer finds their "perfect home," it's important they set what the highest price they are willing to pay for that specific property is. Buying a home can be an emotional decision.  Without setting a maximum price, it's possible that a buyer will pay more for a home than they can afford.  By setting a maximum price, a buyer knows that if the negotiations push the price above that maximum number, it's time to walk away.  While it's easier said than done to walk away from a "perfect home," determining a maximum price can be a helpful tip to help determine what to offer for a home. Final Thoughts Determining how much to offer for a home is a big decision and can be tricky.  There is no absolute formula or method to help buyers determine what the purchase offer price should be.  The above tips should make deciding what to offer for a home much easier and less stressful.  Ultimately it is the buyers decision, however, by choosing a top Realtor and having the proper tools and information, buyers will be more comfortable with their decision. Other Top Home Buying Resources If you're buying a home in Rochester, NY, these tips to help determine how much to offer for a home will give you a huge advantage over your competition.  A buyer who has the "know-how" when it comes to determining how much to offer for a home will greatly increase their chances of successfully getting their "perfect home!"  If you haven't selected a top Rochester, NY realtor yet, please contact me, and I'd love to share my experience and expertise about buying a home in the local Rochester real estate market!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Tips To Help Determine How Much To Offer For A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> April Home Maintenance Checklist: How To Prepare Your Rochester NY Home For Spring https://www.rochesterrealestateblog.com/april-home-maintenance-checklist/ Tue, 19 May 2015 11:00:25 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=20364 Tips To Help Determine How Much To Offer For A Home[/caption] Finding just the right home for some buyers is a difficult task and can be emotionally and physically draining.  Once a buyer finds their "perfect home," only a small portion of the home buying process has been completed. One of the most important steps in the home buying process is successfully negotiating with the home owner.  There are many things that a buyer must decide on when negotiating with the seller.  What contingencies do they want to include?  When do they want to close on the home?  Do they want to have a home inspection? One of the top frequently asked questions from home buyers relates to price.  What should we offer the sellers?  Ultimately the buyer is the person in charge of making the final decision on what amount they should offer the home owner. There are many ways to help home buyers determine how much to offer for a home.  Here are some of the the best tips, and also things to avoid, when determining how much to offer for a home! What Should You Avoid When Determining How Much To Offer For A Home? Unfortunately there are many home buyers in the market place who have no idea when it comes to determining how much to offer for a home.  There are several things that home buyers need to avoid when figuring out how much to offer for a home, otherwise, the probability their offer is accepted is slim to none! Using Online Home Value Estimates One of the most popular misconceptions when it comes to home buying is that online home value estimates are accurate.  Home buyers who believe this "BS" fact about home buying will be extremely disappointed when offer after offer is rejected. When determining how much to offer for a home, make sure you avoid at all costs, online home value estimates.  Online home value estimates, such as Zillow's "Zestimate," are in many cases very inaccurate.  In a recent study of Rochester, NY homes that recently closed, almost 40% of the homes that closed on a specific date had "Zestimates" which were $15,000-$20,000 lower or higher than the actual sale prices. [caption id="attachment_2698" align="alignleft" width="450"]What Should Home Buyers Avoid When Determining How Much To Offer For A Home What Should Home Buyers Avoid When Determining How Much To Offer For A Home[/caption] A buyer who believes any online home value estimates will put themselves at a huge disadvantage when it comes to buying a home.  It's important to remember when determining how much to offer for a home, these online home value estimates are often generated by a computer formula and can be very inaccurate. Don't Be Fooled By Tax Assessments It's important to understand when buying a home, there is a difference between market value, assessed value, and appraised value.  One of the biggest thing to avoid when determining how much to offer for a home is using a homes assessed value as an offer price. The assessed value of a home is used for one thing, to determine how much the property taxes will be.  Assessed value has no correlation to a homes market value.  There are many real estate markets where the assessed value of homes will be significantly lower or higher than what homes are selling for. For example, a significant percentage of recently sold Webster, NY homes have sold for much higher than their  assessed values.  This is great for the local residents as it helps keep the property taxes lower. What Are The Top Tips To Help Buyers Determine How Much To Offer For A Home? There is no absolute way to determine how much to offer for a home.  Due to the fact that every seller has different reasons and different expectations, as well as the fact that homes are rarely identical, knowing how much to offer for a home can sometimes be tricky.  Here are several top tips to help buyers determine how much to offer for a home. Review The Current State Of The Local Real Estate Market It's important that buyers keep in mind what the current state of their local real estate market is when deciding how much to offer for a home.  Every real estate market is different.  Some real estate markets are neutral, some markets are buyers markets, and some markets are sellers market. If the local real estate market is a buyers market, it's possible that many of the homes for sale have been listed for quite some time.  It's fairly common that the longer a home is for sale, the lower the home can be bought for, but this isn't always the case.  In a buyers market, the chance that multiple offers will be received is greatly reduced as there are more homes available. If the local real estate market is a sellers market, it's likely that the homes for sale are sold fairly quickly, within the first week of being listed.  Buying a home in a sellers market can be more difficult for many reasons.  A few factors that contribute to the difficulty level of buying a home in a sellers market include low housing inventory, multiple offers, and a greater number of pre-approved buyers. Remember when determining how much to offer for a home that the condition of the local real estate market is vital.  A sellers market will generally demand an asking price or over asking price offer while a buyers market may warrant a significantly lower offer. Find Out How Much The Home Owner Paid Knowing how much the current owner paid previously for their home sometimes has no relation to how much to offer for a home, but, it certainly can.  Once a buyer finds the home they want to make an offer on, they should attempt to find out how much the current owners paid for the home. In some cases, the homeowners could be an original owner that built the house 40 years ago and obviously with inflation and other factors will make the amount they paid an irrelevant number.  The same can be said with newly built homes.  The cost of new construction is generally much higher than the homes value will be in a handful of years, due to the costs of building.  For example, a home that cost $300,000 to build a handful of years ago may only have a market value of $275,000. The opposite can be true for a homeowner who purchased a home in the past 5 or 6 years.  Finding out how much the current owner paid should be relatively easy as the information is still very likely to be in the local multiple listing service (MLS).  If a homeowner purchased a home for $150,000 a few years ago and they are trying to sell if for $200,000 now, it would be helpful to know what improvements they made to warrant a $50,000 increase in the value. Knowing the history of past transactions of a home can be a very helpful piece of information when determining how much to offer for a home. [caption id="attachment_2702" align="alignright" width="450"]When Determining How Much To Offer For A Home, Ask An Expert! When Determining How Much To Offer For A Home, Ask An Expert![/caption] Ask The Professionals Buying a home is an experience that many people are not familiar with.  When buying a home, it's critical that buyers have a top Realtor representing their best interests.  A top Realtor can help a buyer determine how much to offer for a home, which is a quality tip when it comes to determining the amount to offer for a home! One of the most important interview question to consider asking potential buyers agent's is whether they have experience selling homes in the desired neighborhoods.  An experienced Realtor who has sold homes in a specific neighborhood should be able to have a good idea whether a home is priced accurately or not simply by walking through the property. A top Realtor should be honest with their client and inform them if they feel a home is overpriced, priced well, or possibly under priced.  Unfortunately, there are some Realtors who will try and up-sell buyers, in order to make a few additional bucks and not advise the buyer the home maybe overpriced. Ultimately the decision of  how much to offer for a home is the buyers and not the Realtors.  Even though it ultimately is the buyers decision on how much to offer for a home, taking the advice of a top Realtor is high suggested.  Buyers who completely ignore what a Realtor suggests for an offer price is one of the top things home buyers do that real estate agents hate. Request A Comparative Market Analysis Be Completed Another excellent tip to help home buyers determine how much to offer for a home is by requesting a comparative market analysis be completed by their Realtor.  A comparative market analysis, also known as a CMA, is a very popular method Realtors use to determine market values. Having a comparative market analysis completed can be very helpful for a buyer when determining how much to offer for a home for several reasons.  First and foremost, a comparative market analysis is likely the method a listing agent utilized to determine the list price.  If the listing agent has experience selling homes in the area and is one of the top Realtors in the area, the price they listed the home for sale is likely close to the homes true market value. Another benefit to having a comparative market analysis completed prior to making an offer is it can eliminate possible low appraisal problems.  Just because a home is listed at a specific price, does not mean the home is worth that price, even if a buyer agrees to pay the full list price.  A comparative market analysis can help reduce the chances that a buyer overpays for a home and that the bank cannot justify the agreed sale price. A professionally completed comparative market analysis is a tool that can be a huge help when it comes to determining how much to offer for a home.  The value range that a comparative market analysis suggests, if done properly, should be relatively close to what a home sells for. Determine What The Highest Price You Will Pay Is And Stick To It One of the biggest mistakes that buyers make when buying a home is not sticking to their budget.  Once a buyer finds their "perfect home," it's important they set what the highest price they are willing to pay for that specific property is. Buying a home can be an emotional decision.  Without setting a maximum price, it's possible that a buyer will pay more for a home than they can afford.  By setting a maximum price, a buyer knows that if the negotiations push the price above that maximum number, it's time to walk away.  While it's easier said than done to walk away from a "perfect home," determining a maximum price can be a helpful tip to help determine what to offer for a home. Final Thoughts Determining how much to offer for a home is a big decision and can be tricky.  There is no absolute formula or method to help buyers determine what the purchase offer price should be.  The above tips should make deciding what to offer for a home much easier and less stressful.  Ultimately it is the buyers decision, however, by choosing a top Realtor and having the proper tools and information, buyers will be more comfortable with their decision. Other Top Home Buying Resources If you're buying a home in Rochester, NY, these tips to help determine how much to offer for a home will give you a huge advantage over your competition.  A buyer who has the "know-how" when it comes to determining how much to offer for a home will greatly increase their chances of successfully getting their "perfect home!"  If you haven't selected a top Rochester, NY realtor yet, please contact me, and I'd love to share my experience and expertise about buying a home in the local Rochester real estate market!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Tips To Help Determine How Much To Offer For A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> March Home Maintenance Checklist: Get Your New York Home Ready for Spring https://www.rochesterrealestateblog.com/march-home-maintenance-checklist/ Tue, 19 May 2015 11:00:25 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=20338 Tips To Help Determine How Much To Offer For A Home[/caption] Finding just the right home for some buyers is a difficult task and can be emotionally and physically draining.  Once a buyer finds their "perfect home," only a small portion of the home buying process has been completed. One of the most important steps in the home buying process is successfully negotiating with the home owner.  There are many things that a buyer must decide on when negotiating with the seller.  What contingencies do they want to include?  When do they want to close on the home?  Do they want to have a home inspection? One of the top frequently asked questions from home buyers relates to price.  What should we offer the sellers?  Ultimately the buyer is the person in charge of making the final decision on what amount they should offer the home owner. There are many ways to help home buyers determine how much to offer for a home.  Here are some of the the best tips, and also things to avoid, when determining how much to offer for a home! What Should You Avoid When Determining How Much To Offer For A Home? Unfortunately there are many home buyers in the market place who have no idea when it comes to determining how much to offer for a home.  There are several things that home buyers need to avoid when figuring out how much to offer for a home, otherwise, the probability their offer is accepted is slim to none! Using Online Home Value Estimates One of the most popular misconceptions when it comes to home buying is that online home value estimates are accurate.  Home buyers who believe this "BS" fact about home buying will be extremely disappointed when offer after offer is rejected. When determining how much to offer for a home, make sure you avoid at all costs, online home value estimates.  Online home value estimates, such as Zillow's "Zestimate," are in many cases very inaccurate.  In a recent study of Rochester, NY homes that recently closed, almost 40% of the homes that closed on a specific date had "Zestimates" which were $15,000-$20,000 lower or higher than the actual sale prices. [caption id="attachment_2698" align="alignleft" width="450"]What Should Home Buyers Avoid When Determining How Much To Offer For A Home What Should Home Buyers Avoid When Determining How Much To Offer For A Home[/caption] A buyer who believes any online home value estimates will put themselves at a huge disadvantage when it comes to buying a home.  It's important to remember when determining how much to offer for a home, these online home value estimates are often generated by a computer formula and can be very inaccurate. Don't Be Fooled By Tax Assessments It's important to understand when buying a home, there is a difference between market value, assessed value, and appraised value.  One of the biggest thing to avoid when determining how much to offer for a home is using a homes assessed value as an offer price. The assessed value of a home is used for one thing, to determine how much the property taxes will be.  Assessed value has no correlation to a homes market value.  There are many real estate markets where the assessed value of homes will be significantly lower or higher than what homes are selling for. For example, a significant percentage of recently sold Webster, NY homes have sold for much higher than their  assessed values.  This is great for the local residents as it helps keep the property taxes lower. What Are The Top Tips To Help Buyers Determine How Much To Offer For A Home? There is no absolute way to determine how much to offer for a home.  Due to the fact that every seller has different reasons and different expectations, as well as the fact that homes are rarely identical, knowing how much to offer for a home can sometimes be tricky.  Here are several top tips to help buyers determine how much to offer for a home. Review The Current State Of The Local Real Estate Market It's important that buyers keep in mind what the current state of their local real estate market is when deciding how much to offer for a home.  Every real estate market is different.  Some real estate markets are neutral, some markets are buyers markets, and some markets are sellers market. If the local real estate market is a buyers market, it's possible that many of the homes for sale have been listed for quite some time.  It's fairly common that the longer a home is for sale, the lower the home can be bought for, but this isn't always the case.  In a buyers market, the chance that multiple offers will be received is greatly reduced as there are more homes available. If the local real estate market is a sellers market, it's likely that the homes for sale are sold fairly quickly, within the first week of being listed.  Buying a home in a sellers market can be more difficult for many reasons.  A few factors that contribute to the difficulty level of buying a home in a sellers market include low housing inventory, multiple offers, and a greater number of pre-approved buyers. Remember when determining how much to offer for a home that the condition of the local real estate market is vital.  A sellers market will generally demand an asking price or over asking price offer while a buyers market may warrant a significantly lower offer. Find Out How Much The Home Owner Paid Knowing how much the current owner paid previously for their home sometimes has no relation to how much to offer for a home, but, it certainly can.  Once a buyer finds the home they want to make an offer on, they should attempt to find out how much the current owners paid for the home. In some cases, the homeowners could be an original owner that built the house 40 years ago and obviously with inflation and other factors will make the amount they paid an irrelevant number.  The same can be said with newly built homes.  The cost of new construction is generally much higher than the homes value will be in a handful of years, due to the costs of building.  For example, a home that cost $300,000 to build a handful of years ago may only have a market value of $275,000. The opposite can be true for a homeowner who purchased a home in the past 5 or 6 years.  Finding out how much the current owner paid should be relatively easy as the information is still very likely to be in the local multiple listing service (MLS).  If a homeowner purchased a home for $150,000 a few years ago and they are trying to sell if for $200,000 now, it would be helpful to know what improvements they made to warrant a $50,000 increase in the value. Knowing the history of past transactions of a home can be a very helpful piece of information when determining how much to offer for a home. [caption id="attachment_2702" align="alignright" width="450"]When Determining How Much To Offer For A Home, Ask An Expert! When Determining How Much To Offer For A Home, Ask An Expert![/caption] Ask The Professionals Buying a home is an experience that many people are not familiar with.  When buying a home, it's critical that buyers have a top Realtor representing their best interests.  A top Realtor can help a buyer determine how much to offer for a home, which is a quality tip when it comes to determining the amount to offer for a home! One of the most important interview question to consider asking potential buyers agent's is whether they have experience selling homes in the desired neighborhoods.  An experienced Realtor who has sold homes in a specific neighborhood should be able to have a good idea whether a home is priced accurately or not simply by walking through the property. A top Realtor should be honest with their client and inform them if they feel a home is overpriced, priced well, or possibly under priced.  Unfortunately, there are some Realtors who will try and up-sell buyers, in order to make a few additional bucks and not advise the buyer the home maybe overpriced. Ultimately the decision of  how much to offer for a home is the buyers and not the Realtors.  Even though it ultimately is the buyers decision on how much to offer for a home, taking the advice of a top Realtor is high suggested.  Buyers who completely ignore what a Realtor suggests for an offer price is one of the top things home buyers do that real estate agents hate. Request A Comparative Market Analysis Be Completed Another excellent tip to help home buyers determine how much to offer for a home is by requesting a comparative market analysis be completed by their Realtor.  A comparative market analysis, also known as a CMA, is a very popular method Realtors use to determine market values. Having a comparative market analysis completed can be very helpful for a buyer when determining how much to offer for a home for several reasons.  First and foremost, a comparative market analysis is likely the method a listing agent utilized to determine the list price.  If the listing agent has experience selling homes in the area and is one of the top Realtors in the area, the price they listed the home for sale is likely close to the homes true market value. Another benefit to having a comparative market analysis completed prior to making an offer is it can eliminate possible low appraisal problems.  Just because a home is listed at a specific price, does not mean the home is worth that price, even if a buyer agrees to pay the full list price.  A comparative market analysis can help reduce the chances that a buyer overpays for a home and that the bank cannot justify the agreed sale price. A professionally completed comparative market analysis is a tool that can be a huge help when it comes to determining how much to offer for a home.  The value range that a comparative market analysis suggests, if done properly, should be relatively close to what a home sells for. Determine What The Highest Price You Will Pay Is And Stick To It One of the biggest mistakes that buyers make when buying a home is not sticking to their budget.  Once a buyer finds their "perfect home," it's important they set what the highest price they are willing to pay for that specific property is. Buying a home can be an emotional decision.  Without setting a maximum price, it's possible that a buyer will pay more for a home than they can afford.  By setting a maximum price, a buyer knows that if the negotiations push the price above that maximum number, it's time to walk away.  While it's easier said than done to walk away from a "perfect home," determining a maximum price can be a helpful tip to help determine what to offer for a home. Final Thoughts Determining how much to offer for a home is a big decision and can be tricky.  There is no absolute formula or method to help buyers determine what the purchase offer price should be.  The above tips should make deciding what to offer for a home much easier and less stressful.  Ultimately it is the buyers decision, however, by choosing a top Realtor and having the proper tools and information, buyers will be more comfortable with their decision. Other Top Home Buying Resources If you're buying a home in Rochester, NY, these tips to help determine how much to offer for a home will give you a huge advantage over your competition.  A buyer who has the "know-how" when it comes to determining how much to offer for a home will greatly increase their chances of successfully getting their "perfect home!"  If you haven't selected a top Rochester, NY realtor yet, please contact me, and I'd love to share my experience and expertise about buying a home in the local Rochester real estate market!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Tips To Help Determine How Much To Offer For A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> How to Buy a House in New York https://www.rochesterrealestateblog.com/buy-a-house-in-new-york/ Tue, 19 May 2015 11:00:25 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19906 Tips To Help Determine How Much To Offer For A Home[/caption] Finding just the right home for some buyers is a difficult task and can be emotionally and physically draining.  Once a buyer finds their "perfect home," only a small portion of the home buying process has been completed. One of the most important steps in the home buying process is successfully negotiating with the home owner.  There are many things that a buyer must decide on when negotiating with the seller.  What contingencies do they want to include?  When do they want to close on the home?  Do they want to have a home inspection? One of the top frequently asked questions from home buyers relates to price.  What should we offer the sellers?  Ultimately the buyer is the person in charge of making the final decision on what amount they should offer the home owner. There are many ways to help home buyers determine how much to offer for a home.  Here are some of the the best tips, and also things to avoid, when determining how much to offer for a home! What Should You Avoid When Determining How Much To Offer For A Home? Unfortunately there are many home buyers in the market place who have no idea when it comes to determining how much to offer for a home.  There are several things that home buyers need to avoid when figuring out how much to offer for a home, otherwise, the probability their offer is accepted is slim to none! Using Online Home Value Estimates One of the most popular misconceptions when it comes to home buying is that online home value estimates are accurate.  Home buyers who believe this "BS" fact about home buying will be extremely disappointed when offer after offer is rejected. When determining how much to offer for a home, make sure you avoid at all costs, online home value estimates.  Online home value estimates, such as Zillow's "Zestimate," are in many cases very inaccurate.  In a recent study of Rochester, NY homes that recently closed, almost 40% of the homes that closed on a specific date had "Zestimates" which were $15,000-$20,000 lower or higher than the actual sale prices. [caption id="attachment_2698" align="alignleft" width="450"]What Should Home Buyers Avoid When Determining How Much To Offer For A Home What Should Home Buyers Avoid When Determining How Much To Offer For A Home[/caption] A buyer who believes any online home value estimates will put themselves at a huge disadvantage when it comes to buying a home.  It's important to remember when determining how much to offer for a home, these online home value estimates are often generated by a computer formula and can be very inaccurate. Don't Be Fooled By Tax Assessments It's important to understand when buying a home, there is a difference between market value, assessed value, and appraised value.  One of the biggest thing to avoid when determining how much to offer for a home is using a homes assessed value as an offer price. The assessed value of a home is used for one thing, to determine how much the property taxes will be.  Assessed value has no correlation to a homes market value.  There are many real estate markets where the assessed value of homes will be significantly lower or higher than what homes are selling for. For example, a significant percentage of recently sold Webster, NY homes have sold for much higher than their  assessed values.  This is great for the local residents as it helps keep the property taxes lower. What Are The Top Tips To Help Buyers Determine How Much To Offer For A Home? There is no absolute way to determine how much to offer for a home.  Due to the fact that every seller has different reasons and different expectations, as well as the fact that homes are rarely identical, knowing how much to offer for a home can sometimes be tricky.  Here are several top tips to help buyers determine how much to offer for a home. Review The Current State Of The Local Real Estate Market It's important that buyers keep in mind what the current state of their local real estate market is when deciding how much to offer for a home.  Every real estate market is different.  Some real estate markets are neutral, some markets are buyers markets, and some markets are sellers market. If the local real estate market is a buyers market, it's possible that many of the homes for sale have been listed for quite some time.  It's fairly common that the longer a home is for sale, the lower the home can be bought for, but this isn't always the case.  In a buyers market, the chance that multiple offers will be received is greatly reduced as there are more homes available. If the local real estate market is a sellers market, it's likely that the homes for sale are sold fairly quickly, within the first week of being listed.  Buying a home in a sellers market can be more difficult for many reasons.  A few factors that contribute to the difficulty level of buying a home in a sellers market include low housing inventory, multiple offers, and a greater number of pre-approved buyers. Remember when determining how much to offer for a home that the condition of the local real estate market is vital.  A sellers market will generally demand an asking price or over asking price offer while a buyers market may warrant a significantly lower offer. Find Out How Much The Home Owner Paid Knowing how much the current owner paid previously for their home sometimes has no relation to how much to offer for a home, but, it certainly can.  Once a buyer finds the home they want to make an offer on, they should attempt to find out how much the current owners paid for the home. In some cases, the homeowners could be an original owner that built the house 40 years ago and obviously with inflation and other factors will make the amount they paid an irrelevant number.  The same can be said with newly built homes.  The cost of new construction is generally much higher than the homes value will be in a handful of years, due to the costs of building.  For example, a home that cost $300,000 to build a handful of years ago may only have a market value of $275,000. The opposite can be true for a homeowner who purchased a home in the past 5 or 6 years.  Finding out how much the current owner paid should be relatively easy as the information is still very likely to be in the local multiple listing service (MLS).  If a homeowner purchased a home for $150,000 a few years ago and they are trying to sell if for $200,000 now, it would be helpful to know what improvements they made to warrant a $50,000 increase in the value. Knowing the history of past transactions of a home can be a very helpful piece of information when determining how much to offer for a home. [caption id="attachment_2702" align="alignright" width="450"]When Determining How Much To Offer For A Home, Ask An Expert! When Determining How Much To Offer For A Home, Ask An Expert![/caption] Ask The Professionals Buying a home is an experience that many people are not familiar with.  When buying a home, it's critical that buyers have a top Realtor representing their best interests.  A top Realtor can help a buyer determine how much to offer for a home, which is a quality tip when it comes to determining the amount to offer for a home! One of the most important interview question to consider asking potential buyers agent's is whether they have experience selling homes in the desired neighborhoods.  An experienced Realtor who has sold homes in a specific neighborhood should be able to have a good idea whether a home is priced accurately or not simply by walking through the property. A top Realtor should be honest with their client and inform them if they feel a home is overpriced, priced well, or possibly under priced.  Unfortunately, there are some Realtors who will try and up-sell buyers, in order to make a few additional bucks and not advise the buyer the home maybe overpriced. Ultimately the decision of  how much to offer for a home is the buyers and not the Realtors.  Even though it ultimately is the buyers decision on how much to offer for a home, taking the advice of a top Realtor is high suggested.  Buyers who completely ignore what a Realtor suggests for an offer price is one of the top things home buyers do that real estate agents hate. Request A Comparative Market Analysis Be Completed Another excellent tip to help home buyers determine how much to offer for a home is by requesting a comparative market analysis be completed by their Realtor.  A comparative market analysis, also known as a CMA, is a very popular method Realtors use to determine market values. Having a comparative market analysis completed can be very helpful for a buyer when determining how much to offer for a home for several reasons.  First and foremost, a comparative market analysis is likely the method a listing agent utilized to determine the list price.  If the listing agent has experience selling homes in the area and is one of the top Realtors in the area, the price they listed the home for sale is likely close to the homes true market value. Another benefit to having a comparative market analysis completed prior to making an offer is it can eliminate possible low appraisal problems.  Just because a home is listed at a specific price, does not mean the home is worth that price, even if a buyer agrees to pay the full list price.  A comparative market analysis can help reduce the chances that a buyer overpays for a home and that the bank cannot justify the agreed sale price. A professionally completed comparative market analysis is a tool that can be a huge help when it comes to determining how much to offer for a home.  The value range that a comparative market analysis suggests, if done properly, should be relatively close to what a home sells for. Determine What The Highest Price You Will Pay Is And Stick To It One of the biggest mistakes that buyers make when buying a home is not sticking to their budget.  Once a buyer finds their "perfect home," it's important they set what the highest price they are willing to pay for that specific property is. Buying a home can be an emotional decision.  Without setting a maximum price, it's possible that a buyer will pay more for a home than they can afford.  By setting a maximum price, a buyer knows that if the negotiations push the price above that maximum number, it's time to walk away.  While it's easier said than done to walk away from a "perfect home," determining a maximum price can be a helpful tip to help determine what to offer for a home. Final Thoughts Determining how much to offer for a home is a big decision and can be tricky.  There is no absolute formula or method to help buyers determine what the purchase offer price should be.  The above tips should make deciding what to offer for a home much easier and less stressful.  Ultimately it is the buyers decision, however, by choosing a top Realtor and having the proper tools and information, buyers will be more comfortable with their decision. Other Top Home Buying Resources If you're buying a home in Rochester, NY, these tips to help determine how much to offer for a home will give you a huge advantage over your competition.  A buyer who has the "know-how" when it comes to determining how much to offer for a home will greatly increase their chances of successfully getting their "perfect home!"  If you haven't selected a top Rochester, NY realtor yet, please contact me, and I'd love to share my experience and expertise about buying a home in the local Rochester real estate market!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Tips To Help Determine How Much To Offer For A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> How to Sell a House in New York https://www.rochesterrealestateblog.com/sell-a-house-in-new-york/ Tue, 19 May 2015 11:00:25 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19905 Tips To Help Determine How Much To Offer For A Home[/caption] Finding just the right home for some buyers is a difficult task and can be emotionally and physically draining.  Once a buyer finds their "perfect home," only a small portion of the home buying process has been completed. One of the most important steps in the home buying process is successfully negotiating with the home owner.  There are many things that a buyer must decide on when negotiating with the seller.  What contingencies do they want to include?  When do they want to close on the home?  Do they want to have a home inspection? One of the top frequently asked questions from home buyers relates to price.  What should we offer the sellers?  Ultimately the buyer is the person in charge of making the final decision on what amount they should offer the home owner. There are many ways to help home buyers determine how much to offer for a home.  Here are some of the the best tips, and also things to avoid, when determining how much to offer for a home! What Should You Avoid When Determining How Much To Offer For A Home? Unfortunately there are many home buyers in the market place who have no idea when it comes to determining how much to offer for a home.  There are several things that home buyers need to avoid when figuring out how much to offer for a home, otherwise, the probability their offer is accepted is slim to none! Using Online Home Value Estimates One of the most popular misconceptions when it comes to home buying is that online home value estimates are accurate.  Home buyers who believe this "BS" fact about home buying will be extremely disappointed when offer after offer is rejected. When determining how much to offer for a home, make sure you avoid at all costs, online home value estimates.  Online home value estimates, such as Zillow's "Zestimate," are in many cases very inaccurate.  In a recent study of Rochester, NY homes that recently closed, almost 40% of the homes that closed on a specific date had "Zestimates" which were $15,000-$20,000 lower or higher than the actual sale prices. [caption id="attachment_2698" align="alignleft" width="450"]What Should Home Buyers Avoid When Determining How Much To Offer For A Home What Should Home Buyers Avoid When Determining How Much To Offer For A Home[/caption] A buyer who believes any online home value estimates will put themselves at a huge disadvantage when it comes to buying a home.  It's important to remember when determining how much to offer for a home, these online home value estimates are often generated by a computer formula and can be very inaccurate. Don't Be Fooled By Tax Assessments It's important to understand when buying a home, there is a difference between market value, assessed value, and appraised value.  One of the biggest thing to avoid when determining how much to offer for a home is using a homes assessed value as an offer price. The assessed value of a home is used for one thing, to determine how much the property taxes will be.  Assessed value has no correlation to a homes market value.  There are many real estate markets where the assessed value of homes will be significantly lower or higher than what homes are selling for. For example, a significant percentage of recently sold Webster, NY homes have sold for much higher than their  assessed values.  This is great for the local residents as it helps keep the property taxes lower. What Are The Top Tips To Help Buyers Determine How Much To Offer For A Home? There is no absolute way to determine how much to offer for a home.  Due to the fact that every seller has different reasons and different expectations, as well as the fact that homes are rarely identical, knowing how much to offer for a home can sometimes be tricky.  Here are several top tips to help buyers determine how much to offer for a home. Review The Current State Of The Local Real Estate Market It's important that buyers keep in mind what the current state of their local real estate market is when deciding how much to offer for a home.  Every real estate market is different.  Some real estate markets are neutral, some markets are buyers markets, and some markets are sellers market. If the local real estate market is a buyers market, it's possible that many of the homes for sale have been listed for quite some time.  It's fairly common that the longer a home is for sale, the lower the home can be bought for, but this isn't always the case.  In a buyers market, the chance that multiple offers will be received is greatly reduced as there are more homes available. If the local real estate market is a sellers market, it's likely that the homes for sale are sold fairly quickly, within the first week of being listed.  Buying a home in a sellers market can be more difficult for many reasons.  A few factors that contribute to the difficulty level of buying a home in a sellers market include low housing inventory, multiple offers, and a greater number of pre-approved buyers. Remember when determining how much to offer for a home that the condition of the local real estate market is vital.  A sellers market will generally demand an asking price or over asking price offer while a buyers market may warrant a significantly lower offer. Find Out How Much The Home Owner Paid Knowing how much the current owner paid previously for their home sometimes has no relation to how much to offer for a home, but, it certainly can.  Once a buyer finds the home they want to make an offer on, they should attempt to find out how much the current owners paid for the home. In some cases, the homeowners could be an original owner that built the house 40 years ago and obviously with inflation and other factors will make the amount they paid an irrelevant number.  The same can be said with newly built homes.  The cost of new construction is generally much higher than the homes value will be in a handful of years, due to the costs of building.  For example, a home that cost $300,000 to build a handful of years ago may only have a market value of $275,000. The opposite can be true for a homeowner who purchased a home in the past 5 or 6 years.  Finding out how much the current owner paid should be relatively easy as the information is still very likely to be in the local multiple listing service (MLS).  If a homeowner purchased a home for $150,000 a few years ago and they are trying to sell if for $200,000 now, it would be helpful to know what improvements they made to warrant a $50,000 increase in the value. Knowing the history of past transactions of a home can be a very helpful piece of information when determining how much to offer for a home. [caption id="attachment_2702" align="alignright" width="450"]When Determining How Much To Offer For A Home, Ask An Expert! When Determining How Much To Offer For A Home, Ask An Expert![/caption] Ask The Professionals Buying a home is an experience that many people are not familiar with.  When buying a home, it's critical that buyers have a top Realtor representing their best interests.  A top Realtor can help a buyer determine how much to offer for a home, which is a quality tip when it comes to determining the amount to offer for a home! One of the most important interview question to consider asking potential buyers agent's is whether they have experience selling homes in the desired neighborhoods.  An experienced Realtor who has sold homes in a specific neighborhood should be able to have a good idea whether a home is priced accurately or not simply by walking through the property. A top Realtor should be honest with their client and inform them if they feel a home is overpriced, priced well, or possibly under priced.  Unfortunately, there are some Realtors who will try and up-sell buyers, in order to make a few additional bucks and not advise the buyer the home maybe overpriced. Ultimately the decision of  how much to offer for a home is the buyers and not the Realtors.  Even though it ultimately is the buyers decision on how much to offer for a home, taking the advice of a top Realtor is high suggested.  Buyers who completely ignore what a Realtor suggests for an offer price is one of the top things home buyers do that real estate agents hate. Request A Comparative Market Analysis Be Completed Another excellent tip to help home buyers determine how much to offer for a home is by requesting a comparative market analysis be completed by their Realtor.  A comparative market analysis, also known as a CMA, is a very popular method Realtors use to determine market values. Having a comparative market analysis completed can be very helpful for a buyer when determining how much to offer for a home for several reasons.  First and foremost, a comparative market analysis is likely the method a listing agent utilized to determine the list price.  If the listing agent has experience selling homes in the area and is one of the top Realtors in the area, the price they listed the home for sale is likely close to the homes true market value. Another benefit to having a comparative market analysis completed prior to making an offer is it can eliminate possible low appraisal problems.  Just because a home is listed at a specific price, does not mean the home is worth that price, even if a buyer agrees to pay the full list price.  A comparative market analysis can help reduce the chances that a buyer overpays for a home and that the bank cannot justify the agreed sale price. A professionally completed comparative market analysis is a tool that can be a huge help when it comes to determining how much to offer for a home.  The value range that a comparative market analysis suggests, if done properly, should be relatively close to what a home sells for. Determine What The Highest Price You Will Pay Is And Stick To It One of the biggest mistakes that buyers make when buying a home is not sticking to their budget.  Once a buyer finds their "perfect home," it's important they set what the highest price they are willing to pay for that specific property is. Buying a home can be an emotional decision.  Without setting a maximum price, it's possible that a buyer will pay more for a home than they can afford.  By setting a maximum price, a buyer knows that if the negotiations push the price above that maximum number, it's time to walk away.  While it's easier said than done to walk away from a "perfect home," determining a maximum price can be a helpful tip to help determine what to offer for a home. Final Thoughts Determining how much to offer for a home is a big decision and can be tricky.  There is no absolute formula or method to help buyers determine what the purchase offer price should be.  The above tips should make deciding what to offer for a home much easier and less stressful.  Ultimately it is the buyers decision, however, by choosing a top Realtor and having the proper tools and information, buyers will be more comfortable with their decision. Other Top Home Buying Resources If you're buying a home in Rochester, NY, these tips to help determine how much to offer for a home will give you a huge advantage over your competition.  A buyer who has the "know-how" when it comes to determining how much to offer for a home will greatly increase their chances of successfully getting their "perfect home!"  If you haven't selected a top Rochester, NY realtor yet, please contact me, and I'd love to share my experience and expertise about buying a home in the local Rochester real estate market!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Tips To Help Determine How Much To Offer For A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Risks of Buying a Non-Warrantable Condo In New York: What You Need to Know https://www.rochesterrealestateblog.com/non-warrantable-condo/ Tue, 19 May 2015 11:00:25 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19796 Tips To Help Determine How Much To Offer For A Home[/caption] Finding just the right home for some buyers is a difficult task and can be emotionally and physically draining.  Once a buyer finds their "perfect home," only a small portion of the home buying process has been completed. One of the most important steps in the home buying process is successfully negotiating with the home owner.  There are many things that a buyer must decide on when negotiating with the seller.  What contingencies do they want to include?  When do they want to close on the home?  Do they want to have a home inspection? One of the top frequently asked questions from home buyers relates to price.  What should we offer the sellers?  Ultimately the buyer is the person in charge of making the final decision on what amount they should offer the home owner. There are many ways to help home buyers determine how much to offer for a home.  Here are some of the the best tips, and also things to avoid, when determining how much to offer for a home! What Should You Avoid When Determining How Much To Offer For A Home? Unfortunately there are many home buyers in the market place who have no idea when it comes to determining how much to offer for a home.  There are several things that home buyers need to avoid when figuring out how much to offer for a home, otherwise, the probability their offer is accepted is slim to none! Using Online Home Value Estimates One of the most popular misconceptions when it comes to home buying is that online home value estimates are accurate.  Home buyers who believe this "BS" fact about home buying will be extremely disappointed when offer after offer is rejected. When determining how much to offer for a home, make sure you avoid at all costs, online home value estimates.  Online home value estimates, such as Zillow's "Zestimate," are in many cases very inaccurate.  In a recent study of Rochester, NY homes that recently closed, almost 40% of the homes that closed on a specific date had "Zestimates" which were $15,000-$20,000 lower or higher than the actual sale prices. [caption id="attachment_2698" align="alignleft" width="450"]What Should Home Buyers Avoid When Determining How Much To Offer For A Home What Should Home Buyers Avoid When Determining How Much To Offer For A Home[/caption] A buyer who believes any online home value estimates will put themselves at a huge disadvantage when it comes to buying a home.  It's important to remember when determining how much to offer for a home, these online home value estimates are often generated by a computer formula and can be very inaccurate. Don't Be Fooled By Tax Assessments It's important to understand when buying a home, there is a difference between market value, assessed value, and appraised value.  One of the biggest thing to avoid when determining how much to offer for a home is using a homes assessed value as an offer price. The assessed value of a home is used for one thing, to determine how much the property taxes will be.  Assessed value has no correlation to a homes market value.  There are many real estate markets where the assessed value of homes will be significantly lower or higher than what homes are selling for. For example, a significant percentage of recently sold Webster, NY homes have sold for much higher than their  assessed values.  This is great for the local residents as it helps keep the property taxes lower. What Are The Top Tips To Help Buyers Determine How Much To Offer For A Home? There is no absolute way to determine how much to offer for a home.  Due to the fact that every seller has different reasons and different expectations, as well as the fact that homes are rarely identical, knowing how much to offer for a home can sometimes be tricky.  Here are several top tips to help buyers determine how much to offer for a home. Review The Current State Of The Local Real Estate Market It's important that buyers keep in mind what the current state of their local real estate market is when deciding how much to offer for a home.  Every real estate market is different.  Some real estate markets are neutral, some markets are buyers markets, and some markets are sellers market. If the local real estate market is a buyers market, it's possible that many of the homes for sale have been listed for quite some time.  It's fairly common that the longer a home is for sale, the lower the home can be bought for, but this isn't always the case.  In a buyers market, the chance that multiple offers will be received is greatly reduced as there are more homes available. If the local real estate market is a sellers market, it's likely that the homes for sale are sold fairly quickly, within the first week of being listed.  Buying a home in a sellers market can be more difficult for many reasons.  A few factors that contribute to the difficulty level of buying a home in a sellers market include low housing inventory, multiple offers, and a greater number of pre-approved buyers. Remember when determining how much to offer for a home that the condition of the local real estate market is vital.  A sellers market will generally demand an asking price or over asking price offer while a buyers market may warrant a significantly lower offer. Find Out How Much The Home Owner Paid Knowing how much the current owner paid previously for their home sometimes has no relation to how much to offer for a home, but, it certainly can.  Once a buyer finds the home they want to make an offer on, they should attempt to find out how much the current owners paid for the home. In some cases, the homeowners could be an original owner that built the house 40 years ago and obviously with inflation and other factors will make the amount they paid an irrelevant number.  The same can be said with newly built homes.  The cost of new construction is generally much higher than the homes value will be in a handful of years, due to the costs of building.  For example, a home that cost $300,000 to build a handful of years ago may only have a market value of $275,000. The opposite can be true for a homeowner who purchased a home in the past 5 or 6 years.  Finding out how much the current owner paid should be relatively easy as the information is still very likely to be in the local multiple listing service (MLS).  If a homeowner purchased a home for $150,000 a few years ago and they are trying to sell if for $200,000 now, it would be helpful to know what improvements they made to warrant a $50,000 increase in the value. Knowing the history of past transactions of a home can be a very helpful piece of information when determining how much to offer for a home. [caption id="attachment_2702" align="alignright" width="450"]When Determining How Much To Offer For A Home, Ask An Expert! When Determining How Much To Offer For A Home, Ask An Expert![/caption] Ask The Professionals Buying a home is an experience that many people are not familiar with.  When buying a home, it's critical that buyers have a top Realtor representing their best interests.  A top Realtor can help a buyer determine how much to offer for a home, which is a quality tip when it comes to determining the amount to offer for a home! One of the most important interview question to consider asking potential buyers agent's is whether they have experience selling homes in the desired neighborhoods.  An experienced Realtor who has sold homes in a specific neighborhood should be able to have a good idea whether a home is priced accurately or not simply by walking through the property. A top Realtor should be honest with their client and inform them if they feel a home is overpriced, priced well, or possibly under priced.  Unfortunately, there are some Realtors who will try and up-sell buyers, in order to make a few additional bucks and not advise the buyer the home maybe overpriced. Ultimately the decision of  how much to offer for a home is the buyers and not the Realtors.  Even though it ultimately is the buyers decision on how much to offer for a home, taking the advice of a top Realtor is high suggested.  Buyers who completely ignore what a Realtor suggests for an offer price is one of the top things home buyers do that real estate agents hate. Request A Comparative Market Analysis Be Completed Another excellent tip to help home buyers determine how much to offer for a home is by requesting a comparative market analysis be completed by their Realtor.  A comparative market analysis, also known as a CMA, is a very popular method Realtors use to determine market values. Having a comparative market analysis completed can be very helpful for a buyer when determining how much to offer for a home for several reasons.  First and foremost, a comparative market analysis is likely the method a listing agent utilized to determine the list price.  If the listing agent has experience selling homes in the area and is one of the top Realtors in the area, the price they listed the home for sale is likely close to the homes true market value. Another benefit to having a comparative market analysis completed prior to making an offer is it can eliminate possible low appraisal problems.  Just because a home is listed at a specific price, does not mean the home is worth that price, even if a buyer agrees to pay the full list price.  A comparative market analysis can help reduce the chances that a buyer overpays for a home and that the bank cannot justify the agreed sale price. A professionally completed comparative market analysis is a tool that can be a huge help when it comes to determining how much to offer for a home.  The value range that a comparative market analysis suggests, if done properly, should be relatively close to what a home sells for. Determine What The Highest Price You Will Pay Is And Stick To It One of the biggest mistakes that buyers make when buying a home is not sticking to their budget.  Once a buyer finds their "perfect home," it's important they set what the highest price they are willing to pay for that specific property is. Buying a home can be an emotional decision.  Without setting a maximum price, it's possible that a buyer will pay more for a home than they can afford.  By setting a maximum price, a buyer knows that if the negotiations push the price above that maximum number, it's time to walk away.  While it's easier said than done to walk away from a "perfect home," determining a maximum price can be a helpful tip to help determine what to offer for a home. Final Thoughts Determining how much to offer for a home is a big decision and can be tricky.  There is no absolute formula or method to help buyers determine what the purchase offer price should be.  The above tips should make deciding what to offer for a home much easier and less stressful.  Ultimately it is the buyers decision, however, by choosing a top Realtor and having the proper tools and information, buyers will be more comfortable with their decision. Other Top Home Buying Resources If you're buying a home in Rochester, NY, these tips to help determine how much to offer for a home will give you a huge advantage over your competition.  A buyer who has the "know-how" when it comes to determining how much to offer for a home will greatly increase their chances of successfully getting their "perfect home!"  If you haven't selected a top Rochester, NY realtor yet, please contact me, and I'd love to share my experience and expertise about buying a home in the local Rochester real estate market!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Tips To Help Determine How Much To Offer For A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> What Builders Should Know About Spec Construction Loans In New York https://www.rochesterrealestateblog.com/builders-spec-construction-loans/ Tue, 19 May 2015 11:00:25 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19795 Tips To Help Determine How Much To Offer For A Home[/caption] Finding just the right home for some buyers is a difficult task and can be emotionally and physically draining.  Once a buyer finds their "perfect home," only a small portion of the home buying process has been completed. One of the most important steps in the home buying process is successfully negotiating with the home owner.  There are many things that a buyer must decide on when negotiating with the seller.  What contingencies do they want to include?  When do they want to close on the home?  Do they want to have a home inspection? One of the top frequently asked questions from home buyers relates to price.  What should we offer the sellers?  Ultimately the buyer is the person in charge of making the final decision on what amount they should offer the home owner. There are many ways to help home buyers determine how much to offer for a home.  Here are some of the the best tips, and also things to avoid, when determining how much to offer for a home! What Should You Avoid When Determining How Much To Offer For A Home? Unfortunately there are many home buyers in the market place who have no idea when it comes to determining how much to offer for a home.  There are several things that home buyers need to avoid when figuring out how much to offer for a home, otherwise, the probability their offer is accepted is slim to none! Using Online Home Value Estimates One of the most popular misconceptions when it comes to home buying is that online home value estimates are accurate.  Home buyers who believe this "BS" fact about home buying will be extremely disappointed when offer after offer is rejected. When determining how much to offer for a home, make sure you avoid at all costs, online home value estimates.  Online home value estimates, such as Zillow's "Zestimate," are in many cases very inaccurate.  In a recent study of Rochester, NY homes that recently closed, almost 40% of the homes that closed on a specific date had "Zestimates" which were $15,000-$20,000 lower or higher than the actual sale prices. [caption id="attachment_2698" align="alignleft" width="450"]What Should Home Buyers Avoid When Determining How Much To Offer For A Home What Should Home Buyers Avoid When Determining How Much To Offer For A Home[/caption] A buyer who believes any online home value estimates will put themselves at a huge disadvantage when it comes to buying a home.  It's important to remember when determining how much to offer for a home, these online home value estimates are often generated by a computer formula and can be very inaccurate. Don't Be Fooled By Tax Assessments It's important to understand when buying a home, there is a difference between market value, assessed value, and appraised value.  One of the biggest thing to avoid when determining how much to offer for a home is using a homes assessed value as an offer price. The assessed value of a home is used for one thing, to determine how much the property taxes will be.  Assessed value has no correlation to a homes market value.  There are many real estate markets where the assessed value of homes will be significantly lower or higher than what homes are selling for. For example, a significant percentage of recently sold Webster, NY homes have sold for much higher than their  assessed values.  This is great for the local residents as it helps keep the property taxes lower. What Are The Top Tips To Help Buyers Determine How Much To Offer For A Home? There is no absolute way to determine how much to offer for a home.  Due to the fact that every seller has different reasons and different expectations, as well as the fact that homes are rarely identical, knowing how much to offer for a home can sometimes be tricky.  Here are several top tips to help buyers determine how much to offer for a home. Review The Current State Of The Local Real Estate Market It's important that buyers keep in mind what the current state of their local real estate market is when deciding how much to offer for a home.  Every real estate market is different.  Some real estate markets are neutral, some markets are buyers markets, and some markets are sellers market. If the local real estate market is a buyers market, it's possible that many of the homes for sale have been listed for quite some time.  It's fairly common that the longer a home is for sale, the lower the home can be bought for, but this isn't always the case.  In a buyers market, the chance that multiple offers will be received is greatly reduced as there are more homes available. If the local real estate market is a sellers market, it's likely that the homes for sale are sold fairly quickly, within the first week of being listed.  Buying a home in a sellers market can be more difficult for many reasons.  A few factors that contribute to the difficulty level of buying a home in a sellers market include low housing inventory, multiple offers, and a greater number of pre-approved buyers. Remember when determining how much to offer for a home that the condition of the local real estate market is vital.  A sellers market will generally demand an asking price or over asking price offer while a buyers market may warrant a significantly lower offer. Find Out How Much The Home Owner Paid Knowing how much the current owner paid previously for their home sometimes has no relation to how much to offer for a home, but, it certainly can.  Once a buyer finds the home they want to make an offer on, they should attempt to find out how much the current owners paid for the home. In some cases, the homeowners could be an original owner that built the house 40 years ago and obviously with inflation and other factors will make the amount they paid an irrelevant number.  The same can be said with newly built homes.  The cost of new construction is generally much higher than the homes value will be in a handful of years, due to the costs of building.  For example, a home that cost $300,000 to build a handful of years ago may only have a market value of $275,000. The opposite can be true for a homeowner who purchased a home in the past 5 or 6 years.  Finding out how much the current owner paid should be relatively easy as the information is still very likely to be in the local multiple listing service (MLS).  If a homeowner purchased a home for $150,000 a few years ago and they are trying to sell if for $200,000 now, it would be helpful to know what improvements they made to warrant a $50,000 increase in the value. Knowing the history of past transactions of a home can be a very helpful piece of information when determining how much to offer for a home. [caption id="attachment_2702" align="alignright" width="450"]When Determining How Much To Offer For A Home, Ask An Expert! When Determining How Much To Offer For A Home, Ask An Expert![/caption] Ask The Professionals Buying a home is an experience that many people are not familiar with.  When buying a home, it's critical that buyers have a top Realtor representing their best interests.  A top Realtor can help a buyer determine how much to offer for a home, which is a quality tip when it comes to determining the amount to offer for a home! One of the most important interview question to consider asking potential buyers agent's is whether they have experience selling homes in the desired neighborhoods.  An experienced Realtor who has sold homes in a specific neighborhood should be able to have a good idea whether a home is priced accurately or not simply by walking through the property. A top Realtor should be honest with their client and inform them if they feel a home is overpriced, priced well, or possibly under priced.  Unfortunately, there are some Realtors who will try and up-sell buyers, in order to make a few additional bucks and not advise the buyer the home maybe overpriced. Ultimately the decision of  how much to offer for a home is the buyers and not the Realtors.  Even though it ultimately is the buyers decision on how much to offer for a home, taking the advice of a top Realtor is high suggested.  Buyers who completely ignore what a Realtor suggests for an offer price is one of the top things home buyers do that real estate agents hate. Request A Comparative Market Analysis Be Completed Another excellent tip to help home buyers determine how much to offer for a home is by requesting a comparative market analysis be completed by their Realtor.  A comparative market analysis, also known as a CMA, is a very popular method Realtors use to determine market values. Having a comparative market analysis completed can be very helpful for a buyer when determining how much to offer for a home for several reasons.  First and foremost, a comparative market analysis is likely the method a listing agent utilized to determine the list price.  If the listing agent has experience selling homes in the area and is one of the top Realtors in the area, the price they listed the home for sale is likely close to the homes true market value. Another benefit to having a comparative market analysis completed prior to making an offer is it can eliminate possible low appraisal problems.  Just because a home is listed at a specific price, does not mean the home is worth that price, even if a buyer agrees to pay the full list price.  A comparative market analysis can help reduce the chances that a buyer overpays for a home and that the bank cannot justify the agreed sale price. A professionally completed comparative market analysis is a tool that can be a huge help when it comes to determining how much to offer for a home.  The value range that a comparative market analysis suggests, if done properly, should be relatively close to what a home sells for. Determine What The Highest Price You Will Pay Is And Stick To It One of the biggest mistakes that buyers make when buying a home is not sticking to their budget.  Once a buyer finds their "perfect home," it's important they set what the highest price they are willing to pay for that specific property is. Buying a home can be an emotional decision.  Without setting a maximum price, it's possible that a buyer will pay more for a home than they can afford.  By setting a maximum price, a buyer knows that if the negotiations push the price above that maximum number, it's time to walk away.  While it's easier said than done to walk away from a "perfect home," determining a maximum price can be a helpful tip to help determine what to offer for a home. Final Thoughts Determining how much to offer for a home is a big decision and can be tricky.  There is no absolute formula or method to help buyers determine what the purchase offer price should be.  The above tips should make deciding what to offer for a home much easier and less stressful.  Ultimately it is the buyers decision, however, by choosing a top Realtor and having the proper tools and information, buyers will be more comfortable with their decision. Other Top Home Buying Resources If you're buying a home in Rochester, NY, these tips to help determine how much to offer for a home will give you a huge advantage over your competition.  A buyer who has the "know-how" when it comes to determining how much to offer for a home will greatly increase their chances of successfully getting their "perfect home!"  If you haven't selected a top Rochester, NY realtor yet, please contact me, and I'd love to share my experience and expertise about buying a home in the local Rochester real estate market!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Tips To Help Determine How Much To Offer For A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Moving To The Finger Lakes Region Of New York | Guide To Relocating To The Finger Lakes https://www.rochesterrealestateblog.com/moving-to-the-finger-lakes-region/ Tue, 19 May 2015 11:00:25 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19875 Tips To Help Determine How Much To Offer For A Home[/caption] Finding just the right home for some buyers is a difficult task and can be emotionally and physically draining.  Once a buyer finds their "perfect home," only a small portion of the home buying process has been completed. One of the most important steps in the home buying process is successfully negotiating with the home owner.  There are many things that a buyer must decide on when negotiating with the seller.  What contingencies do they want to include?  When do they want to close on the home?  Do they want to have a home inspection? One of the top frequently asked questions from home buyers relates to price.  What should we offer the sellers?  Ultimately the buyer is the person in charge of making the final decision on what amount they should offer the home owner. There are many ways to help home buyers determine how much to offer for a home.  Here are some of the the best tips, and also things to avoid, when determining how much to offer for a home! What Should You Avoid When Determining How Much To Offer For A Home? Unfortunately there are many home buyers in the market place who have no idea when it comes to determining how much to offer for a home.  There are several things that home buyers need to avoid when figuring out how much to offer for a home, otherwise, the probability their offer is accepted is slim to none! Using Online Home Value Estimates One of the most popular misconceptions when it comes to home buying is that online home value estimates are accurate.  Home buyers who believe this "BS" fact about home buying will be extremely disappointed when offer after offer is rejected. When determining how much to offer for a home, make sure you avoid at all costs, online home value estimates.  Online home value estimates, such as Zillow's "Zestimate," are in many cases very inaccurate.  In a recent study of Rochester, NY homes that recently closed, almost 40% of the homes that closed on a specific date had "Zestimates" which were $15,000-$20,000 lower or higher than the actual sale prices. [caption id="attachment_2698" align="alignleft" width="450"]What Should Home Buyers Avoid When Determining How Much To Offer For A Home What Should Home Buyers Avoid When Determining How Much To Offer For A Home[/caption] A buyer who believes any online home value estimates will put themselves at a huge disadvantage when it comes to buying a home.  It's important to remember when determining how much to offer for a home, these online home value estimates are often generated by a computer formula and can be very inaccurate. Don't Be Fooled By Tax Assessments It's important to understand when buying a home, there is a difference between market value, assessed value, and appraised value.  One of the biggest thing to avoid when determining how much to offer for a home is using a homes assessed value as an offer price. The assessed value of a home is used for one thing, to determine how much the property taxes will be.  Assessed value has no correlation to a homes market value.  There are many real estate markets where the assessed value of homes will be significantly lower or higher than what homes are selling for. For example, a significant percentage of recently sold Webster, NY homes have sold for much higher than their  assessed values.  This is great for the local residents as it helps keep the property taxes lower. What Are The Top Tips To Help Buyers Determine How Much To Offer For A Home? There is no absolute way to determine how much to offer for a home.  Due to the fact that every seller has different reasons and different expectations, as well as the fact that homes are rarely identical, knowing how much to offer for a home can sometimes be tricky.  Here are several top tips to help buyers determine how much to offer for a home. Review The Current State Of The Local Real Estate Market It's important that buyers keep in mind what the current state of their local real estate market is when deciding how much to offer for a home.  Every real estate market is different.  Some real estate markets are neutral, some markets are buyers markets, and some markets are sellers market. If the local real estate market is a buyers market, it's possible that many of the homes for sale have been listed for quite some time.  It's fairly common that the longer a home is for sale, the lower the home can be bought for, but this isn't always the case.  In a buyers market, the chance that multiple offers will be received is greatly reduced as there are more homes available. If the local real estate market is a sellers market, it's likely that the homes for sale are sold fairly quickly, within the first week of being listed.  Buying a home in a sellers market can be more difficult for many reasons.  A few factors that contribute to the difficulty level of buying a home in a sellers market include low housing inventory, multiple offers, and a greater number of pre-approved buyers. Remember when determining how much to offer for a home that the condition of the local real estate market is vital.  A sellers market will generally demand an asking price or over asking price offer while a buyers market may warrant a significantly lower offer. Find Out How Much The Home Owner Paid Knowing how much the current owner paid previously for their home sometimes has no relation to how much to offer for a home, but, it certainly can.  Once a buyer finds the home they want to make an offer on, they should attempt to find out how much the current owners paid for the home. In some cases, the homeowners could be an original owner that built the house 40 years ago and obviously with inflation and other factors will make the amount they paid an irrelevant number.  The same can be said with newly built homes.  The cost of new construction is generally much higher than the homes value will be in a handful of years, due to the costs of building.  For example, a home that cost $300,000 to build a handful of years ago may only have a market value of $275,000. The opposite can be true for a homeowner who purchased a home in the past 5 or 6 years.  Finding out how much the current owner paid should be relatively easy as the information is still very likely to be in the local multiple listing service (MLS).  If a homeowner purchased a home for $150,000 a few years ago and they are trying to sell if for $200,000 now, it would be helpful to know what improvements they made to warrant a $50,000 increase in the value. Knowing the history of past transactions of a home can be a very helpful piece of information when determining how much to offer for a home. [caption id="attachment_2702" align="alignright" width="450"]When Determining How Much To Offer For A Home, Ask An Expert! When Determining How Much To Offer For A Home, Ask An Expert![/caption] Ask The Professionals Buying a home is an experience that many people are not familiar with.  When buying a home, it's critical that buyers have a top Realtor representing their best interests.  A top Realtor can help a buyer determine how much to offer for a home, which is a quality tip when it comes to determining the amount to offer for a home! One of the most important interview question to consider asking potential buyers agent's is whether they have experience selling homes in the desired neighborhoods.  An experienced Realtor who has sold homes in a specific neighborhood should be able to have a good idea whether a home is priced accurately or not simply by walking through the property. A top Realtor should be honest with their client and inform them if they feel a home is overpriced, priced well, or possibly under priced.  Unfortunately, there are some Realtors who will try and up-sell buyers, in order to make a few additional bucks and not advise the buyer the home maybe overpriced. Ultimately the decision of  how much to offer for a home is the buyers and not the Realtors.  Even though it ultimately is the buyers decision on how much to offer for a home, taking the advice of a top Realtor is high suggested.  Buyers who completely ignore what a Realtor suggests for an offer price is one of the top things home buyers do that real estate agents hate. Request A Comparative Market Analysis Be Completed Another excellent tip to help home buyers determine how much to offer for a home is by requesting a comparative market analysis be completed by their Realtor.  A comparative market analysis, also known as a CMA, is a very popular method Realtors use to determine market values. Having a comparative market analysis completed can be very helpful for a buyer when determining how much to offer for a home for several reasons.  First and foremost, a comparative market analysis is likely the method a listing agent utilized to determine the list price.  If the listing agent has experience selling homes in the area and is one of the top Realtors in the area, the price they listed the home for sale is likely close to the homes true market value. Another benefit to having a comparative market analysis completed prior to making an offer is it can eliminate possible low appraisal problems.  Just because a home is listed at a specific price, does not mean the home is worth that price, even if a buyer agrees to pay the full list price.  A comparative market analysis can help reduce the chances that a buyer overpays for a home and that the bank cannot justify the agreed sale price. A professionally completed comparative market analysis is a tool that can be a huge help when it comes to determining how much to offer for a home.  The value range that a comparative market analysis suggests, if done properly, should be relatively close to what a home sells for. Determine What The Highest Price You Will Pay Is And Stick To It One of the biggest mistakes that buyers make when buying a home is not sticking to their budget.  Once a buyer finds their "perfect home," it's important they set what the highest price they are willing to pay for that specific property is. Buying a home can be an emotional decision.  Without setting a maximum price, it's possible that a buyer will pay more for a home than they can afford.  By setting a maximum price, a buyer knows that if the negotiations push the price above that maximum number, it's time to walk away.  While it's easier said than done to walk away from a "perfect home," determining a maximum price can be a helpful tip to help determine what to offer for a home. Final Thoughts Determining how much to offer for a home is a big decision and can be tricky.  There is no absolute formula or method to help buyers determine what the purchase offer price should be.  The above tips should make deciding what to offer for a home much easier and less stressful.  Ultimately it is the buyers decision, however, by choosing a top Realtor and having the proper tools and information, buyers will be more comfortable with their decision. Other Top Home Buying Resources If you're buying a home in Rochester, NY, these tips to help determine how much to offer for a home will give you a huge advantage over your competition.  A buyer who has the "know-how" when it comes to determining how much to offer for a home will greatly increase their chances of successfully getting their "perfect home!"  If you haven't selected a top Rochester, NY realtor yet, please contact me, and I'd love to share my experience and expertise about buying a home in the local Rochester real estate market!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Tips To Help Determine How Much To Offer For A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Navigating the Numbers: The Pros and Cons of Using Online Home Value Estimators For New York Real Estate https://www.rochesterrealestateblog.com/pros-cons-online-home-value-estimators/ Tue, 19 May 2015 11:00:25 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19794 Tips To Help Determine How Much To Offer For A Home[/caption] Finding just the right home for some buyers is a difficult task and can be emotionally and physically draining.  Once a buyer finds their "perfect home," only a small portion of the home buying process has been completed. One of the most important steps in the home buying process is successfully negotiating with the home owner.  There are many things that a buyer must decide on when negotiating with the seller.  What contingencies do they want to include?  When do they want to close on the home?  Do they want to have a home inspection? One of the top frequently asked questions from home buyers relates to price.  What should we offer the sellers?  Ultimately the buyer is the person in charge of making the final decision on what amount they should offer the home owner. There are many ways to help home buyers determine how much to offer for a home.  Here are some of the the best tips, and also things to avoid, when determining how much to offer for a home! What Should You Avoid When Determining How Much To Offer For A Home? Unfortunately there are many home buyers in the market place who have no idea when it comes to determining how much to offer for a home.  There are several things that home buyers need to avoid when figuring out how much to offer for a home, otherwise, the probability their offer is accepted is slim to none! Using Online Home Value Estimates One of the most popular misconceptions when it comes to home buying is that online home value estimates are accurate.  Home buyers who believe this "BS" fact about home buying will be extremely disappointed when offer after offer is rejected. When determining how much to offer for a home, make sure you avoid at all costs, online home value estimates.  Online home value estimates, such as Zillow's "Zestimate," are in many cases very inaccurate.  In a recent study of Rochester, NY homes that recently closed, almost 40% of the homes that closed on a specific date had "Zestimates" which were $15,000-$20,000 lower or higher than the actual sale prices. [caption id="attachment_2698" align="alignleft" width="450"]What Should Home Buyers Avoid When Determining How Much To Offer For A Home What Should Home Buyers Avoid When Determining How Much To Offer For A Home[/caption] A buyer who believes any online home value estimates will put themselves at a huge disadvantage when it comes to buying a home.  It's important to remember when determining how much to offer for a home, these online home value estimates are often generated by a computer formula and can be very inaccurate. Don't Be Fooled By Tax Assessments It's important to understand when buying a home, there is a difference between market value, assessed value, and appraised value.  One of the biggest thing to avoid when determining how much to offer for a home is using a homes assessed value as an offer price. The assessed value of a home is used for one thing, to determine how much the property taxes will be.  Assessed value has no correlation to a homes market value.  There are many real estate markets where the assessed value of homes will be significantly lower or higher than what homes are selling for. For example, a significant percentage of recently sold Webster, NY homes have sold for much higher than their  assessed values.  This is great for the local residents as it helps keep the property taxes lower. What Are The Top Tips To Help Buyers Determine How Much To Offer For A Home? There is no absolute way to determine how much to offer for a home.  Due to the fact that every seller has different reasons and different expectations, as well as the fact that homes are rarely identical, knowing how much to offer for a home can sometimes be tricky.  Here are several top tips to help buyers determine how much to offer for a home. Review The Current State Of The Local Real Estate Market It's important that buyers keep in mind what the current state of their local real estate market is when deciding how much to offer for a home.  Every real estate market is different.  Some real estate markets are neutral, some markets are buyers markets, and some markets are sellers market. If the local real estate market is a buyers market, it's possible that many of the homes for sale have been listed for quite some time.  It's fairly common that the longer a home is for sale, the lower the home can be bought for, but this isn't always the case.  In a buyers market, the chance that multiple offers will be received is greatly reduced as there are more homes available. If the local real estate market is a sellers market, it's likely that the homes for sale are sold fairly quickly, within the first week of being listed.  Buying a home in a sellers market can be more difficult for many reasons.  A few factors that contribute to the difficulty level of buying a home in a sellers market include low housing inventory, multiple offers, and a greater number of pre-approved buyers. Remember when determining how much to offer for a home that the condition of the local real estate market is vital.  A sellers market will generally demand an asking price or over asking price offer while a buyers market may warrant a significantly lower offer. Find Out How Much The Home Owner Paid Knowing how much the current owner paid previously for their home sometimes has no relation to how much to offer for a home, but, it certainly can.  Once a buyer finds the home they want to make an offer on, they should attempt to find out how much the current owners paid for the home. In some cases, the homeowners could be an original owner that built the house 40 years ago and obviously with inflation and other factors will make the amount they paid an irrelevant number.  The same can be said with newly built homes.  The cost of new construction is generally much higher than the homes value will be in a handful of years, due to the costs of building.  For example, a home that cost $300,000 to build a handful of years ago may only have a market value of $275,000. The opposite can be true for a homeowner who purchased a home in the past 5 or 6 years.  Finding out how much the current owner paid should be relatively easy as the information is still very likely to be in the local multiple listing service (MLS).  If a homeowner purchased a home for $150,000 a few years ago and they are trying to sell if for $200,000 now, it would be helpful to know what improvements they made to warrant a $50,000 increase in the value. Knowing the history of past transactions of a home can be a very helpful piece of information when determining how much to offer for a home. [caption id="attachment_2702" align="alignright" width="450"]When Determining How Much To Offer For A Home, Ask An Expert! When Determining How Much To Offer For A Home, Ask An Expert![/caption] Ask The Professionals Buying a home is an experience that many people are not familiar with.  When buying a home, it's critical that buyers have a top Realtor representing their best interests.  A top Realtor can help a buyer determine how much to offer for a home, which is a quality tip when it comes to determining the amount to offer for a home! One of the most important interview question to consider asking potential buyers agent's is whether they have experience selling homes in the desired neighborhoods.  An experienced Realtor who has sold homes in a specific neighborhood should be able to have a good idea whether a home is priced accurately or not simply by walking through the property. A top Realtor should be honest with their client and inform them if they feel a home is overpriced, priced well, or possibly under priced.  Unfortunately, there are some Realtors who will try and up-sell buyers, in order to make a few additional bucks and not advise the buyer the home maybe overpriced. Ultimately the decision of  how much to offer for a home is the buyers and not the Realtors.  Even though it ultimately is the buyers decision on how much to offer for a home, taking the advice of a top Realtor is high suggested.  Buyers who completely ignore what a Realtor suggests for an offer price is one of the top things home buyers do that real estate agents hate. Request A Comparative Market Analysis Be Completed Another excellent tip to help home buyers determine how much to offer for a home is by requesting a comparative market analysis be completed by their Realtor.  A comparative market analysis, also known as a CMA, is a very popular method Realtors use to determine market values. Having a comparative market analysis completed can be very helpful for a buyer when determining how much to offer for a home for several reasons.  First and foremost, a comparative market analysis is likely the method a listing agent utilized to determine the list price.  If the listing agent has experience selling homes in the area and is one of the top Realtors in the area, the price they listed the home for sale is likely close to the homes true market value. Another benefit to having a comparative market analysis completed prior to making an offer is it can eliminate possible low appraisal problems.  Just because a home is listed at a specific price, does not mean the home is worth that price, even if a buyer agrees to pay the full list price.  A comparative market analysis can help reduce the chances that a buyer overpays for a home and that the bank cannot justify the agreed sale price. A professionally completed comparative market analysis is a tool that can be a huge help when it comes to determining how much to offer for a home.  The value range that a comparative market analysis suggests, if done properly, should be relatively close to what a home sells for. Determine What The Highest Price You Will Pay Is And Stick To It One of the biggest mistakes that buyers make when buying a home is not sticking to their budget.  Once a buyer finds their "perfect home," it's important they set what the highest price they are willing to pay for that specific property is. Buying a home can be an emotional decision.  Without setting a maximum price, it's possible that a buyer will pay more for a home than they can afford.  By setting a maximum price, a buyer knows that if the negotiations push the price above that maximum number, it's time to walk away.  While it's easier said than done to walk away from a "perfect home," determining a maximum price can be a helpful tip to help determine what to offer for a home. Final Thoughts Determining how much to offer for a home is a big decision and can be tricky.  There is no absolute formula or method to help buyers determine what the purchase offer price should be.  The above tips should make deciding what to offer for a home much easier and less stressful.  Ultimately it is the buyers decision, however, by choosing a top Realtor and having the proper tools and information, buyers will be more comfortable with their decision. Other Top Home Buying Resources If you're buying a home in Rochester, NY, these tips to help determine how much to offer for a home will give you a huge advantage over your competition.  A buyer who has the "know-how" when it comes to determining how much to offer for a home will greatly increase their chances of successfully getting their "perfect home!"  If you haven't selected a top Rochester, NY realtor yet, please contact me, and I'd love to share my experience and expertise about buying a home in the local Rochester real estate market!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Tips To Help Determine How Much To Offer For A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> The Role of Location in Home Valuation In New York https://www.rochesterrealestateblog.com/role-of-location-home-valuation/ Tue, 19 May 2015 11:00:25 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19768 Tips To Help Determine How Much To Offer For A Home[/caption] Finding just the right home for some buyers is a difficult task and can be emotionally and physically draining.  Once a buyer finds their "perfect home," only a small portion of the home buying process has been completed. One of the most important steps in the home buying process is successfully negotiating with the home owner.  There are many things that a buyer must decide on when negotiating with the seller.  What contingencies do they want to include?  When do they want to close on the home?  Do they want to have a home inspection? One of the top frequently asked questions from home buyers relates to price.  What should we offer the sellers?  Ultimately the buyer is the person in charge of making the final decision on what amount they should offer the home owner. There are many ways to help home buyers determine how much to offer for a home.  Here are some of the the best tips, and also things to avoid, when determining how much to offer for a home! What Should You Avoid When Determining How Much To Offer For A Home? Unfortunately there are many home buyers in the market place who have no idea when it comes to determining how much to offer for a home.  There are several things that home buyers need to avoid when figuring out how much to offer for a home, otherwise, the probability their offer is accepted is slim to none! Using Online Home Value Estimates One of the most popular misconceptions when it comes to home buying is that online home value estimates are accurate.  Home buyers who believe this "BS" fact about home buying will be extremely disappointed when offer after offer is rejected. When determining how much to offer for a home, make sure you avoid at all costs, online home value estimates.  Online home value estimates, such as Zillow's "Zestimate," are in many cases very inaccurate.  In a recent study of Rochester, NY homes that recently closed, almost 40% of the homes that closed on a specific date had "Zestimates" which were $15,000-$20,000 lower or higher than the actual sale prices. [caption id="attachment_2698" align="alignleft" width="450"]What Should Home Buyers Avoid When Determining How Much To Offer For A Home What Should Home Buyers Avoid When Determining How Much To Offer For A Home[/caption] A buyer who believes any online home value estimates will put themselves at a huge disadvantage when it comes to buying a home.  It's important to remember when determining how much to offer for a home, these online home value estimates are often generated by a computer formula and can be very inaccurate. Don't Be Fooled By Tax Assessments It's important to understand when buying a home, there is a difference between market value, assessed value, and appraised value.  One of the biggest thing to avoid when determining how much to offer for a home is using a homes assessed value as an offer price. The assessed value of a home is used for one thing, to determine how much the property taxes will be.  Assessed value has no correlation to a homes market value.  There are many real estate markets where the assessed value of homes will be significantly lower or higher than what homes are selling for. For example, a significant percentage of recently sold Webster, NY homes have sold for much higher than their  assessed values.  This is great for the local residents as it helps keep the property taxes lower. What Are The Top Tips To Help Buyers Determine How Much To Offer For A Home? There is no absolute way to determine how much to offer for a home.  Due to the fact that every seller has different reasons and different expectations, as well as the fact that homes are rarely identical, knowing how much to offer for a home can sometimes be tricky.  Here are several top tips to help buyers determine how much to offer for a home. Review The Current State Of The Local Real Estate Market It's important that buyers keep in mind what the current state of their local real estate market is when deciding how much to offer for a home.  Every real estate market is different.  Some real estate markets are neutral, some markets are buyers markets, and some markets are sellers market. If the local real estate market is a buyers market, it's possible that many of the homes for sale have been listed for quite some time.  It's fairly common that the longer a home is for sale, the lower the home can be bought for, but this isn't always the case.  In a buyers market, the chance that multiple offers will be received is greatly reduced as there are more homes available. If the local real estate market is a sellers market, it's likely that the homes for sale are sold fairly quickly, within the first week of being listed.  Buying a home in a sellers market can be more difficult for many reasons.  A few factors that contribute to the difficulty level of buying a home in a sellers market include low housing inventory, multiple offers, and a greater number of pre-approved buyers. Remember when determining how much to offer for a home that the condition of the local real estate market is vital.  A sellers market will generally demand an asking price or over asking price offer while a buyers market may warrant a significantly lower offer. Find Out How Much The Home Owner Paid Knowing how much the current owner paid previously for their home sometimes has no relation to how much to offer for a home, but, it certainly can.  Once a buyer finds the home they want to make an offer on, they should attempt to find out how much the current owners paid for the home. In some cases, the homeowners could be an original owner that built the house 40 years ago and obviously with inflation and other factors will make the amount they paid an irrelevant number.  The same can be said with newly built homes.  The cost of new construction is generally much higher than the homes value will be in a handful of years, due to the costs of building.  For example, a home that cost $300,000 to build a handful of years ago may only have a market value of $275,000. The opposite can be true for a homeowner who purchased a home in the past 5 or 6 years.  Finding out how much the current owner paid should be relatively easy as the information is still very likely to be in the local multiple listing service (MLS).  If a homeowner purchased a home for $150,000 a few years ago and they are trying to sell if for $200,000 now, it would be helpful to know what improvements they made to warrant a $50,000 increase in the value. Knowing the history of past transactions of a home can be a very helpful piece of information when determining how much to offer for a home. [caption id="attachment_2702" align="alignright" width="450"]When Determining How Much To Offer For A Home, Ask An Expert! When Determining How Much To Offer For A Home, Ask An Expert![/caption] Ask The Professionals Buying a home is an experience that many people are not familiar with.  When buying a home, it's critical that buyers have a top Realtor representing their best interests.  A top Realtor can help a buyer determine how much to offer for a home, which is a quality tip when it comes to determining the amount to offer for a home! One of the most important interview question to consider asking potential buyers agent's is whether they have experience selling homes in the desired neighborhoods.  An experienced Realtor who has sold homes in a specific neighborhood should be able to have a good idea whether a home is priced accurately or not simply by walking through the property. A top Realtor should be honest with their client and inform them if they feel a home is overpriced, priced well, or possibly under priced.  Unfortunately, there are some Realtors who will try and up-sell buyers, in order to make a few additional bucks and not advise the buyer the home maybe overpriced. Ultimately the decision of  how much to offer for a home is the buyers and not the Realtors.  Even though it ultimately is the buyers decision on how much to offer for a home, taking the advice of a top Realtor is high suggested.  Buyers who completely ignore what a Realtor suggests for an offer price is one of the top things home buyers do that real estate agents hate. Request A Comparative Market Analysis Be Completed Another excellent tip to help home buyers determine how much to offer for a home is by requesting a comparative market analysis be completed by their Realtor.  A comparative market analysis, also known as a CMA, is a very popular method Realtors use to determine market values. Having a comparative market analysis completed can be very helpful for a buyer when determining how much to offer for a home for several reasons.  First and foremost, a comparative market analysis is likely the method a listing agent utilized to determine the list price.  If the listing agent has experience selling homes in the area and is one of the top Realtors in the area, the price they listed the home for sale is likely close to the homes true market value. Another benefit to having a comparative market analysis completed prior to making an offer is it can eliminate possible low appraisal problems.  Just because a home is listed at a specific price, does not mean the home is worth that price, even if a buyer agrees to pay the full list price.  A comparative market analysis can help reduce the chances that a buyer overpays for a home and that the bank cannot justify the agreed sale price. A professionally completed comparative market analysis is a tool that can be a huge help when it comes to determining how much to offer for a home.  The value range that a comparative market analysis suggests, if done properly, should be relatively close to what a home sells for. Determine What The Highest Price You Will Pay Is And Stick To It One of the biggest mistakes that buyers make when buying a home is not sticking to their budget.  Once a buyer finds their "perfect home," it's important they set what the highest price they are willing to pay for that specific property is. Buying a home can be an emotional decision.  Without setting a maximum price, it's possible that a buyer will pay more for a home than they can afford.  By setting a maximum price, a buyer knows that if the negotiations push the price above that maximum number, it's time to walk away.  While it's easier said than done to walk away from a "perfect home," determining a maximum price can be a helpful tip to help determine what to offer for a home. Final Thoughts Determining how much to offer for a home is a big decision and can be tricky.  There is no absolute formula or method to help buyers determine what the purchase offer price should be.  The above tips should make deciding what to offer for a home much easier and less stressful.  Ultimately it is the buyers decision, however, by choosing a top Realtor and having the proper tools and information, buyers will be more comfortable with their decision. Other Top Home Buying Resources If you're buying a home in Rochester, NY, these tips to help determine how much to offer for a home will give you a huge advantage over your competition.  A buyer who has the "know-how" when it comes to determining how much to offer for a home will greatly increase their chances of successfully getting their "perfect home!"  If you haven't selected a top Rochester, NY realtor yet, please contact me, and I'd love to share my experience and expertise about buying a home in the local Rochester real estate market!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Tips To Help Determine How Much To Offer For A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Lowe’s vs U-Haul: A Review of Truck Rental Companies https://www.rochesterrealestateblog.com/lowes-vs-uhaul/ Tue, 19 May 2015 11:00:25 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19758 Tips To Help Determine How Much To Offer For A Home[/caption] Finding just the right home for some buyers is a difficult task and can be emotionally and physically draining.  Once a buyer finds their "perfect home," only a small portion of the home buying process has been completed. One of the most important steps in the home buying process is successfully negotiating with the home owner.  There are many things that a buyer must decide on when negotiating with the seller.  What contingencies do they want to include?  When do they want to close on the home?  Do they want to have a home inspection? One of the top frequently asked questions from home buyers relates to price.  What should we offer the sellers?  Ultimately the buyer is the person in charge of making the final decision on what amount they should offer the home owner. There are many ways to help home buyers determine how much to offer for a home.  Here are some of the the best tips, and also things to avoid, when determining how much to offer for a home! What Should You Avoid When Determining How Much To Offer For A Home? Unfortunately there are many home buyers in the market place who have no idea when it comes to determining how much to offer for a home.  There are several things that home buyers need to avoid when figuring out how much to offer for a home, otherwise, the probability their offer is accepted is slim to none! Using Online Home Value Estimates One of the most popular misconceptions when it comes to home buying is that online home value estimates are accurate.  Home buyers who believe this "BS" fact about home buying will be extremely disappointed when offer after offer is rejected. When determining how much to offer for a home, make sure you avoid at all costs, online home value estimates.  Online home value estimates, such as Zillow's "Zestimate," are in many cases very inaccurate.  In a recent study of Rochester, NY homes that recently closed, almost 40% of the homes that closed on a specific date had "Zestimates" which were $15,000-$20,000 lower or higher than the actual sale prices. [caption id="attachment_2698" align="alignleft" width="450"]What Should Home Buyers Avoid When Determining How Much To Offer For A Home What Should Home Buyers Avoid When Determining How Much To Offer For A Home[/caption] A buyer who believes any online home value estimates will put themselves at a huge disadvantage when it comes to buying a home.  It's important to remember when determining how much to offer for a home, these online home value estimates are often generated by a computer formula and can be very inaccurate. Don't Be Fooled By Tax Assessments It's important to understand when buying a home, there is a difference between market value, assessed value, and appraised value.  One of the biggest thing to avoid when determining how much to offer for a home is using a homes assessed value as an offer price. The assessed value of a home is used for one thing, to determine how much the property taxes will be.  Assessed value has no correlation to a homes market value.  There are many real estate markets where the assessed value of homes will be significantly lower or higher than what homes are selling for. For example, a significant percentage of recently sold Webster, NY homes have sold for much higher than their  assessed values.  This is great for the local residents as it helps keep the property taxes lower. What Are The Top Tips To Help Buyers Determine How Much To Offer For A Home? There is no absolute way to determine how much to offer for a home.  Due to the fact that every seller has different reasons and different expectations, as well as the fact that homes are rarely identical, knowing how much to offer for a home can sometimes be tricky.  Here are several top tips to help buyers determine how much to offer for a home. Review The Current State Of The Local Real Estate Market It's important that buyers keep in mind what the current state of their local real estate market is when deciding how much to offer for a home.  Every real estate market is different.  Some real estate markets are neutral, some markets are buyers markets, and some markets are sellers market. If the local real estate market is a buyers market, it's possible that many of the homes for sale have been listed for quite some time.  It's fairly common that the longer a home is for sale, the lower the home can be bought for, but this isn't always the case.  In a buyers market, the chance that multiple offers will be received is greatly reduced as there are more homes available. If the local real estate market is a sellers market, it's likely that the homes for sale are sold fairly quickly, within the first week of being listed.  Buying a home in a sellers market can be more difficult for many reasons.  A few factors that contribute to the difficulty level of buying a home in a sellers market include low housing inventory, multiple offers, and a greater number of pre-approved buyers. Remember when determining how much to offer for a home that the condition of the local real estate market is vital.  A sellers market will generally demand an asking price or over asking price offer while a buyers market may warrant a significantly lower offer. Find Out How Much The Home Owner Paid Knowing how much the current owner paid previously for their home sometimes has no relation to how much to offer for a home, but, it certainly can.  Once a buyer finds the home they want to make an offer on, they should attempt to find out how much the current owners paid for the home. In some cases, the homeowners could be an original owner that built the house 40 years ago and obviously with inflation and other factors will make the amount they paid an irrelevant number.  The same can be said with newly built homes.  The cost of new construction is generally much higher than the homes value will be in a handful of years, due to the costs of building.  For example, a home that cost $300,000 to build a handful of years ago may only have a market value of $275,000. The opposite can be true for a homeowner who purchased a home in the past 5 or 6 years.  Finding out how much the current owner paid should be relatively easy as the information is still very likely to be in the local multiple listing service (MLS).  If a homeowner purchased a home for $150,000 a few years ago and they are trying to sell if for $200,000 now, it would be helpful to know what improvements they made to warrant a $50,000 increase in the value. Knowing the history of past transactions of a home can be a very helpful piece of information when determining how much to offer for a home. [caption id="attachment_2702" align="alignright" width="450"]When Determining How Much To Offer For A Home, Ask An Expert! When Determining How Much To Offer For A Home, Ask An Expert![/caption] Ask The Professionals Buying a home is an experience that many people are not familiar with.  When buying a home, it's critical that buyers have a top Realtor representing their best interests.  A top Realtor can help a buyer determine how much to offer for a home, which is a quality tip when it comes to determining the amount to offer for a home! One of the most important interview question to consider asking potential buyers agent's is whether they have experience selling homes in the desired neighborhoods.  An experienced Realtor who has sold homes in a specific neighborhood should be able to have a good idea whether a home is priced accurately or not simply by walking through the property. A top Realtor should be honest with their client and inform them if they feel a home is overpriced, priced well, or possibly under priced.  Unfortunately, there are some Realtors who will try and up-sell buyers, in order to make a few additional bucks and not advise the buyer the home maybe overpriced. Ultimately the decision of  how much to offer for a home is the buyers and not the Realtors.  Even though it ultimately is the buyers decision on how much to offer for a home, taking the advice of a top Realtor is high suggested.  Buyers who completely ignore what a Realtor suggests for an offer price is one of the top things home buyers do that real estate agents hate. Request A Comparative Market Analysis Be Completed Another excellent tip to help home buyers determine how much to offer for a home is by requesting a comparative market analysis be completed by their Realtor.  A comparative market analysis, also known as a CMA, is a very popular method Realtors use to determine market values. Having a comparative market analysis completed can be very helpful for a buyer when determining how much to offer for a home for several reasons.  First and foremost, a comparative market analysis is likely the method a listing agent utilized to determine the list price.  If the listing agent has experience selling homes in the area and is one of the top Realtors in the area, the price they listed the home for sale is likely close to the homes true market value. Another benefit to having a comparative market analysis completed prior to making an offer is it can eliminate possible low appraisal problems.  Just because a home is listed at a specific price, does not mean the home is worth that price, even if a buyer agrees to pay the full list price.  A comparative market analysis can help reduce the chances that a buyer overpays for a home and that the bank cannot justify the agreed sale price. A professionally completed comparative market analysis is a tool that can be a huge help when it comes to determining how much to offer for a home.  The value range that a comparative market analysis suggests, if done properly, should be relatively close to what a home sells for. Determine What The Highest Price You Will Pay Is And Stick To It One of the biggest mistakes that buyers make when buying a home is not sticking to their budget.  Once a buyer finds their "perfect home," it's important they set what the highest price they are willing to pay for that specific property is. Buying a home can be an emotional decision.  Without setting a maximum price, it's possible that a buyer will pay more for a home than they can afford.  By setting a maximum price, a buyer knows that if the negotiations push the price above that maximum number, it's time to walk away.  While it's easier said than done to walk away from a "perfect home," determining a maximum price can be a helpful tip to help determine what to offer for a home. Final Thoughts Determining how much to offer for a home is a big decision and can be tricky.  There is no absolute formula or method to help buyers determine what the purchase offer price should be.  The above tips should make deciding what to offer for a home much easier and less stressful.  Ultimately it is the buyers decision, however, by choosing a top Realtor and having the proper tools and information, buyers will be more comfortable with their decision. Other Top Home Buying Resources If you're buying a home in Rochester, NY, these tips to help determine how much to offer for a home will give you a huge advantage over your competition.  A buyer who has the "know-how" when it comes to determining how much to offer for a home will greatly increase their chances of successfully getting their "perfect home!"  If you haven't selected a top Rochester, NY realtor yet, please contact me, and I'd love to share my experience and expertise about buying a home in the local Rochester real estate market!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Tips To Help Determine How Much To Offer For A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Understanding the Importance of a Seller’s Property Condition Disclosure https://www.rochesterrealestateblog.com/property-condition-disclosure-statement/ Tue, 19 May 2015 11:00:25 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19632 Tips To Help Determine How Much To Offer For A Home[/caption] Finding just the right home for some buyers is a difficult task and can be emotionally and physically draining.  Once a buyer finds their "perfect home," only a small portion of the home buying process has been completed. One of the most important steps in the home buying process is successfully negotiating with the home owner.  There are many things that a buyer must decide on when negotiating with the seller.  What contingencies do they want to include?  When do they want to close on the home?  Do they want to have a home inspection? One of the top frequently asked questions from home buyers relates to price.  What should we offer the sellers?  Ultimately the buyer is the person in charge of making the final decision on what amount they should offer the home owner. There are many ways to help home buyers determine how much to offer for a home.  Here are some of the the best tips, and also things to avoid, when determining how much to offer for a home! What Should You Avoid When Determining How Much To Offer For A Home? Unfortunately there are many home buyers in the market place who have no idea when it comes to determining how much to offer for a home.  There are several things that home buyers need to avoid when figuring out how much to offer for a home, otherwise, the probability their offer is accepted is slim to none! Using Online Home Value Estimates One of the most popular misconceptions when it comes to home buying is that online home value estimates are accurate.  Home buyers who believe this "BS" fact about home buying will be extremely disappointed when offer after offer is rejected. When determining how much to offer for a home, make sure you avoid at all costs, online home value estimates.  Online home value estimates, such as Zillow's "Zestimate," are in many cases very inaccurate.  In a recent study of Rochester, NY homes that recently closed, almost 40% of the homes that closed on a specific date had "Zestimates" which were $15,000-$20,000 lower or higher than the actual sale prices. [caption id="attachment_2698" align="alignleft" width="450"]What Should Home Buyers Avoid When Determining How Much To Offer For A Home What Should Home Buyers Avoid When Determining How Much To Offer For A Home[/caption] A buyer who believes any online home value estimates will put themselves at a huge disadvantage when it comes to buying a home.  It's important to remember when determining how much to offer for a home, these online home value estimates are often generated by a computer formula and can be very inaccurate. Don't Be Fooled By Tax Assessments It's important to understand when buying a home, there is a difference between market value, assessed value, and appraised value.  One of the biggest thing to avoid when determining how much to offer for a home is using a homes assessed value as an offer price. The assessed value of a home is used for one thing, to determine how much the property taxes will be.  Assessed value has no correlation to a homes market value.  There are many real estate markets where the assessed value of homes will be significantly lower or higher than what homes are selling for. For example, a significant percentage of recently sold Webster, NY homes have sold for much higher than their  assessed values.  This is great for the local residents as it helps keep the property taxes lower. What Are The Top Tips To Help Buyers Determine How Much To Offer For A Home? There is no absolute way to determine how much to offer for a home.  Due to the fact that every seller has different reasons and different expectations, as well as the fact that homes are rarely identical, knowing how much to offer for a home can sometimes be tricky.  Here are several top tips to help buyers determine how much to offer for a home. Review The Current State Of The Local Real Estate Market It's important that buyers keep in mind what the current state of their local real estate market is when deciding how much to offer for a home.  Every real estate market is different.  Some real estate markets are neutral, some markets are buyers markets, and some markets are sellers market. If the local real estate market is a buyers market, it's possible that many of the homes for sale have been listed for quite some time.  It's fairly common that the longer a home is for sale, the lower the home can be bought for, but this isn't always the case.  In a buyers market, the chance that multiple offers will be received is greatly reduced as there are more homes available. If the local real estate market is a sellers market, it's likely that the homes for sale are sold fairly quickly, within the first week of being listed.  Buying a home in a sellers market can be more difficult for many reasons.  A few factors that contribute to the difficulty level of buying a home in a sellers market include low housing inventory, multiple offers, and a greater number of pre-approved buyers. Remember when determining how much to offer for a home that the condition of the local real estate market is vital.  A sellers market will generally demand an asking price or over asking price offer while a buyers market may warrant a significantly lower offer. Find Out How Much The Home Owner Paid Knowing how much the current owner paid previously for their home sometimes has no relation to how much to offer for a home, but, it certainly can.  Once a buyer finds the home they want to make an offer on, they should attempt to find out how much the current owners paid for the home. In some cases, the homeowners could be an original owner that built the house 40 years ago and obviously with inflation and other factors will make the amount they paid an irrelevant number.  The same can be said with newly built homes.  The cost of new construction is generally much higher than the homes value will be in a handful of years, due to the costs of building.  For example, a home that cost $300,000 to build a handful of years ago may only have a market value of $275,000. The opposite can be true for a homeowner who purchased a home in the past 5 or 6 years.  Finding out how much the current owner paid should be relatively easy as the information is still very likely to be in the local multiple listing service (MLS).  If a homeowner purchased a home for $150,000 a few years ago and they are trying to sell if for $200,000 now, it would be helpful to know what improvements they made to warrant a $50,000 increase in the value. Knowing the history of past transactions of a home can be a very helpful piece of information when determining how much to offer for a home. [caption id="attachment_2702" align="alignright" width="450"]When Determining How Much To Offer For A Home, Ask An Expert! When Determining How Much To Offer For A Home, Ask An Expert![/caption] Ask The Professionals Buying a home is an experience that many people are not familiar with.  When buying a home, it's critical that buyers have a top Realtor representing their best interests.  A top Realtor can help a buyer determine how much to offer for a home, which is a quality tip when it comes to determining the amount to offer for a home! One of the most important interview question to consider asking potential buyers agent's is whether they have experience selling homes in the desired neighborhoods.  An experienced Realtor who has sold homes in a specific neighborhood should be able to have a good idea whether a home is priced accurately or not simply by walking through the property. A top Realtor should be honest with their client and inform them if they feel a home is overpriced, priced well, or possibly under priced.  Unfortunately, there are some Realtors who will try and up-sell buyers, in order to make a few additional bucks and not advise the buyer the home maybe overpriced. Ultimately the decision of  how much to offer for a home is the buyers and not the Realtors.  Even though it ultimately is the buyers decision on how much to offer for a home, taking the advice of a top Realtor is high suggested.  Buyers who completely ignore what a Realtor suggests for an offer price is one of the top things home buyers do that real estate agents hate. Request A Comparative Market Analysis Be Completed Another excellent tip to help home buyers determine how much to offer for a home is by requesting a comparative market analysis be completed by their Realtor.  A comparative market analysis, also known as a CMA, is a very popular method Realtors use to determine market values. Having a comparative market analysis completed can be very helpful for a buyer when determining how much to offer for a home for several reasons.  First and foremost, a comparative market analysis is likely the method a listing agent utilized to determine the list price.  If the listing agent has experience selling homes in the area and is one of the top Realtors in the area, the price they listed the home for sale is likely close to the homes true market value. Another benefit to having a comparative market analysis completed prior to making an offer is it can eliminate possible low appraisal problems.  Just because a home is listed at a specific price, does not mean the home is worth that price, even if a buyer agrees to pay the full list price.  A comparative market analysis can help reduce the chances that a buyer overpays for a home and that the bank cannot justify the agreed sale price. A professionally completed comparative market analysis is a tool that can be a huge help when it comes to determining how much to offer for a home.  The value range that a comparative market analysis suggests, if done properly, should be relatively close to what a home sells for. Determine What The Highest Price You Will Pay Is And Stick To It One of the biggest mistakes that buyers make when buying a home is not sticking to their budget.  Once a buyer finds their "perfect home," it's important they set what the highest price they are willing to pay for that specific property is. Buying a home can be an emotional decision.  Without setting a maximum price, it's possible that a buyer will pay more for a home than they can afford.  By setting a maximum price, a buyer knows that if the negotiations push the price above that maximum number, it's time to walk away.  While it's easier said than done to walk away from a "perfect home," determining a maximum price can be a helpful tip to help determine what to offer for a home. Final Thoughts Determining how much to offer for a home is a big decision and can be tricky.  There is no absolute formula or method to help buyers determine what the purchase offer price should be.  The above tips should make deciding what to offer for a home much easier and less stressful.  Ultimately it is the buyers decision, however, by choosing a top Realtor and having the proper tools and information, buyers will be more comfortable with their decision. Other Top Home Buying Resources If you're buying a home in Rochester, NY, these tips to help determine how much to offer for a home will give you a huge advantage over your competition.  A buyer who has the "know-how" when it comes to determining how much to offer for a home will greatly increase their chances of successfully getting their "perfect home!"  If you haven't selected a top Rochester, NY realtor yet, please contact me, and I'd love to share my experience and expertise about buying a home in the local Rochester real estate market!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Tips To Help Determine How Much To Offer For A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> What are Delayed Showings and Negotiations in Real Estate In New York? https://www.rochesterrealestateblog.com/delayed-showings-negotiations/ Tue, 19 May 2015 11:00:25 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19547 Tips To Help Determine How Much To Offer For A Home[/caption] Finding just the right home for some buyers is a difficult task and can be emotionally and physically draining.  Once a buyer finds their "perfect home," only a small portion of the home buying process has been completed. One of the most important steps in the home buying process is successfully negotiating with the home owner.  There are many things that a buyer must decide on when negotiating with the seller.  What contingencies do they want to include?  When do they want to close on the home?  Do they want to have a home inspection? One of the top frequently asked questions from home buyers relates to price.  What should we offer the sellers?  Ultimately the buyer is the person in charge of making the final decision on what amount they should offer the home owner. There are many ways to help home buyers determine how much to offer for a home.  Here are some of the the best tips, and also things to avoid, when determining how much to offer for a home! What Should You Avoid When Determining How Much To Offer For A Home? Unfortunately there are many home buyers in the market place who have no idea when it comes to determining how much to offer for a home.  There are several things that home buyers need to avoid when figuring out how much to offer for a home, otherwise, the probability their offer is accepted is slim to none! Using Online Home Value Estimates One of the most popular misconceptions when it comes to home buying is that online home value estimates are accurate.  Home buyers who believe this "BS" fact about home buying will be extremely disappointed when offer after offer is rejected. When determining how much to offer for a home, make sure you avoid at all costs, online home value estimates.  Online home value estimates, such as Zillow's "Zestimate," are in many cases very inaccurate.  In a recent study of Rochester, NY homes that recently closed, almost 40% of the homes that closed on a specific date had "Zestimates" which were $15,000-$20,000 lower or higher than the actual sale prices. [caption id="attachment_2698" align="alignleft" width="450"]What Should Home Buyers Avoid When Determining How Much To Offer For A Home What Should Home Buyers Avoid When Determining How Much To Offer For A Home[/caption] A buyer who believes any online home value estimates will put themselves at a huge disadvantage when it comes to buying a home.  It's important to remember when determining how much to offer for a home, these online home value estimates are often generated by a computer formula and can be very inaccurate. Don't Be Fooled By Tax Assessments It's important to understand when buying a home, there is a difference between market value, assessed value, and appraised value.  One of the biggest thing to avoid when determining how much to offer for a home is using a homes assessed value as an offer price. The assessed value of a home is used for one thing, to determine how much the property taxes will be.  Assessed value has no correlation to a homes market value.  There are many real estate markets where the assessed value of homes will be significantly lower or higher than what homes are selling for. For example, a significant percentage of recently sold Webster, NY homes have sold for much higher than their  assessed values.  This is great for the local residents as it helps keep the property taxes lower. What Are The Top Tips To Help Buyers Determine How Much To Offer For A Home? There is no absolute way to determine how much to offer for a home.  Due to the fact that every seller has different reasons and different expectations, as well as the fact that homes are rarely identical, knowing how much to offer for a home can sometimes be tricky.  Here are several top tips to help buyers determine how much to offer for a home. Review The Current State Of The Local Real Estate Market It's important that buyers keep in mind what the current state of their local real estate market is when deciding how much to offer for a home.  Every real estate market is different.  Some real estate markets are neutral, some markets are buyers markets, and some markets are sellers market. If the local real estate market is a buyers market, it's possible that many of the homes for sale have been listed for quite some time.  It's fairly common that the longer a home is for sale, the lower the home can be bought for, but this isn't always the case.  In a buyers market, the chance that multiple offers will be received is greatly reduced as there are more homes available. If the local real estate market is a sellers market, it's likely that the homes for sale are sold fairly quickly, within the first week of being listed.  Buying a home in a sellers market can be more difficult for many reasons.  A few factors that contribute to the difficulty level of buying a home in a sellers market include low housing inventory, multiple offers, and a greater number of pre-approved buyers. Remember when determining how much to offer for a home that the condition of the local real estate market is vital.  A sellers market will generally demand an asking price or over asking price offer while a buyers market may warrant a significantly lower offer. Find Out How Much The Home Owner Paid Knowing how much the current owner paid previously for their home sometimes has no relation to how much to offer for a home, but, it certainly can.  Once a buyer finds the home they want to make an offer on, they should attempt to find out how much the current owners paid for the home. In some cases, the homeowners could be an original owner that built the house 40 years ago and obviously with inflation and other factors will make the amount they paid an irrelevant number.  The same can be said with newly built homes.  The cost of new construction is generally much higher than the homes value will be in a handful of years, due to the costs of building.  For example, a home that cost $300,000 to build a handful of years ago may only have a market value of $275,000. The opposite can be true for a homeowner who purchased a home in the past 5 or 6 years.  Finding out how much the current owner paid should be relatively easy as the information is still very likely to be in the local multiple listing service (MLS).  If a homeowner purchased a home for $150,000 a few years ago and they are trying to sell if for $200,000 now, it would be helpful to know what improvements they made to warrant a $50,000 increase in the value. Knowing the history of past transactions of a home can be a very helpful piece of information when determining how much to offer for a home. [caption id="attachment_2702" align="alignright" width="450"]When Determining How Much To Offer For A Home, Ask An Expert! When Determining How Much To Offer For A Home, Ask An Expert![/caption] Ask The Professionals Buying a home is an experience that many people are not familiar with.  When buying a home, it's critical that buyers have a top Realtor representing their best interests.  A top Realtor can help a buyer determine how much to offer for a home, which is a quality tip when it comes to determining the amount to offer for a home! One of the most important interview question to consider asking potential buyers agent's is whether they have experience selling homes in the desired neighborhoods.  An experienced Realtor who has sold homes in a specific neighborhood should be able to have a good idea whether a home is priced accurately or not simply by walking through the property. A top Realtor should be honest with their client and inform them if they feel a home is overpriced, priced well, or possibly under priced.  Unfortunately, there are some Realtors who will try and up-sell buyers, in order to make a few additional bucks and not advise the buyer the home maybe overpriced. Ultimately the decision of  how much to offer for a home is the buyers and not the Realtors.  Even though it ultimately is the buyers decision on how much to offer for a home, taking the advice of a top Realtor is high suggested.  Buyers who completely ignore what a Realtor suggests for an offer price is one of the top things home buyers do that real estate agents hate. Request A Comparative Market Analysis Be Completed Another excellent tip to help home buyers determine how much to offer for a home is by requesting a comparative market analysis be completed by their Realtor.  A comparative market analysis, also known as a CMA, is a very popular method Realtors use to determine market values. Having a comparative market analysis completed can be very helpful for a buyer when determining how much to offer for a home for several reasons.  First and foremost, a comparative market analysis is likely the method a listing agent utilized to determine the list price.  If the listing agent has experience selling homes in the area and is one of the top Realtors in the area, the price they listed the home for sale is likely close to the homes true market value. Another benefit to having a comparative market analysis completed prior to making an offer is it can eliminate possible low appraisal problems.  Just because a home is listed at a specific price, does not mean the home is worth that price, even if a buyer agrees to pay the full list price.  A comparative market analysis can help reduce the chances that a buyer overpays for a home and that the bank cannot justify the agreed sale price. A professionally completed comparative market analysis is a tool that can be a huge help when it comes to determining how much to offer for a home.  The value range that a comparative market analysis suggests, if done properly, should be relatively close to what a home sells for. Determine What The Highest Price You Will Pay Is And Stick To It One of the biggest mistakes that buyers make when buying a home is not sticking to their budget.  Once a buyer finds their "perfect home," it's important they set what the highest price they are willing to pay for that specific property is. Buying a home can be an emotional decision.  Without setting a maximum price, it's possible that a buyer will pay more for a home than they can afford.  By setting a maximum price, a buyer knows that if the negotiations push the price above that maximum number, it's time to walk away.  While it's easier said than done to walk away from a "perfect home," determining a maximum price can be a helpful tip to help determine what to offer for a home. Final Thoughts Determining how much to offer for a home is a big decision and can be tricky.  There is no absolute formula or method to help buyers determine what the purchase offer price should be.  The above tips should make deciding what to offer for a home much easier and less stressful.  Ultimately it is the buyers decision, however, by choosing a top Realtor and having the proper tools and information, buyers will be more comfortable with their decision. Other Top Home Buying Resources If you're buying a home in Rochester, NY, these tips to help determine how much to offer for a home will give you a huge advantage over your competition.  A buyer who has the "know-how" when it comes to determining how much to offer for a home will greatly increase their chances of successfully getting their "perfect home!"  If you haven't selected a top Rochester, NY realtor yet, please contact me, and I'd love to share my experience and expertise about buying a home in the local Rochester real estate market!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Tips To Help Determine How Much To Offer For A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> 8 Viable Tactics to Selling Your Home and Moving Out of State https://www.rochesterrealestateblog.com/selling-home-moving-out-of-state/ Tue, 19 May 2015 11:00:25 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19542 Tips To Help Determine How Much To Offer For A Home[/caption] Finding just the right home for some buyers is a difficult task and can be emotionally and physically draining.  Once a buyer finds their "perfect home," only a small portion of the home buying process has been completed. One of the most important steps in the home buying process is successfully negotiating with the home owner.  There are many things that a buyer must decide on when negotiating with the seller.  What contingencies do they want to include?  When do they want to close on the home?  Do they want to have a home inspection? One of the top frequently asked questions from home buyers relates to price.  What should we offer the sellers?  Ultimately the buyer is the person in charge of making the final decision on what amount they should offer the home owner. There are many ways to help home buyers determine how much to offer for a home.  Here are some of the the best tips, and also things to avoid, when determining how much to offer for a home! What Should You Avoid When Determining How Much To Offer For A Home? Unfortunately there are many home buyers in the market place who have no idea when it comes to determining how much to offer for a home.  There are several things that home buyers need to avoid when figuring out how much to offer for a home, otherwise, the probability their offer is accepted is slim to none! Using Online Home Value Estimates One of the most popular misconceptions when it comes to home buying is that online home value estimates are accurate.  Home buyers who believe this "BS" fact about home buying will be extremely disappointed when offer after offer is rejected. When determining how much to offer for a home, make sure you avoid at all costs, online home value estimates.  Online home value estimates, such as Zillow's "Zestimate," are in many cases very inaccurate.  In a recent study of Rochester, NY homes that recently closed, almost 40% of the homes that closed on a specific date had "Zestimates" which were $15,000-$20,000 lower or higher than the actual sale prices. [caption id="attachment_2698" align="alignleft" width="450"]What Should Home Buyers Avoid When Determining How Much To Offer For A Home What Should Home Buyers Avoid When Determining How Much To Offer For A Home[/caption] A buyer who believes any online home value estimates will put themselves at a huge disadvantage when it comes to buying a home.  It's important to remember when determining how much to offer for a home, these online home value estimates are often generated by a computer formula and can be very inaccurate. Don't Be Fooled By Tax Assessments It's important to understand when buying a home, there is a difference between market value, assessed value, and appraised value.  One of the biggest thing to avoid when determining how much to offer for a home is using a homes assessed value as an offer price. The assessed value of a home is used for one thing, to determine how much the property taxes will be.  Assessed value has no correlation to a homes market value.  There are many real estate markets where the assessed value of homes will be significantly lower or higher than what homes are selling for. For example, a significant percentage of recently sold Webster, NY homes have sold for much higher than their  assessed values.  This is great for the local residents as it helps keep the property taxes lower. What Are The Top Tips To Help Buyers Determine How Much To Offer For A Home? There is no absolute way to determine how much to offer for a home.  Due to the fact that every seller has different reasons and different expectations, as well as the fact that homes are rarely identical, knowing how much to offer for a home can sometimes be tricky.  Here are several top tips to help buyers determine how much to offer for a home. Review The Current State Of The Local Real Estate Market It's important that buyers keep in mind what the current state of their local real estate market is when deciding how much to offer for a home.  Every real estate market is different.  Some real estate markets are neutral, some markets are buyers markets, and some markets are sellers market. If the local real estate market is a buyers market, it's possible that many of the homes for sale have been listed for quite some time.  It's fairly common that the longer a home is for sale, the lower the home can be bought for, but this isn't always the case.  In a buyers market, the chance that multiple offers will be received is greatly reduced as there are more homes available. If the local real estate market is a sellers market, it's likely that the homes for sale are sold fairly quickly, within the first week of being listed.  Buying a home in a sellers market can be more difficult for many reasons.  A few factors that contribute to the difficulty level of buying a home in a sellers market include low housing inventory, multiple offers, and a greater number of pre-approved buyers. Remember when determining how much to offer for a home that the condition of the local real estate market is vital.  A sellers market will generally demand an asking price or over asking price offer while a buyers market may warrant a significantly lower offer. Find Out How Much The Home Owner Paid Knowing how much the current owner paid previously for their home sometimes has no relation to how much to offer for a home, but, it certainly can.  Once a buyer finds the home they want to make an offer on, they should attempt to find out how much the current owners paid for the home. In some cases, the homeowners could be an original owner that built the house 40 years ago and obviously with inflation and other factors will make the amount they paid an irrelevant number.  The same can be said with newly built homes.  The cost of new construction is generally much higher than the homes value will be in a handful of years, due to the costs of building.  For example, a home that cost $300,000 to build a handful of years ago may only have a market value of $275,000. The opposite can be true for a homeowner who purchased a home in the past 5 or 6 years.  Finding out how much the current owner paid should be relatively easy as the information is still very likely to be in the local multiple listing service (MLS).  If a homeowner purchased a home for $150,000 a few years ago and they are trying to sell if for $200,000 now, it would be helpful to know what improvements they made to warrant a $50,000 increase in the value. Knowing the history of past transactions of a home can be a very helpful piece of information when determining how much to offer for a home. [caption id="attachment_2702" align="alignright" width="450"]When Determining How Much To Offer For A Home, Ask An Expert! When Determining How Much To Offer For A Home, Ask An Expert![/caption] Ask The Professionals Buying a home is an experience that many people are not familiar with.  When buying a home, it's critical that buyers have a top Realtor representing their best interests.  A top Realtor can help a buyer determine how much to offer for a home, which is a quality tip when it comes to determining the amount to offer for a home! One of the most important interview question to consider asking potential buyers agent's is whether they have experience selling homes in the desired neighborhoods.  An experienced Realtor who has sold homes in a specific neighborhood should be able to have a good idea whether a home is priced accurately or not simply by walking through the property. A top Realtor should be honest with their client and inform them if they feel a home is overpriced, priced well, or possibly under priced.  Unfortunately, there are some Realtors who will try and up-sell buyers, in order to make a few additional bucks and not advise the buyer the home maybe overpriced. Ultimately the decision of  how much to offer for a home is the buyers and not the Realtors.  Even though it ultimately is the buyers decision on how much to offer for a home, taking the advice of a top Realtor is high suggested.  Buyers who completely ignore what a Realtor suggests for an offer price is one of the top things home buyers do that real estate agents hate. Request A Comparative Market Analysis Be Completed Another excellent tip to help home buyers determine how much to offer for a home is by requesting a comparative market analysis be completed by their Realtor.  A comparative market analysis, also known as a CMA, is a very popular method Realtors use to determine market values. Having a comparative market analysis completed can be very helpful for a buyer when determining how much to offer for a home for several reasons.  First and foremost, a comparative market analysis is likely the method a listing agent utilized to determine the list price.  If the listing agent has experience selling homes in the area and is one of the top Realtors in the area, the price they listed the home for sale is likely close to the homes true market value. Another benefit to having a comparative market analysis completed prior to making an offer is it can eliminate possible low appraisal problems.  Just because a home is listed at a specific price, does not mean the home is worth that price, even if a buyer agrees to pay the full list price.  A comparative market analysis can help reduce the chances that a buyer overpays for a home and that the bank cannot justify the agreed sale price. A professionally completed comparative market analysis is a tool that can be a huge help when it comes to determining how much to offer for a home.  The value range that a comparative market analysis suggests, if done properly, should be relatively close to what a home sells for. Determine What The Highest Price You Will Pay Is And Stick To It One of the biggest mistakes that buyers make when buying a home is not sticking to their budget.  Once a buyer finds their "perfect home," it's important they set what the highest price they are willing to pay for that specific property is. Buying a home can be an emotional decision.  Without setting a maximum price, it's possible that a buyer will pay more for a home than they can afford.  By setting a maximum price, a buyer knows that if the negotiations push the price above that maximum number, it's time to walk away.  While it's easier said than done to walk away from a "perfect home," determining a maximum price can be a helpful tip to help determine what to offer for a home. Final Thoughts Determining how much to offer for a home is a big decision and can be tricky.  There is no absolute formula or method to help buyers determine what the purchase offer price should be.  The above tips should make deciding what to offer for a home much easier and less stressful.  Ultimately it is the buyers decision, however, by choosing a top Realtor and having the proper tools and information, buyers will be more comfortable with their decision. Other Top Home Buying Resources If you're buying a home in Rochester, NY, these tips to help determine how much to offer for a home will give you a huge advantage over your competition.  A buyer who has the "know-how" when it comes to determining how much to offer for a home will greatly increase their chances of successfully getting their "perfect home!"  If you haven't selected a top Rochester, NY realtor yet, please contact me, and I'd love to share my experience and expertise about buying a home in the local Rochester real estate market!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Tips To Help Determine How Much To Offer For A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Unconventional Methods for Selling a House: Thinking Outside the Box https://www.rochesterrealestateblog.com/unconventional-methods-for-selling-a-house/ Tue, 19 May 2015 11:00:25 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19519 Tips To Help Determine How Much To Offer For A Home[/caption] Finding just the right home for some buyers is a difficult task and can be emotionally and physically draining.  Once a buyer finds their "perfect home," only a small portion of the home buying process has been completed. One of the most important steps in the home buying process is successfully negotiating with the home owner.  There are many things that a buyer must decide on when negotiating with the seller.  What contingencies do they want to include?  When do they want to close on the home?  Do they want to have a home inspection? One of the top frequently asked questions from home buyers relates to price.  What should we offer the sellers?  Ultimately the buyer is the person in charge of making the final decision on what amount they should offer the home owner. There are many ways to help home buyers determine how much to offer for a home.  Here are some of the the best tips, and also things to avoid, when determining how much to offer for a home! What Should You Avoid When Determining How Much To Offer For A Home? Unfortunately there are many home buyers in the market place who have no idea when it comes to determining how much to offer for a home.  There are several things that home buyers need to avoid when figuring out how much to offer for a home, otherwise, the probability their offer is accepted is slim to none! Using Online Home Value Estimates One of the most popular misconceptions when it comes to home buying is that online home value estimates are accurate.  Home buyers who believe this "BS" fact about home buying will be extremely disappointed when offer after offer is rejected. When determining how much to offer for a home, make sure you avoid at all costs, online home value estimates.  Online home value estimates, such as Zillow's "Zestimate," are in many cases very inaccurate.  In a recent study of Rochester, NY homes that recently closed, almost 40% of the homes that closed on a specific date had "Zestimates" which were $15,000-$20,000 lower or higher than the actual sale prices. [caption id="attachment_2698" align="alignleft" width="450"]What Should Home Buyers Avoid When Determining How Much To Offer For A Home What Should Home Buyers Avoid When Determining How Much To Offer For A Home[/caption] A buyer who believes any online home value estimates will put themselves at a huge disadvantage when it comes to buying a home.  It's important to remember when determining how much to offer for a home, these online home value estimates are often generated by a computer formula and can be very inaccurate. Don't Be Fooled By Tax Assessments It's important to understand when buying a home, there is a difference between market value, assessed value, and appraised value.  One of the biggest thing to avoid when determining how much to offer for a home is using a homes assessed value as an offer price. The assessed value of a home is used for one thing, to determine how much the property taxes will be.  Assessed value has no correlation to a homes market value.  There are many real estate markets where the assessed value of homes will be significantly lower or higher than what homes are selling for. For example, a significant percentage of recently sold Webster, NY homes have sold for much higher than their  assessed values.  This is great for the local residents as it helps keep the property taxes lower. What Are The Top Tips To Help Buyers Determine How Much To Offer For A Home? There is no absolute way to determine how much to offer for a home.  Due to the fact that every seller has different reasons and different expectations, as well as the fact that homes are rarely identical, knowing how much to offer for a home can sometimes be tricky.  Here are several top tips to help buyers determine how much to offer for a home. Review The Current State Of The Local Real Estate Market It's important that buyers keep in mind what the current state of their local real estate market is when deciding how much to offer for a home.  Every real estate market is different.  Some real estate markets are neutral, some markets are buyers markets, and some markets are sellers market. If the local real estate market is a buyers market, it's possible that many of the homes for sale have been listed for quite some time.  It's fairly common that the longer a home is for sale, the lower the home can be bought for, but this isn't always the case.  In a buyers market, the chance that multiple offers will be received is greatly reduced as there are more homes available. If the local real estate market is a sellers market, it's likely that the homes for sale are sold fairly quickly, within the first week of being listed.  Buying a home in a sellers market can be more difficult for many reasons.  A few factors that contribute to the difficulty level of buying a home in a sellers market include low housing inventory, multiple offers, and a greater number of pre-approved buyers. Remember when determining how much to offer for a home that the condition of the local real estate market is vital.  A sellers market will generally demand an asking price or over asking price offer while a buyers market may warrant a significantly lower offer. Find Out How Much The Home Owner Paid Knowing how much the current owner paid previously for their home sometimes has no relation to how much to offer for a home, but, it certainly can.  Once a buyer finds the home they want to make an offer on, they should attempt to find out how much the current owners paid for the home. In some cases, the homeowners could be an original owner that built the house 40 years ago and obviously with inflation and other factors will make the amount they paid an irrelevant number.  The same can be said with newly built homes.  The cost of new construction is generally much higher than the homes value will be in a handful of years, due to the costs of building.  For example, a home that cost $300,000 to build a handful of years ago may only have a market value of $275,000. The opposite can be true for a homeowner who purchased a home in the past 5 or 6 years.  Finding out how much the current owner paid should be relatively easy as the information is still very likely to be in the local multiple listing service (MLS).  If a homeowner purchased a home for $150,000 a few years ago and they are trying to sell if for $200,000 now, it would be helpful to know what improvements they made to warrant a $50,000 increase in the value. Knowing the history of past transactions of a home can be a very helpful piece of information when determining how much to offer for a home. [caption id="attachment_2702" align="alignright" width="450"]When Determining How Much To Offer For A Home, Ask An Expert! When Determining How Much To Offer For A Home, Ask An Expert![/caption] Ask The Professionals Buying a home is an experience that many people are not familiar with.  When buying a home, it's critical that buyers have a top Realtor representing their best interests.  A top Realtor can help a buyer determine how much to offer for a home, which is a quality tip when it comes to determining the amount to offer for a home! One of the most important interview question to consider asking potential buyers agent's is whether they have experience selling homes in the desired neighborhoods.  An experienced Realtor who has sold homes in a specific neighborhood should be able to have a good idea whether a home is priced accurately or not simply by walking through the property. A top Realtor should be honest with their client and inform them if they feel a home is overpriced, priced well, or possibly under priced.  Unfortunately, there are some Realtors who will try and up-sell buyers, in order to make a few additional bucks and not advise the buyer the home maybe overpriced. Ultimately the decision of  how much to offer for a home is the buyers and not the Realtors.  Even though it ultimately is the buyers decision on how much to offer for a home, taking the advice of a top Realtor is high suggested.  Buyers who completely ignore what a Realtor suggests for an offer price is one of the top things home buyers do that real estate agents hate. Request A Comparative Market Analysis Be Completed Another excellent tip to help home buyers determine how much to offer for a home is by requesting a comparative market analysis be completed by their Realtor.  A comparative market analysis, also known as a CMA, is a very popular method Realtors use to determine market values. Having a comparative market analysis completed can be very helpful for a buyer when determining how much to offer for a home for several reasons.  First and foremost, a comparative market analysis is likely the method a listing agent utilized to determine the list price.  If the listing agent has experience selling homes in the area and is one of the top Realtors in the area, the price they listed the home for sale is likely close to the homes true market value. Another benefit to having a comparative market analysis completed prior to making an offer is it can eliminate possible low appraisal problems.  Just because a home is listed at a specific price, does not mean the home is worth that price, even if a buyer agrees to pay the full list price.  A comparative market analysis can help reduce the chances that a buyer overpays for a home and that the bank cannot justify the agreed sale price. A professionally completed comparative market analysis is a tool that can be a huge help when it comes to determining how much to offer for a home.  The value range that a comparative market analysis suggests, if done properly, should be relatively close to what a home sells for. Determine What The Highest Price You Will Pay Is And Stick To It One of the biggest mistakes that buyers make when buying a home is not sticking to their budget.  Once a buyer finds their "perfect home," it's important they set what the highest price they are willing to pay for that specific property is. Buying a home can be an emotional decision.  Without setting a maximum price, it's possible that a buyer will pay more for a home than they can afford.  By setting a maximum price, a buyer knows that if the negotiations push the price above that maximum number, it's time to walk away.  While it's easier said than done to walk away from a "perfect home," determining a maximum price can be a helpful tip to help determine what to offer for a home. Final Thoughts Determining how much to offer for a home is a big decision and can be tricky.  There is no absolute formula or method to help buyers determine what the purchase offer price should be.  The above tips should make deciding what to offer for a home much easier and less stressful.  Ultimately it is the buyers decision, however, by choosing a top Realtor and having the proper tools and information, buyers will be more comfortable with their decision. Other Top Home Buying Resources If you're buying a home in Rochester, NY, these tips to help determine how much to offer for a home will give you a huge advantage over your competition.  A buyer who has the "know-how" when it comes to determining how much to offer for a home will greatly increase their chances of successfully getting their "perfect home!"  If you haven't selected a top Rochester, NY realtor yet, please contact me, and I'd love to share my experience and expertise about buying a home in the local Rochester real estate market!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Tips To Help Determine How Much To Offer For A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Should I Sell My House Off Market: Pros and Cons Explained https://www.rochesterrealestateblog.com/sell-house-off-market/ Tue, 19 May 2015 11:00:25 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19503 Tips To Help Determine How Much To Offer For A Home[/caption] Finding just the right home for some buyers is a difficult task and can be emotionally and physically draining.  Once a buyer finds their "perfect home," only a small portion of the home buying process has been completed. One of the most important steps in the home buying process is successfully negotiating with the home owner.  There are many things that a buyer must decide on when negotiating with the seller.  What contingencies do they want to include?  When do they want to close on the home?  Do they want to have a home inspection? One of the top frequently asked questions from home buyers relates to price.  What should we offer the sellers?  Ultimately the buyer is the person in charge of making the final decision on what amount they should offer the home owner. There are many ways to help home buyers determine how much to offer for a home.  Here are some of the the best tips, and also things to avoid, when determining how much to offer for a home! What Should You Avoid When Determining How Much To Offer For A Home? Unfortunately there are many home buyers in the market place who have no idea when it comes to determining how much to offer for a home.  There are several things that home buyers need to avoid when figuring out how much to offer for a home, otherwise, the probability their offer is accepted is slim to none! Using Online Home Value Estimates One of the most popular misconceptions when it comes to home buying is that online home value estimates are accurate.  Home buyers who believe this "BS" fact about home buying will be extremely disappointed when offer after offer is rejected. When determining how much to offer for a home, make sure you avoid at all costs, online home value estimates.  Online home value estimates, such as Zillow's "Zestimate," are in many cases very inaccurate.  In a recent study of Rochester, NY homes that recently closed, almost 40% of the homes that closed on a specific date had "Zestimates" which were $15,000-$20,000 lower or higher than the actual sale prices. [caption id="attachment_2698" align="alignleft" width="450"]What Should Home Buyers Avoid When Determining How Much To Offer For A Home What Should Home Buyers Avoid When Determining How Much To Offer For A Home[/caption] A buyer who believes any online home value estimates will put themselves at a huge disadvantage when it comes to buying a home.  It's important to remember when determining how much to offer for a home, these online home value estimates are often generated by a computer formula and can be very inaccurate. Don't Be Fooled By Tax Assessments It's important to understand when buying a home, there is a difference between market value, assessed value, and appraised value.  One of the biggest thing to avoid when determining how much to offer for a home is using a homes assessed value as an offer price. The assessed value of a home is used for one thing, to determine how much the property taxes will be.  Assessed value has no correlation to a homes market value.  There are many real estate markets where the assessed value of homes will be significantly lower or higher than what homes are selling for. For example, a significant percentage of recently sold Webster, NY homes have sold for much higher than their  assessed values.  This is great for the local residents as it helps keep the property taxes lower. What Are The Top Tips To Help Buyers Determine How Much To Offer For A Home? There is no absolute way to determine how much to offer for a home.  Due to the fact that every seller has different reasons and different expectations, as well as the fact that homes are rarely identical, knowing how much to offer for a home can sometimes be tricky.  Here are several top tips to help buyers determine how much to offer for a home. Review The Current State Of The Local Real Estate Market It's important that buyers keep in mind what the current state of their local real estate market is when deciding how much to offer for a home.  Every real estate market is different.  Some real estate markets are neutral, some markets are buyers markets, and some markets are sellers market. If the local real estate market is a buyers market, it's possible that many of the homes for sale have been listed for quite some time.  It's fairly common that the longer a home is for sale, the lower the home can be bought for, but this isn't always the case.  In a buyers market, the chance that multiple offers will be received is greatly reduced as there are more homes available. If the local real estate market is a sellers market, it's likely that the homes for sale are sold fairly quickly, within the first week of being listed.  Buying a home in a sellers market can be more difficult for many reasons.  A few factors that contribute to the difficulty level of buying a home in a sellers market include low housing inventory, multiple offers, and a greater number of pre-approved buyers. Remember when determining how much to offer for a home that the condition of the local real estate market is vital.  A sellers market will generally demand an asking price or over asking price offer while a buyers market may warrant a significantly lower offer. Find Out How Much The Home Owner Paid Knowing how much the current owner paid previously for their home sometimes has no relation to how much to offer for a home, but, it certainly can.  Once a buyer finds the home they want to make an offer on, they should attempt to find out how much the current owners paid for the home. In some cases, the homeowners could be an original owner that built the house 40 years ago and obviously with inflation and other factors will make the amount they paid an irrelevant number.  The same can be said with newly built homes.  The cost of new construction is generally much higher than the homes value will be in a handful of years, due to the costs of building.  For example, a home that cost $300,000 to build a handful of years ago may only have a market value of $275,000. The opposite can be true for a homeowner who purchased a home in the past 5 or 6 years.  Finding out how much the current owner paid should be relatively easy as the information is still very likely to be in the local multiple listing service (MLS).  If a homeowner purchased a home for $150,000 a few years ago and they are trying to sell if for $200,000 now, it would be helpful to know what improvements they made to warrant a $50,000 increase in the value. Knowing the history of past transactions of a home can be a very helpful piece of information when determining how much to offer for a home. [caption id="attachment_2702" align="alignright" width="450"]When Determining How Much To Offer For A Home, Ask An Expert! When Determining How Much To Offer For A Home, Ask An Expert![/caption] Ask The Professionals Buying a home is an experience that many people are not familiar with.  When buying a home, it's critical that buyers have a top Realtor representing their best interests.  A top Realtor can help a buyer determine how much to offer for a home, which is a quality tip when it comes to determining the amount to offer for a home! One of the most important interview question to consider asking potential buyers agent's is whether they have experience selling homes in the desired neighborhoods.  An experienced Realtor who has sold homes in a specific neighborhood should be able to have a good idea whether a home is priced accurately or not simply by walking through the property. A top Realtor should be honest with their client and inform them if they feel a home is overpriced, priced well, or possibly under priced.  Unfortunately, there are some Realtors who will try and up-sell buyers, in order to make a few additional bucks and not advise the buyer the home maybe overpriced. Ultimately the decision of  how much to offer for a home is the buyers and not the Realtors.  Even though it ultimately is the buyers decision on how much to offer for a home, taking the advice of a top Realtor is high suggested.  Buyers who completely ignore what a Realtor suggests for an offer price is one of the top things home buyers do that real estate agents hate. Request A Comparative Market Analysis Be Completed Another excellent tip to help home buyers determine how much to offer for a home is by requesting a comparative market analysis be completed by their Realtor.  A comparative market analysis, also known as a CMA, is a very popular method Realtors use to determine market values. Having a comparative market analysis completed can be very helpful for a buyer when determining how much to offer for a home for several reasons.  First and foremost, a comparative market analysis is likely the method a listing agent utilized to determine the list price.  If the listing agent has experience selling homes in the area and is one of the top Realtors in the area, the price they listed the home for sale is likely close to the homes true market value. Another benefit to having a comparative market analysis completed prior to making an offer is it can eliminate possible low appraisal problems.  Just because a home is listed at a specific price, does not mean the home is worth that price, even if a buyer agrees to pay the full list price.  A comparative market analysis can help reduce the chances that a buyer overpays for a home and that the bank cannot justify the agreed sale price. A professionally completed comparative market analysis is a tool that can be a huge help when it comes to determining how much to offer for a home.  The value range that a comparative market analysis suggests, if done properly, should be relatively close to what a home sells for. Determine What The Highest Price You Will Pay Is And Stick To It One of the biggest mistakes that buyers make when buying a home is not sticking to their budget.  Once a buyer finds their "perfect home," it's important they set what the highest price they are willing to pay for that specific property is. Buying a home can be an emotional decision.  Without setting a maximum price, it's possible that a buyer will pay more for a home than they can afford.  By setting a maximum price, a buyer knows that if the negotiations push the price above that maximum number, it's time to walk away.  While it's easier said than done to walk away from a "perfect home," determining a maximum price can be a helpful tip to help determine what to offer for a home. Final Thoughts Determining how much to offer for a home is a big decision and can be tricky.  There is no absolute formula or method to help buyers determine what the purchase offer price should be.  The above tips should make deciding what to offer for a home much easier and less stressful.  Ultimately it is the buyers decision, however, by choosing a top Realtor and having the proper tools and information, buyers will be more comfortable with their decision. Other Top Home Buying Resources If you're buying a home in Rochester, NY, these tips to help determine how much to offer for a home will give you a huge advantage over your competition.  A buyer who has the "know-how" when it comes to determining how much to offer for a home will greatly increase their chances of successfully getting their "perfect home!"  If you haven't selected a top Rochester, NY realtor yet, please contact me, and I'd love to share my experience and expertise about buying a home in the local Rochester real estate market!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Tips To Help Determine How Much To Offer For A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> What is PITI and How Does It Affect Your Mortgage https://www.rochesterrealestateblog.com/what-is-piti/ Tue, 19 May 2015 11:00:25 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19498 Tips To Help Determine How Much To Offer For A Home[/caption] Finding just the right home for some buyers is a difficult task and can be emotionally and physically draining.  Once a buyer finds their "perfect home," only a small portion of the home buying process has been completed. One of the most important steps in the home buying process is successfully negotiating with the home owner.  There are many things that a buyer must decide on when negotiating with the seller.  What contingencies do they want to include?  When do they want to close on the home?  Do they want to have a home inspection? One of the top frequently asked questions from home buyers relates to price.  What should we offer the sellers?  Ultimately the buyer is the person in charge of making the final decision on what amount they should offer the home owner. There are many ways to help home buyers determine how much to offer for a home.  Here are some of the the best tips, and also things to avoid, when determining how much to offer for a home! What Should You Avoid When Determining How Much To Offer For A Home? Unfortunately there are many home buyers in the market place who have no idea when it comes to determining how much to offer for a home.  There are several things that home buyers need to avoid when figuring out how much to offer for a home, otherwise, the probability their offer is accepted is slim to none! Using Online Home Value Estimates One of the most popular misconceptions when it comes to home buying is that online home value estimates are accurate.  Home buyers who believe this "BS" fact about home buying will be extremely disappointed when offer after offer is rejected. When determining how much to offer for a home, make sure you avoid at all costs, online home value estimates.  Online home value estimates, such as Zillow's "Zestimate," are in many cases very inaccurate.  In a recent study of Rochester, NY homes that recently closed, almost 40% of the homes that closed on a specific date had "Zestimates" which were $15,000-$20,000 lower or higher than the actual sale prices. [caption id="attachment_2698" align="alignleft" width="450"]What Should Home Buyers Avoid When Determining How Much To Offer For A Home What Should Home Buyers Avoid When Determining How Much To Offer For A Home[/caption] A buyer who believes any online home value estimates will put themselves at a huge disadvantage when it comes to buying a home.  It's important to remember when determining how much to offer for a home, these online home value estimates are often generated by a computer formula and can be very inaccurate. Don't Be Fooled By Tax Assessments It's important to understand when buying a home, there is a difference between market value, assessed value, and appraised value.  One of the biggest thing to avoid when determining how much to offer for a home is using a homes assessed value as an offer price. The assessed value of a home is used for one thing, to determine how much the property taxes will be.  Assessed value has no correlation to a homes market value.  There are many real estate markets where the assessed value of homes will be significantly lower or higher than what homes are selling for. For example, a significant percentage of recently sold Webster, NY homes have sold for much higher than their  assessed values.  This is great for the local residents as it helps keep the property taxes lower. What Are The Top Tips To Help Buyers Determine How Much To Offer For A Home? There is no absolute way to determine how much to offer for a home.  Due to the fact that every seller has different reasons and different expectations, as well as the fact that homes are rarely identical, knowing how much to offer for a home can sometimes be tricky.  Here are several top tips to help buyers determine how much to offer for a home. Review The Current State Of The Local Real Estate Market It's important that buyers keep in mind what the current state of their local real estate market is when deciding how much to offer for a home.  Every real estate market is different.  Some real estate markets are neutral, some markets are buyers markets, and some markets are sellers market. If the local real estate market is a buyers market, it's possible that many of the homes for sale have been listed for quite some time.  It's fairly common that the longer a home is for sale, the lower the home can be bought for, but this isn't always the case.  In a buyers market, the chance that multiple offers will be received is greatly reduced as there are more homes available. If the local real estate market is a sellers market, it's likely that the homes for sale are sold fairly quickly, within the first week of being listed.  Buying a home in a sellers market can be more difficult for many reasons.  A few factors that contribute to the difficulty level of buying a home in a sellers market include low housing inventory, multiple offers, and a greater number of pre-approved buyers. Remember when determining how much to offer for a home that the condition of the local real estate market is vital.  A sellers market will generally demand an asking price or over asking price offer while a buyers market may warrant a significantly lower offer. Find Out How Much The Home Owner Paid Knowing how much the current owner paid previously for their home sometimes has no relation to how much to offer for a home, but, it certainly can.  Once a buyer finds the home they want to make an offer on, they should attempt to find out how much the current owners paid for the home. In some cases, the homeowners could be an original owner that built the house 40 years ago and obviously with inflation and other factors will make the amount they paid an irrelevant number.  The same can be said with newly built homes.  The cost of new construction is generally much higher than the homes value will be in a handful of years, due to the costs of building.  For example, a home that cost $300,000 to build a handful of years ago may only have a market value of $275,000. The opposite can be true for a homeowner who purchased a home in the past 5 or 6 years.  Finding out how much the current owner paid should be relatively easy as the information is still very likely to be in the local multiple listing service (MLS).  If a homeowner purchased a home for $150,000 a few years ago and they are trying to sell if for $200,000 now, it would be helpful to know what improvements they made to warrant a $50,000 increase in the value. Knowing the history of past transactions of a home can be a very helpful piece of information when determining how much to offer for a home. [caption id="attachment_2702" align="alignright" width="450"]When Determining How Much To Offer For A Home, Ask An Expert! When Determining How Much To Offer For A Home, Ask An Expert![/caption] Ask The Professionals Buying a home is an experience that many people are not familiar with.  When buying a home, it's critical that buyers have a top Realtor representing their best interests.  A top Realtor can help a buyer determine how much to offer for a home, which is a quality tip when it comes to determining the amount to offer for a home! One of the most important interview question to consider asking potential buyers agent's is whether they have experience selling homes in the desired neighborhoods.  An experienced Realtor who has sold homes in a specific neighborhood should be able to have a good idea whether a home is priced accurately or not simply by walking through the property. A top Realtor should be honest with their client and inform them if they feel a home is overpriced, priced well, or possibly under priced.  Unfortunately, there are some Realtors who will try and up-sell buyers, in order to make a few additional bucks and not advise the buyer the home maybe overpriced. Ultimately the decision of  how much to offer for a home is the buyers and not the Realtors.  Even though it ultimately is the buyers decision on how much to offer for a home, taking the advice of a top Realtor is high suggested.  Buyers who completely ignore what a Realtor suggests for an offer price is one of the top things home buyers do that real estate agents hate. Request A Comparative Market Analysis Be Completed Another excellent tip to help home buyers determine how much to offer for a home is by requesting a comparative market analysis be completed by their Realtor.  A comparative market analysis, also known as a CMA, is a very popular method Realtors use to determine market values. Having a comparative market analysis completed can be very helpful for a buyer when determining how much to offer for a home for several reasons.  First and foremost, a comparative market analysis is likely the method a listing agent utilized to determine the list price.  If the listing agent has experience selling homes in the area and is one of the top Realtors in the area, the price they listed the home for sale is likely close to the homes true market value. Another benefit to having a comparative market analysis completed prior to making an offer is it can eliminate possible low appraisal problems.  Just because a home is listed at a specific price, does not mean the home is worth that price, even if a buyer agrees to pay the full list price.  A comparative market analysis can help reduce the chances that a buyer overpays for a home and that the bank cannot justify the agreed sale price. A professionally completed comparative market analysis is a tool that can be a huge help when it comes to determining how much to offer for a home.  The value range that a comparative market analysis suggests, if done properly, should be relatively close to what a home sells for. Determine What The Highest Price You Will Pay Is And Stick To It One of the biggest mistakes that buyers make when buying a home is not sticking to their budget.  Once a buyer finds their "perfect home," it's important they set what the highest price they are willing to pay for that specific property is. Buying a home can be an emotional decision.  Without setting a maximum price, it's possible that a buyer will pay more for a home than they can afford.  By setting a maximum price, a buyer knows that if the negotiations push the price above that maximum number, it's time to walk away.  While it's easier said than done to walk away from a "perfect home," determining a maximum price can be a helpful tip to help determine what to offer for a home. Final Thoughts Determining how much to offer for a home is a big decision and can be tricky.  There is no absolute formula or method to help buyers determine what the purchase offer price should be.  The above tips should make deciding what to offer for a home much easier and less stressful.  Ultimately it is the buyers decision, however, by choosing a top Realtor and having the proper tools and information, buyers will be more comfortable with their decision. Other Top Home Buying Resources If you're buying a home in Rochester, NY, these tips to help determine how much to offer for a home will give you a huge advantage over your competition.  A buyer who has the "know-how" when it comes to determining how much to offer for a home will greatly increase their chances of successfully getting their "perfect home!"  If you haven't selected a top Rochester, NY realtor yet, please contact me, and I'd love to share my experience and expertise about buying a home in the local Rochester real estate market!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Tips To Help Determine How Much To Offer For A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> How To Set A Home Renovation Budget https://www.rochesterrealestateblog.com/home-renovation-budget/ Tue, 19 May 2015 11:00:25 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19490 Tips To Help Determine How Much To Offer For A Home[/caption] Finding just the right home for some buyers is a difficult task and can be emotionally and physically draining.  Once a buyer finds their "perfect home," only a small portion of the home buying process has been completed. One of the most important steps in the home buying process is successfully negotiating with the home owner.  There are many things that a buyer must decide on when negotiating with the seller.  What contingencies do they want to include?  When do they want to close on the home?  Do they want to have a home inspection? One of the top frequently asked questions from home buyers relates to price.  What should we offer the sellers?  Ultimately the buyer is the person in charge of making the final decision on what amount they should offer the home owner. There are many ways to help home buyers determine how much to offer for a home.  Here are some of the the best tips, and also things to avoid, when determining how much to offer for a home! What Should You Avoid When Determining How Much To Offer For A Home? Unfortunately there are many home buyers in the market place who have no idea when it comes to determining how much to offer for a home.  There are several things that home buyers need to avoid when figuring out how much to offer for a home, otherwise, the probability their offer is accepted is slim to none! Using Online Home Value Estimates One of the most popular misconceptions when it comes to home buying is that online home value estimates are accurate.  Home buyers who believe this "BS" fact about home buying will be extremely disappointed when offer after offer is rejected. When determining how much to offer for a home, make sure you avoid at all costs, online home value estimates.  Online home value estimates, such as Zillow's "Zestimate," are in many cases very inaccurate.  In a recent study of Rochester, NY homes that recently closed, almost 40% of the homes that closed on a specific date had "Zestimates" which were $15,000-$20,000 lower or higher than the actual sale prices. [caption id="attachment_2698" align="alignleft" width="450"]What Should Home Buyers Avoid When Determining How Much To Offer For A Home What Should Home Buyers Avoid When Determining How Much To Offer For A Home[/caption] A buyer who believes any online home value estimates will put themselves at a huge disadvantage when it comes to buying a home.  It's important to remember when determining how much to offer for a home, these online home value estimates are often generated by a computer formula and can be very inaccurate. Don't Be Fooled By Tax Assessments It's important to understand when buying a home, there is a difference between market value, assessed value, and appraised value.  One of the biggest thing to avoid when determining how much to offer for a home is using a homes assessed value as an offer price. The assessed value of a home is used for one thing, to determine how much the property taxes will be.  Assessed value has no correlation to a homes market value.  There are many real estate markets where the assessed value of homes will be significantly lower or higher than what homes are selling for. For example, a significant percentage of recently sold Webster, NY homes have sold for much higher than their  assessed values.  This is great for the local residents as it helps keep the property taxes lower. What Are The Top Tips To Help Buyers Determine How Much To Offer For A Home? There is no absolute way to determine how much to offer for a home.  Due to the fact that every seller has different reasons and different expectations, as well as the fact that homes are rarely identical, knowing how much to offer for a home can sometimes be tricky.  Here are several top tips to help buyers determine how much to offer for a home. Review The Current State Of The Local Real Estate Market It's important that buyers keep in mind what the current state of their local real estate market is when deciding how much to offer for a home.  Every real estate market is different.  Some real estate markets are neutral, some markets are buyers markets, and some markets are sellers market. If the local real estate market is a buyers market, it's possible that many of the homes for sale have been listed for quite some time.  It's fairly common that the longer a home is for sale, the lower the home can be bought for, but this isn't always the case.  In a buyers market, the chance that multiple offers will be received is greatly reduced as there are more homes available. If the local real estate market is a sellers market, it's likely that the homes for sale are sold fairly quickly, within the first week of being listed.  Buying a home in a sellers market can be more difficult for many reasons.  A few factors that contribute to the difficulty level of buying a home in a sellers market include low housing inventory, multiple offers, and a greater number of pre-approved buyers. Remember when determining how much to offer for a home that the condition of the local real estate market is vital.  A sellers market will generally demand an asking price or over asking price offer while a buyers market may warrant a significantly lower offer. Find Out How Much The Home Owner Paid Knowing how much the current owner paid previously for their home sometimes has no relation to how much to offer for a home, but, it certainly can.  Once a buyer finds the home they want to make an offer on, they should attempt to find out how much the current owners paid for the home. In some cases, the homeowners could be an original owner that built the house 40 years ago and obviously with inflation and other factors will make the amount they paid an irrelevant number.  The same can be said with newly built homes.  The cost of new construction is generally much higher than the homes value will be in a handful of years, due to the costs of building.  For example, a home that cost $300,000 to build a handful of years ago may only have a market value of $275,000. The opposite can be true for a homeowner who purchased a home in the past 5 or 6 years.  Finding out how much the current owner paid should be relatively easy as the information is still very likely to be in the local multiple listing service (MLS).  If a homeowner purchased a home for $150,000 a few years ago and they are trying to sell if for $200,000 now, it would be helpful to know what improvements they made to warrant a $50,000 increase in the value. Knowing the history of past transactions of a home can be a very helpful piece of information when determining how much to offer for a home. [caption id="attachment_2702" align="alignright" width="450"]When Determining How Much To Offer For A Home, Ask An Expert! When Determining How Much To Offer For A Home, Ask An Expert![/caption] Ask The Professionals Buying a home is an experience that many people are not familiar with.  When buying a home, it's critical that buyers have a top Realtor representing their best interests.  A top Realtor can help a buyer determine how much to offer for a home, which is a quality tip when it comes to determining the amount to offer for a home! One of the most important interview question to consider asking potential buyers agent's is whether they have experience selling homes in the desired neighborhoods.  An experienced Realtor who has sold homes in a specific neighborhood should be able to have a good idea whether a home is priced accurately or not simply by walking through the property. A top Realtor should be honest with their client and inform them if they feel a home is overpriced, priced well, or possibly under priced.  Unfortunately, there are some Realtors who will try and up-sell buyers, in order to make a few additional bucks and not advise the buyer the home maybe overpriced. Ultimately the decision of  how much to offer for a home is the buyers and not the Realtors.  Even though it ultimately is the buyers decision on how much to offer for a home, taking the advice of a top Realtor is high suggested.  Buyers who completely ignore what a Realtor suggests for an offer price is one of the top things home buyers do that real estate agents hate. Request A Comparative Market Analysis Be Completed Another excellent tip to help home buyers determine how much to offer for a home is by requesting a comparative market analysis be completed by their Realtor.  A comparative market analysis, also known as a CMA, is a very popular method Realtors use to determine market values. Having a comparative market analysis completed can be very helpful for a buyer when determining how much to offer for a home for several reasons.  First and foremost, a comparative market analysis is likely the method a listing agent utilized to determine the list price.  If the listing agent has experience selling homes in the area and is one of the top Realtors in the area, the price they listed the home for sale is likely close to the homes true market value. Another benefit to having a comparative market analysis completed prior to making an offer is it can eliminate possible low appraisal problems.  Just because a home is listed at a specific price, does not mean the home is worth that price, even if a buyer agrees to pay the full list price.  A comparative market analysis can help reduce the chances that a buyer overpays for a home and that the bank cannot justify the agreed sale price. A professionally completed comparative market analysis is a tool that can be a huge help when it comes to determining how much to offer for a home.  The value range that a comparative market analysis suggests, if done properly, should be relatively close to what a home sells for. Determine What The Highest Price You Will Pay Is And Stick To It One of the biggest mistakes that buyers make when buying a home is not sticking to their budget.  Once a buyer finds their "perfect home," it's important they set what the highest price they are willing to pay for that specific property is. Buying a home can be an emotional decision.  Without setting a maximum price, it's possible that a buyer will pay more for a home than they can afford.  By setting a maximum price, a buyer knows that if the negotiations push the price above that maximum number, it's time to walk away.  While it's easier said than done to walk away from a "perfect home," determining a maximum price can be a helpful tip to help determine what to offer for a home. Final Thoughts Determining how much to offer for a home is a big decision and can be tricky.  There is no absolute formula or method to help buyers determine what the purchase offer price should be.  The above tips should make deciding what to offer for a home much easier and less stressful.  Ultimately it is the buyers decision, however, by choosing a top Realtor and having the proper tools and information, buyers will be more comfortable with their decision. Other Top Home Buying Resources If you're buying a home in Rochester, NY, these tips to help determine how much to offer for a home will give you a huge advantage over your competition.  A buyer who has the "know-how" when it comes to determining how much to offer for a home will greatly increase their chances of successfully getting their "perfect home!"  If you haven't selected a top Rochester, NY realtor yet, please contact me, and I'd love to share my experience and expertise about buying a home in the local Rochester real estate market!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Tips To Help Determine How Much To Offer For A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> How Does A Co-Borrowers Credit Scores Affect A Home Purchase? https://www.rochesterrealestateblog.com/co-borrower-credit-score/ Tue, 19 May 2015 11:00:25 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19474 Tips To Help Determine How Much To Offer For A Home[/caption] Finding just the right home for some buyers is a difficult task and can be emotionally and physically draining.  Once a buyer finds their "perfect home," only a small portion of the home buying process has been completed. One of the most important steps in the home buying process is successfully negotiating with the home owner.  There are many things that a buyer must decide on when negotiating with the seller.  What contingencies do they want to include?  When do they want to close on the home?  Do they want to have a home inspection? One of the top frequently asked questions from home buyers relates to price.  What should we offer the sellers?  Ultimately the buyer is the person in charge of making the final decision on what amount they should offer the home owner. There are many ways to help home buyers determine how much to offer for a home.  Here are some of the the best tips, and also things to avoid, when determining how much to offer for a home! What Should You Avoid When Determining How Much To Offer For A Home? Unfortunately there are many home buyers in the market place who have no idea when it comes to determining how much to offer for a home.  There are several things that home buyers need to avoid when figuring out how much to offer for a home, otherwise, the probability their offer is accepted is slim to none! Using Online Home Value Estimates One of the most popular misconceptions when it comes to home buying is that online home value estimates are accurate.  Home buyers who believe this "BS" fact about home buying will be extremely disappointed when offer after offer is rejected. When determining how much to offer for a home, make sure you avoid at all costs, online home value estimates.  Online home value estimates, such as Zillow's "Zestimate," are in many cases very inaccurate.  In a recent study of Rochester, NY homes that recently closed, almost 40% of the homes that closed on a specific date had "Zestimates" which were $15,000-$20,000 lower or higher than the actual sale prices. [caption id="attachment_2698" align="alignleft" width="450"]What Should Home Buyers Avoid When Determining How Much To Offer For A Home What Should Home Buyers Avoid When Determining How Much To Offer For A Home[/caption] A buyer who believes any online home value estimates will put themselves at a huge disadvantage when it comes to buying a home.  It's important to remember when determining how much to offer for a home, these online home value estimates are often generated by a computer formula and can be very inaccurate. Don't Be Fooled By Tax Assessments It's important to understand when buying a home, there is a difference between market value, assessed value, and appraised value.  One of the biggest thing to avoid when determining how much to offer for a home is using a homes assessed value as an offer price. The assessed value of a home is used for one thing, to determine how much the property taxes will be.  Assessed value has no correlation to a homes market value.  There are many real estate markets where the assessed value of homes will be significantly lower or higher than what homes are selling for. For example, a significant percentage of recently sold Webster, NY homes have sold for much higher than their  assessed values.  This is great for the local residents as it helps keep the property taxes lower. What Are The Top Tips To Help Buyers Determine How Much To Offer For A Home? There is no absolute way to determine how much to offer for a home.  Due to the fact that every seller has different reasons and different expectations, as well as the fact that homes are rarely identical, knowing how much to offer for a home can sometimes be tricky.  Here are several top tips to help buyers determine how much to offer for a home. Review The Current State Of The Local Real Estate Market It's important that buyers keep in mind what the current state of their local real estate market is when deciding how much to offer for a home.  Every real estate market is different.  Some real estate markets are neutral, some markets are buyers markets, and some markets are sellers market. If the local real estate market is a buyers market, it's possible that many of the homes for sale have been listed for quite some time.  It's fairly common that the longer a home is for sale, the lower the home can be bought for, but this isn't always the case.  In a buyers market, the chance that multiple offers will be received is greatly reduced as there are more homes available. If the local real estate market is a sellers market, it's likely that the homes for sale are sold fairly quickly, within the first week of being listed.  Buying a home in a sellers market can be more difficult for many reasons.  A few factors that contribute to the difficulty level of buying a home in a sellers market include low housing inventory, multiple offers, and a greater number of pre-approved buyers. Remember when determining how much to offer for a home that the condition of the local real estate market is vital.  A sellers market will generally demand an asking price or over asking price offer while a buyers market may warrant a significantly lower offer. Find Out How Much The Home Owner Paid Knowing how much the current owner paid previously for their home sometimes has no relation to how much to offer for a home, but, it certainly can.  Once a buyer finds the home they want to make an offer on, they should attempt to find out how much the current owners paid for the home. In some cases, the homeowners could be an original owner that built the house 40 years ago and obviously with inflation and other factors will make the amount they paid an irrelevant number.  The same can be said with newly built homes.  The cost of new construction is generally much higher than the homes value will be in a handful of years, due to the costs of building.  For example, a home that cost $300,000 to build a handful of years ago may only have a market value of $275,000. The opposite can be true for a homeowner who purchased a home in the past 5 or 6 years.  Finding out how much the current owner paid should be relatively easy as the information is still very likely to be in the local multiple listing service (MLS).  If a homeowner purchased a home for $150,000 a few years ago and they are trying to sell if for $200,000 now, it would be helpful to know what improvements they made to warrant a $50,000 increase in the value. Knowing the history of past transactions of a home can be a very helpful piece of information when determining how much to offer for a home. [caption id="attachment_2702" align="alignright" width="450"]When Determining How Much To Offer For A Home, Ask An Expert! When Determining How Much To Offer For A Home, Ask An Expert![/caption] Ask The Professionals Buying a home is an experience that many people are not familiar with.  When buying a home, it's critical that buyers have a top Realtor representing their best interests.  A top Realtor can help a buyer determine how much to offer for a home, which is a quality tip when it comes to determining the amount to offer for a home! One of the most important interview question to consider asking potential buyers agent's is whether they have experience selling homes in the desired neighborhoods.  An experienced Realtor who has sold homes in a specific neighborhood should be able to have a good idea whether a home is priced accurately or not simply by walking through the property. A top Realtor should be honest with their client and inform them if they feel a home is overpriced, priced well, or possibly under priced.  Unfortunately, there are some Realtors who will try and up-sell buyers, in order to make a few additional bucks and not advise the buyer the home maybe overpriced. Ultimately the decision of  how much to offer for a home is the buyers and not the Realtors.  Even though it ultimately is the buyers decision on how much to offer for a home, taking the advice of a top Realtor is high suggested.  Buyers who completely ignore what a Realtor suggests for an offer price is one of the top things home buyers do that real estate agents hate. Request A Comparative Market Analysis Be Completed Another excellent tip to help home buyers determine how much to offer for a home is by requesting a comparative market analysis be completed by their Realtor.  A comparative market analysis, also known as a CMA, is a very popular method Realtors use to determine market values. Having a comparative market analysis completed can be very helpful for a buyer when determining how much to offer for a home for several reasons.  First and foremost, a comparative market analysis is likely the method a listing agent utilized to determine the list price.  If the listing agent has experience selling homes in the area and is one of the top Realtors in the area, the price they listed the home for sale is likely close to the homes true market value. Another benefit to having a comparative market analysis completed prior to making an offer is it can eliminate possible low appraisal problems.  Just because a home is listed at a specific price, does not mean the home is worth that price, even if a buyer agrees to pay the full list price.  A comparative market analysis can help reduce the chances that a buyer overpays for a home and that the bank cannot justify the agreed sale price. A professionally completed comparative market analysis is a tool that can be a huge help when it comes to determining how much to offer for a home.  The value range that a comparative market analysis suggests, if done properly, should be relatively close to what a home sells for. Determine What The Highest Price You Will Pay Is And Stick To It One of the biggest mistakes that buyers make when buying a home is not sticking to their budget.  Once a buyer finds their "perfect home," it's important they set what the highest price they are willing to pay for that specific property is. Buying a home can be an emotional decision.  Without setting a maximum price, it's possible that a buyer will pay more for a home than they can afford.  By setting a maximum price, a buyer knows that if the negotiations push the price above that maximum number, it's time to walk away.  While it's easier said than done to walk away from a "perfect home," determining a maximum price can be a helpful tip to help determine what to offer for a home. Final Thoughts Determining how much to offer for a home is a big decision and can be tricky.  There is no absolute formula or method to help buyers determine what the purchase offer price should be.  The above tips should make deciding what to offer for a home much easier and less stressful.  Ultimately it is the buyers decision, however, by choosing a top Realtor and having the proper tools and information, buyers will be more comfortable with their decision. Other Top Home Buying Resources If you're buying a home in Rochester, NY, these tips to help determine how much to offer for a home will give you a huge advantage over your competition.  A buyer who has the "know-how" when it comes to determining how much to offer for a home will greatly increase their chances of successfully getting their "perfect home!"  If you haven't selected a top Rochester, NY realtor yet, please contact me, and I'd love to share my experience and expertise about buying a home in the local Rochester real estate market!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Tips To Help Determine How Much To Offer For A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> New Construction Final Walk-Through Checklist: Ensuring a Seamless Home Inspection https://www.rochesterrealestateblog.com/new-construction-final-walk-through/ Tue, 19 May 2015 11:00:25 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19458 Tips To Help Determine How Much To Offer For A Home[/caption] Finding just the right home for some buyers is a difficult task and can be emotionally and physically draining.  Once a buyer finds their "perfect home," only a small portion of the home buying process has been completed. One of the most important steps in the home buying process is successfully negotiating with the home owner.  There are many things that a buyer must decide on when negotiating with the seller.  What contingencies do they want to include?  When do they want to close on the home?  Do they want to have a home inspection? One of the top frequently asked questions from home buyers relates to price.  What should we offer the sellers?  Ultimately the buyer is the person in charge of making the final decision on what amount they should offer the home owner. There are many ways to help home buyers determine how much to offer for a home.  Here are some of the the best tips, and also things to avoid, when determining how much to offer for a home! What Should You Avoid When Determining How Much To Offer For A Home? Unfortunately there are many home buyers in the market place who have no idea when it comes to determining how much to offer for a home.  There are several things that home buyers need to avoid when figuring out how much to offer for a home, otherwise, the probability their offer is accepted is slim to none! Using Online Home Value Estimates One of the most popular misconceptions when it comes to home buying is that online home value estimates are accurate.  Home buyers who believe this "BS" fact about home buying will be extremely disappointed when offer after offer is rejected. When determining how much to offer for a home, make sure you avoid at all costs, online home value estimates.  Online home value estimates, such as Zillow's "Zestimate," are in many cases very inaccurate.  In a recent study of Rochester, NY homes that recently closed, almost 40% of the homes that closed on a specific date had "Zestimates" which were $15,000-$20,000 lower or higher than the actual sale prices. [caption id="attachment_2698" align="alignleft" width="450"]What Should Home Buyers Avoid When Determining How Much To Offer For A Home What Should Home Buyers Avoid When Determining How Much To Offer For A Home[/caption] A buyer who believes any online home value estimates will put themselves at a huge disadvantage when it comes to buying a home.  It's important to remember when determining how much to offer for a home, these online home value estimates are often generated by a computer formula and can be very inaccurate. Don't Be Fooled By Tax Assessments It's important to understand when buying a home, there is a difference between market value, assessed value, and appraised value.  One of the biggest thing to avoid when determining how much to offer for a home is using a homes assessed value as an offer price. The assessed value of a home is used for one thing, to determine how much the property taxes will be.  Assessed value has no correlation to a homes market value.  There are many real estate markets where the assessed value of homes will be significantly lower or higher than what homes are selling for. For example, a significant percentage of recently sold Webster, NY homes have sold for much higher than their  assessed values.  This is great for the local residents as it helps keep the property taxes lower. What Are The Top Tips To Help Buyers Determine How Much To Offer For A Home? There is no absolute way to determine how much to offer for a home.  Due to the fact that every seller has different reasons and different expectations, as well as the fact that homes are rarely identical, knowing how much to offer for a home can sometimes be tricky.  Here are several top tips to help buyers determine how much to offer for a home. Review The Current State Of The Local Real Estate Market It's important that buyers keep in mind what the current state of their local real estate market is when deciding how much to offer for a home.  Every real estate market is different.  Some real estate markets are neutral, some markets are buyers markets, and some markets are sellers market. If the local real estate market is a buyers market, it's possible that many of the homes for sale have been listed for quite some time.  It's fairly common that the longer a home is for sale, the lower the home can be bought for, but this isn't always the case.  In a buyers market, the chance that multiple offers will be received is greatly reduced as there are more homes available. If the local real estate market is a sellers market, it's likely that the homes for sale are sold fairly quickly, within the first week of being listed.  Buying a home in a sellers market can be more difficult for many reasons.  A few factors that contribute to the difficulty level of buying a home in a sellers market include low housing inventory, multiple offers, and a greater number of pre-approved buyers. Remember when determining how much to offer for a home that the condition of the local real estate market is vital.  A sellers market will generally demand an asking price or over asking price offer while a buyers market may warrant a significantly lower offer. Find Out How Much The Home Owner Paid Knowing how much the current owner paid previously for their home sometimes has no relation to how much to offer for a home, but, it certainly can.  Once a buyer finds the home they want to make an offer on, they should attempt to find out how much the current owners paid for the home. In some cases, the homeowners could be an original owner that built the house 40 years ago and obviously with inflation and other factors will make the amount they paid an irrelevant number.  The same can be said with newly built homes.  The cost of new construction is generally much higher than the homes value will be in a handful of years, due to the costs of building.  For example, a home that cost $300,000 to build a handful of years ago may only have a market value of $275,000. The opposite can be true for a homeowner who purchased a home in the past 5 or 6 years.  Finding out how much the current owner paid should be relatively easy as the information is still very likely to be in the local multiple listing service (MLS).  If a homeowner purchased a home for $150,000 a few years ago and they are trying to sell if for $200,000 now, it would be helpful to know what improvements they made to warrant a $50,000 increase in the value. Knowing the history of past transactions of a home can be a very helpful piece of information when determining how much to offer for a home. [caption id="attachment_2702" align="alignright" width="450"]When Determining How Much To Offer For A Home, Ask An Expert! When Determining How Much To Offer For A Home, Ask An Expert![/caption] Ask The Professionals Buying a home is an experience that many people are not familiar with.  When buying a home, it's critical that buyers have a top Realtor representing their best interests.  A top Realtor can help a buyer determine how much to offer for a home, which is a quality tip when it comes to determining the amount to offer for a home! One of the most important interview question to consider asking potential buyers agent's is whether they have experience selling homes in the desired neighborhoods.  An experienced Realtor who has sold homes in a specific neighborhood should be able to have a good idea whether a home is priced accurately or not simply by walking through the property. A top Realtor should be honest with their client and inform them if they feel a home is overpriced, priced well, or possibly under priced.  Unfortunately, there are some Realtors who will try and up-sell buyers, in order to make a few additional bucks and not advise the buyer the home maybe overpriced. Ultimately the decision of  how much to offer for a home is the buyers and not the Realtors.  Even though it ultimately is the buyers decision on how much to offer for a home, taking the advice of a top Realtor is high suggested.  Buyers who completely ignore what a Realtor suggests for an offer price is one of the top things home buyers do that real estate agents hate. Request A Comparative Market Analysis Be Completed Another excellent tip to help home buyers determine how much to offer for a home is by requesting a comparative market analysis be completed by their Realtor.  A comparative market analysis, also known as a CMA, is a very popular method Realtors use to determine market values. Having a comparative market analysis completed can be very helpful for a buyer when determining how much to offer for a home for several reasons.  First and foremost, a comparative market analysis is likely the method a listing agent utilized to determine the list price.  If the listing agent has experience selling homes in the area and is one of the top Realtors in the area, the price they listed the home for sale is likely close to the homes true market value. Another benefit to having a comparative market analysis completed prior to making an offer is it can eliminate possible low appraisal problems.  Just because a home is listed at a specific price, does not mean the home is worth that price, even if a buyer agrees to pay the full list price.  A comparative market analysis can help reduce the chances that a buyer overpays for a home and that the bank cannot justify the agreed sale price. A professionally completed comparative market analysis is a tool that can be a huge help when it comes to determining how much to offer for a home.  The value range that a comparative market analysis suggests, if done properly, should be relatively close to what a home sells for. Determine What The Highest Price You Will Pay Is And Stick To It One of the biggest mistakes that buyers make when buying a home is not sticking to their budget.  Once a buyer finds their "perfect home," it's important they set what the highest price they are willing to pay for that specific property is. Buying a home can be an emotional decision.  Without setting a maximum price, it's possible that a buyer will pay more for a home than they can afford.  By setting a maximum price, a buyer knows that if the negotiations push the price above that maximum number, it's time to walk away.  While it's easier said than done to walk away from a "perfect home," determining a maximum price can be a helpful tip to help determine what to offer for a home. Final Thoughts Determining how much to offer for a home is a big decision and can be tricky.  There is no absolute formula or method to help buyers determine what the purchase offer price should be.  The above tips should make deciding what to offer for a home much easier and less stressful.  Ultimately it is the buyers decision, however, by choosing a top Realtor and having the proper tools and information, buyers will be more comfortable with their decision. Other Top Home Buying Resources If you're buying a home in Rochester, NY, these tips to help determine how much to offer for a home will give you a huge advantage over your competition.  A buyer who has the "know-how" when it comes to determining how much to offer for a home will greatly increase their chances of successfully getting their "perfect home!"  If you haven't selected a top Rochester, NY realtor yet, please contact me, and I'd love to share my experience and expertise about buying a home in the local Rochester real estate market!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Tips To Help Determine How Much To Offer For A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Essential Tips for Pumping a Septic Tank: What You Need to Know https://www.rochesterrealestateblog.com/pumping-a-septic-tank/ Tue, 19 May 2015 11:00:25 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19450 Tips To Help Determine How Much To Offer For A Home[/caption] Finding just the right home for some buyers is a difficult task and can be emotionally and physically draining.  Once a buyer finds their "perfect home," only a small portion of the home buying process has been completed. One of the most important steps in the home buying process is successfully negotiating with the home owner.  There are many things that a buyer must decide on when negotiating with the seller.  What contingencies do they want to include?  When do they want to close on the home?  Do they want to have a home inspection? One of the top frequently asked questions from home buyers relates to price.  What should we offer the sellers?  Ultimately the buyer is the person in charge of making the final decision on what amount they should offer the home owner. There are many ways to help home buyers determine how much to offer for a home.  Here are some of the the best tips, and also things to avoid, when determining how much to offer for a home! What Should You Avoid When Determining How Much To Offer For A Home? Unfortunately there are many home buyers in the market place who have no idea when it comes to determining how much to offer for a home.  There are several things that home buyers need to avoid when figuring out how much to offer for a home, otherwise, the probability their offer is accepted is slim to none! Using Online Home Value Estimates One of the most popular misconceptions when it comes to home buying is that online home value estimates are accurate.  Home buyers who believe this "BS" fact about home buying will be extremely disappointed when offer after offer is rejected. When determining how much to offer for a home, make sure you avoid at all costs, online home value estimates.  Online home value estimates, such as Zillow's "Zestimate," are in many cases very inaccurate.  In a recent study of Rochester, NY homes that recently closed, almost 40% of the homes that closed on a specific date had "Zestimates" which were $15,000-$20,000 lower or higher than the actual sale prices. [caption id="attachment_2698" align="alignleft" width="450"]What Should Home Buyers Avoid When Determining How Much To Offer For A Home What Should Home Buyers Avoid When Determining How Much To Offer For A Home[/caption] A buyer who believes any online home value estimates will put themselves at a huge disadvantage when it comes to buying a home.  It's important to remember when determining how much to offer for a home, these online home value estimates are often generated by a computer formula and can be very inaccurate. Don't Be Fooled By Tax Assessments It's important to understand when buying a home, there is a difference between market value, assessed value, and appraised value.  One of the biggest thing to avoid when determining how much to offer for a home is using a homes assessed value as an offer price. The assessed value of a home is used for one thing, to determine how much the property taxes will be.  Assessed value has no correlation to a homes market value.  There are many real estate markets where the assessed value of homes will be significantly lower or higher than what homes are selling for. For example, a significant percentage of recently sold Webster, NY homes have sold for much higher than their  assessed values.  This is great for the local residents as it helps keep the property taxes lower. What Are The Top Tips To Help Buyers Determine How Much To Offer For A Home? There is no absolute way to determine how much to offer for a home.  Due to the fact that every seller has different reasons and different expectations, as well as the fact that homes are rarely identical, knowing how much to offer for a home can sometimes be tricky.  Here are several top tips to help buyers determine how much to offer for a home. Review The Current State Of The Local Real Estate Market It's important that buyers keep in mind what the current state of their local real estate market is when deciding how much to offer for a home.  Every real estate market is different.  Some real estate markets are neutral, some markets are buyers markets, and some markets are sellers market. If the local real estate market is a buyers market, it's possible that many of the homes for sale have been listed for quite some time.  It's fairly common that the longer a home is for sale, the lower the home can be bought for, but this isn't always the case.  In a buyers market, the chance that multiple offers will be received is greatly reduced as there are more homes available. If the local real estate market is a sellers market, it's likely that the homes for sale are sold fairly quickly, within the first week of being listed.  Buying a home in a sellers market can be more difficult for many reasons.  A few factors that contribute to the difficulty level of buying a home in a sellers market include low housing inventory, multiple offers, and a greater number of pre-approved buyers. Remember when determining how much to offer for a home that the condition of the local real estate market is vital.  A sellers market will generally demand an asking price or over asking price offer while a buyers market may warrant a significantly lower offer. Find Out How Much The Home Owner Paid Knowing how much the current owner paid previously for their home sometimes has no relation to how much to offer for a home, but, it certainly can.  Once a buyer finds the home they want to make an offer on, they should attempt to find out how much the current owners paid for the home. In some cases, the homeowners could be an original owner that built the house 40 years ago and obviously with inflation and other factors will make the amount they paid an irrelevant number.  The same can be said with newly built homes.  The cost of new construction is generally much higher than the homes value will be in a handful of years, due to the costs of building.  For example, a home that cost $300,000 to build a handful of years ago may only have a market value of $275,000. The opposite can be true for a homeowner who purchased a home in the past 5 or 6 years.  Finding out how much the current owner paid should be relatively easy as the information is still very likely to be in the local multiple listing service (MLS).  If a homeowner purchased a home for $150,000 a few years ago and they are trying to sell if for $200,000 now, it would be helpful to know what improvements they made to warrant a $50,000 increase in the value. Knowing the history of past transactions of a home can be a very helpful piece of information when determining how much to offer for a home. [caption id="attachment_2702" align="alignright" width="450"]When Determining How Much To Offer For A Home, Ask An Expert! When Determining How Much To Offer For A Home, Ask An Expert![/caption] Ask The Professionals Buying a home is an experience that many people are not familiar with.  When buying a home, it's critical that buyers have a top Realtor representing their best interests.  A top Realtor can help a buyer determine how much to offer for a home, which is a quality tip when it comes to determining the amount to offer for a home! One of the most important interview question to consider asking potential buyers agent's is whether they have experience selling homes in the desired neighborhoods.  An experienced Realtor who has sold homes in a specific neighborhood should be able to have a good idea whether a home is priced accurately or not simply by walking through the property. A top Realtor should be honest with their client and inform them if they feel a home is overpriced, priced well, or possibly under priced.  Unfortunately, there are some Realtors who will try and up-sell buyers, in order to make a few additional bucks and not advise the buyer the home maybe overpriced. Ultimately the decision of  how much to offer for a home is the buyers and not the Realtors.  Even though it ultimately is the buyers decision on how much to offer for a home, taking the advice of a top Realtor is high suggested.  Buyers who completely ignore what a Realtor suggests for an offer price is one of the top things home buyers do that real estate agents hate. Request A Comparative Market Analysis Be Completed Another excellent tip to help home buyers determine how much to offer for a home is by requesting a comparative market analysis be completed by their Realtor.  A comparative market analysis, also known as a CMA, is a very popular method Realtors use to determine market values. Having a comparative market analysis completed can be very helpful for a buyer when determining how much to offer for a home for several reasons.  First and foremost, a comparative market analysis is likely the method a listing agent utilized to determine the list price.  If the listing agent has experience selling homes in the area and is one of the top Realtors in the area, the price they listed the home for sale is likely close to the homes true market value. Another benefit to having a comparative market analysis completed prior to making an offer is it can eliminate possible low appraisal problems.  Just because a home is listed at a specific price, does not mean the home is worth that price, even if a buyer agrees to pay the full list price.  A comparative market analysis can help reduce the chances that a buyer overpays for a home and that the bank cannot justify the agreed sale price. A professionally completed comparative market analysis is a tool that can be a huge help when it comes to determining how much to offer for a home.  The value range that a comparative market analysis suggests, if done properly, should be relatively close to what a home sells for. Determine What The Highest Price You Will Pay Is And Stick To It One of the biggest mistakes that buyers make when buying a home is not sticking to their budget.  Once a buyer finds their "perfect home," it's important they set what the highest price they are willing to pay for that specific property is. Buying a home can be an emotional decision.  Without setting a maximum price, it's possible that a buyer will pay more for a home than they can afford.  By setting a maximum price, a buyer knows that if the negotiations push the price above that maximum number, it's time to walk away.  While it's easier said than done to walk away from a "perfect home," determining a maximum price can be a helpful tip to help determine what to offer for a home. Final Thoughts Determining how much to offer for a home is a big decision and can be tricky.  There is no absolute formula or method to help buyers determine what the purchase offer price should be.  The above tips should make deciding what to offer for a home much easier and less stressful.  Ultimately it is the buyers decision, however, by choosing a top Realtor and having the proper tools and information, buyers will be more comfortable with their decision. Other Top Home Buying Resources If you're buying a home in Rochester, NY, these tips to help determine how much to offer for a home will give you a huge advantage over your competition.  A buyer who has the "know-how" when it comes to determining how much to offer for a home will greatly increase their chances of successfully getting their "perfect home!"  If you haven't selected a top Rochester, NY realtor yet, please contact me, and I'd love to share my experience and expertise about buying a home in the local Rochester real estate market!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Tips To Help Determine How Much To Offer For A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Can You Submit Multiple Offers On Homes At Once – A Legal And Ethical Analysis https://www.rochesterrealestateblog.com/multiple-offers-on-homes-at-once/ Tue, 19 May 2015 11:00:25 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19414 Tips To Help Determine How Much To Offer For A Home[/caption] Finding just the right home for some buyers is a difficult task and can be emotionally and physically draining.  Once a buyer finds their "perfect home," only a small portion of the home buying process has been completed. One of the most important steps in the home buying process is successfully negotiating with the home owner.  There are many things that a buyer must decide on when negotiating with the seller.  What contingencies do they want to include?  When do they want to close on the home?  Do they want to have a home inspection? One of the top frequently asked questions from home buyers relates to price.  What should we offer the sellers?  Ultimately the buyer is the person in charge of making the final decision on what amount they should offer the home owner. There are many ways to help home buyers determine how much to offer for a home.  Here are some of the the best tips, and also things to avoid, when determining how much to offer for a home! What Should You Avoid When Determining How Much To Offer For A Home? Unfortunately there are many home buyers in the market place who have no idea when it comes to determining how much to offer for a home.  There are several things that home buyers need to avoid when figuring out how much to offer for a home, otherwise, the probability their offer is accepted is slim to none! Using Online Home Value Estimates One of the most popular misconceptions when it comes to home buying is that online home value estimates are accurate.  Home buyers who believe this "BS" fact about home buying will be extremely disappointed when offer after offer is rejected. When determining how much to offer for a home, make sure you avoid at all costs, online home value estimates.  Online home value estimates, such as Zillow's "Zestimate," are in many cases very inaccurate.  In a recent study of Rochester, NY homes that recently closed, almost 40% of the homes that closed on a specific date had "Zestimates" which were $15,000-$20,000 lower or higher than the actual sale prices. [caption id="attachment_2698" align="alignleft" width="450"]What Should Home Buyers Avoid When Determining How Much To Offer For A Home What Should Home Buyers Avoid When Determining How Much To Offer For A Home[/caption] A buyer who believes any online home value estimates will put themselves at a huge disadvantage when it comes to buying a home.  It's important to remember when determining how much to offer for a home, these online home value estimates are often generated by a computer formula and can be very inaccurate. Don't Be Fooled By Tax Assessments It's important to understand when buying a home, there is a difference between market value, assessed value, and appraised value.  One of the biggest thing to avoid when determining how much to offer for a home is using a homes assessed value as an offer price. The assessed value of a home is used for one thing, to determine how much the property taxes will be.  Assessed value has no correlation to a homes market value.  There are many real estate markets where the assessed value of homes will be significantly lower or higher than what homes are selling for. For example, a significant percentage of recently sold Webster, NY homes have sold for much higher than their  assessed values.  This is great for the local residents as it helps keep the property taxes lower. What Are The Top Tips To Help Buyers Determine How Much To Offer For A Home? There is no absolute way to determine how much to offer for a home.  Due to the fact that every seller has different reasons and different expectations, as well as the fact that homes are rarely identical, knowing how much to offer for a home can sometimes be tricky.  Here are several top tips to help buyers determine how much to offer for a home. Review The Current State Of The Local Real Estate Market It's important that buyers keep in mind what the current state of their local real estate market is when deciding how much to offer for a home.  Every real estate market is different.  Some real estate markets are neutral, some markets are buyers markets, and some markets are sellers market. If the local real estate market is a buyers market, it's possible that many of the homes for sale have been listed for quite some time.  It's fairly common that the longer a home is for sale, the lower the home can be bought for, but this isn't always the case.  In a buyers market, the chance that multiple offers will be received is greatly reduced as there are more homes available. If the local real estate market is a sellers market, it's likely that the homes for sale are sold fairly quickly, within the first week of being listed.  Buying a home in a sellers market can be more difficult for many reasons.  A few factors that contribute to the difficulty level of buying a home in a sellers market include low housing inventory, multiple offers, and a greater number of pre-approved buyers. Remember when determining how much to offer for a home that the condition of the local real estate market is vital.  A sellers market will generally demand an asking price or over asking price offer while a buyers market may warrant a significantly lower offer. Find Out How Much The Home Owner Paid Knowing how much the current owner paid previously for their home sometimes has no relation to how much to offer for a home, but, it certainly can.  Once a buyer finds the home they want to make an offer on, they should attempt to find out how much the current owners paid for the home. In some cases, the homeowners could be an original owner that built the house 40 years ago and obviously with inflation and other factors will make the amount they paid an irrelevant number.  The same can be said with newly built homes.  The cost of new construction is generally much higher than the homes value will be in a handful of years, due to the costs of building.  For example, a home that cost $300,000 to build a handful of years ago may only have a market value of $275,000. The opposite can be true for a homeowner who purchased a home in the past 5 or 6 years.  Finding out how much the current owner paid should be relatively easy as the information is still very likely to be in the local multiple listing service (MLS).  If a homeowner purchased a home for $150,000 a few years ago and they are trying to sell if for $200,000 now, it would be helpful to know what improvements they made to warrant a $50,000 increase in the value. Knowing the history of past transactions of a home can be a very helpful piece of information when determining how much to offer for a home. [caption id="attachment_2702" align="alignright" width="450"]When Determining How Much To Offer For A Home, Ask An Expert! When Determining How Much To Offer For A Home, Ask An Expert![/caption] Ask The Professionals Buying a home is an experience that many people are not familiar with.  When buying a home, it's critical that buyers have a top Realtor representing their best interests.  A top Realtor can help a buyer determine how much to offer for a home, which is a quality tip when it comes to determining the amount to offer for a home! One of the most important interview question to consider asking potential buyers agent's is whether they have experience selling homes in the desired neighborhoods.  An experienced Realtor who has sold homes in a specific neighborhood should be able to have a good idea whether a home is priced accurately or not simply by walking through the property. A top Realtor should be honest with their client and inform them if they feel a home is overpriced, priced well, or possibly under priced.  Unfortunately, there are some Realtors who will try and up-sell buyers, in order to make a few additional bucks and not advise the buyer the home maybe overpriced. Ultimately the decision of  how much to offer for a home is the buyers and not the Realtors.  Even though it ultimately is the buyers decision on how much to offer for a home, taking the advice of a top Realtor is high suggested.  Buyers who completely ignore what a Realtor suggests for an offer price is one of the top things home buyers do that real estate agents hate. Request A Comparative Market Analysis Be Completed Another excellent tip to help home buyers determine how much to offer for a home is by requesting a comparative market analysis be completed by their Realtor.  A comparative market analysis, also known as a CMA, is a very popular method Realtors use to determine market values. Having a comparative market analysis completed can be very helpful for a buyer when determining how much to offer for a home for several reasons.  First and foremost, a comparative market analysis is likely the method a listing agent utilized to determine the list price.  If the listing agent has experience selling homes in the area and is one of the top Realtors in the area, the price they listed the home for sale is likely close to the homes true market value. Another benefit to having a comparative market analysis completed prior to making an offer is it can eliminate possible low appraisal problems.  Just because a home is listed at a specific price, does not mean the home is worth that price, even if a buyer agrees to pay the full list price.  A comparative market analysis can help reduce the chances that a buyer overpays for a home and that the bank cannot justify the agreed sale price. A professionally completed comparative market analysis is a tool that can be a huge help when it comes to determining how much to offer for a home.  The value range that a comparative market analysis suggests, if done properly, should be relatively close to what a home sells for. Determine What The Highest Price You Will Pay Is And Stick To It One of the biggest mistakes that buyers make when buying a home is not sticking to their budget.  Once a buyer finds their "perfect home," it's important they set what the highest price they are willing to pay for that specific property is. Buying a home can be an emotional decision.  Without setting a maximum price, it's possible that a buyer will pay more for a home than they can afford.  By setting a maximum price, a buyer knows that if the negotiations push the price above that maximum number, it's time to walk away.  While it's easier said than done to walk away from a "perfect home," determining a maximum price can be a helpful tip to help determine what to offer for a home. Final Thoughts Determining how much to offer for a home is a big decision and can be tricky.  There is no absolute formula or method to help buyers determine what the purchase offer price should be.  The above tips should make deciding what to offer for a home much easier and less stressful.  Ultimately it is the buyers decision, however, by choosing a top Realtor and having the proper tools and information, buyers will be more comfortable with their decision. Other Top Home Buying Resources If you're buying a home in Rochester, NY, these tips to help determine how much to offer for a home will give you a huge advantage over your competition.  A buyer who has the "know-how" when it comes to determining how much to offer for a home will greatly increase their chances of successfully getting their "perfect home!"  If you haven't selected a top Rochester, NY realtor yet, please contact me, and I'd love to share my experience and expertise about buying a home in the local Rochester real estate market!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Tips To Help Determine How Much To Offer For A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> How to Get Your Home Photo Ready for Real Estate Listings https://www.rochesterrealestateblog.com/real-estate-photo-ready/ Tue, 19 May 2015 11:00:25 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19409 Tips To Help Determine How Much To Offer For A Home[/caption] Finding just the right home for some buyers is a difficult task and can be emotionally and physically draining.  Once a buyer finds their "perfect home," only a small portion of the home buying process has been completed. One of the most important steps in the home buying process is successfully negotiating with the home owner.  There are many things that a buyer must decide on when negotiating with the seller.  What contingencies do they want to include?  When do they want to close on the home?  Do they want to have a home inspection? One of the top frequently asked questions from home buyers relates to price.  What should we offer the sellers?  Ultimately the buyer is the person in charge of making the final decision on what amount they should offer the home owner. There are many ways to help home buyers determine how much to offer for a home.  Here are some of the the best tips, and also things to avoid, when determining how much to offer for a home! What Should You Avoid When Determining How Much To Offer For A Home? Unfortunately there are many home buyers in the market place who have no idea when it comes to determining how much to offer for a home.  There are several things that home buyers need to avoid when figuring out how much to offer for a home, otherwise, the probability their offer is accepted is slim to none! Using Online Home Value Estimates One of the most popular misconceptions when it comes to home buying is that online home value estimates are accurate.  Home buyers who believe this "BS" fact about home buying will be extremely disappointed when offer after offer is rejected. When determining how much to offer for a home, make sure you avoid at all costs, online home value estimates.  Online home value estimates, such as Zillow's "Zestimate," are in many cases very inaccurate.  In a recent study of Rochester, NY homes that recently closed, almost 40% of the homes that closed on a specific date had "Zestimates" which were $15,000-$20,000 lower or higher than the actual sale prices. [caption id="attachment_2698" align="alignleft" width="450"]What Should Home Buyers Avoid When Determining How Much To Offer For A Home What Should Home Buyers Avoid When Determining How Much To Offer For A Home[/caption] A buyer who believes any online home value estimates will put themselves at a huge disadvantage when it comes to buying a home.  It's important to remember when determining how much to offer for a home, these online home value estimates are often generated by a computer formula and can be very inaccurate. Don't Be Fooled By Tax Assessments It's important to understand when buying a home, there is a difference between market value, assessed value, and appraised value.  One of the biggest thing to avoid when determining how much to offer for a home is using a homes assessed value as an offer price. The assessed value of a home is used for one thing, to determine how much the property taxes will be.  Assessed value has no correlation to a homes market value.  There are many real estate markets where the assessed value of homes will be significantly lower or higher than what homes are selling for. For example, a significant percentage of recently sold Webster, NY homes have sold for much higher than their  assessed values.  This is great for the local residents as it helps keep the property taxes lower. What Are The Top Tips To Help Buyers Determine How Much To Offer For A Home? There is no absolute way to determine how much to offer for a home.  Due to the fact that every seller has different reasons and different expectations, as well as the fact that homes are rarely identical, knowing how much to offer for a home can sometimes be tricky.  Here are several top tips to help buyers determine how much to offer for a home. Review The Current State Of The Local Real Estate Market It's important that buyers keep in mind what the current state of their local real estate market is when deciding how much to offer for a home.  Every real estate market is different.  Some real estate markets are neutral, some markets are buyers markets, and some markets are sellers market. If the local real estate market is a buyers market, it's possible that many of the homes for sale have been listed for quite some time.  It's fairly common that the longer a home is for sale, the lower the home can be bought for, but this isn't always the case.  In a buyers market, the chance that multiple offers will be received is greatly reduced as there are more homes available. If the local real estate market is a sellers market, it's likely that the homes for sale are sold fairly quickly, within the first week of being listed.  Buying a home in a sellers market can be more difficult for many reasons.  A few factors that contribute to the difficulty level of buying a home in a sellers market include low housing inventory, multiple offers, and a greater number of pre-approved buyers. Remember when determining how much to offer for a home that the condition of the local real estate market is vital.  A sellers market will generally demand an asking price or over asking price offer while a buyers market may warrant a significantly lower offer. Find Out How Much The Home Owner Paid Knowing how much the current owner paid previously for their home sometimes has no relation to how much to offer for a home, but, it certainly can.  Once a buyer finds the home they want to make an offer on, they should attempt to find out how much the current owners paid for the home. In some cases, the homeowners could be an original owner that built the house 40 years ago and obviously with inflation and other factors will make the amount they paid an irrelevant number.  The same can be said with newly built homes.  The cost of new construction is generally much higher than the homes value will be in a handful of years, due to the costs of building.  For example, a home that cost $300,000 to build a handful of years ago may only have a market value of $275,000. The opposite can be true for a homeowner who purchased a home in the past 5 or 6 years.  Finding out how much the current owner paid should be relatively easy as the information is still very likely to be in the local multiple listing service (MLS).  If a homeowner purchased a home for $150,000 a few years ago and they are trying to sell if for $200,000 now, it would be helpful to know what improvements they made to warrant a $50,000 increase in the value. Knowing the history of past transactions of a home can be a very helpful piece of information when determining how much to offer for a home. [caption id="attachment_2702" align="alignright" width="450"]When Determining How Much To Offer For A Home, Ask An Expert! When Determining How Much To Offer For A Home, Ask An Expert![/caption] Ask The Professionals Buying a home is an experience that many people are not familiar with.  When buying a home, it's critical that buyers have a top Realtor representing their best interests.  A top Realtor can help a buyer determine how much to offer for a home, which is a quality tip when it comes to determining the amount to offer for a home! One of the most important interview question to consider asking potential buyers agent's is whether they have experience selling homes in the desired neighborhoods.  An experienced Realtor who has sold homes in a specific neighborhood should be able to have a good idea whether a home is priced accurately or not simply by walking through the property. A top Realtor should be honest with their client and inform them if they feel a home is overpriced, priced well, or possibly under priced.  Unfortunately, there are some Realtors who will try and up-sell buyers, in order to make a few additional bucks and not advise the buyer the home maybe overpriced. Ultimately the decision of  how much to offer for a home is the buyers and not the Realtors.  Even though it ultimately is the buyers decision on how much to offer for a home, taking the advice of a top Realtor is high suggested.  Buyers who completely ignore what a Realtor suggests for an offer price is one of the top things home buyers do that real estate agents hate. Request A Comparative Market Analysis Be Completed Another excellent tip to help home buyers determine how much to offer for a home is by requesting a comparative market analysis be completed by their Realtor.  A comparative market analysis, also known as a CMA, is a very popular method Realtors use to determine market values. Having a comparative market analysis completed can be very helpful for a buyer when determining how much to offer for a home for several reasons.  First and foremost, a comparative market analysis is likely the method a listing agent utilized to determine the list price.  If the listing agent has experience selling homes in the area and is one of the top Realtors in the area, the price they listed the home for sale is likely close to the homes true market value. Another benefit to having a comparative market analysis completed prior to making an offer is it can eliminate possible low appraisal problems.  Just because a home is listed at a specific price, does not mean the home is worth that price, even if a buyer agrees to pay the full list price.  A comparative market analysis can help reduce the chances that a buyer overpays for a home and that the bank cannot justify the agreed sale price. A professionally completed comparative market analysis is a tool that can be a huge help when it comes to determining how much to offer for a home.  The value range that a comparative market analysis suggests, if done properly, should be relatively close to what a home sells for. Determine What The Highest Price You Will Pay Is And Stick To It One of the biggest mistakes that buyers make when buying a home is not sticking to their budget.  Once a buyer finds their "perfect home," it's important they set what the highest price they are willing to pay for that specific property is. Buying a home can be an emotional decision.  Without setting a maximum price, it's possible that a buyer will pay more for a home than they can afford.  By setting a maximum price, a buyer knows that if the negotiations push the price above that maximum number, it's time to walk away.  While it's easier said than done to walk away from a "perfect home," determining a maximum price can be a helpful tip to help determine what to offer for a home. Final Thoughts Determining how much to offer for a home is a big decision and can be tricky.  There is no absolute formula or method to help buyers determine what the purchase offer price should be.  The above tips should make deciding what to offer for a home much easier and less stressful.  Ultimately it is the buyers decision, however, by choosing a top Realtor and having the proper tools and information, buyers will be more comfortable with their decision. Other Top Home Buying Resources If you're buying a home in Rochester, NY, these tips to help determine how much to offer for a home will give you a huge advantage over your competition.  A buyer who has the "know-how" when it comes to determining how much to offer for a home will greatly increase their chances of successfully getting their "perfect home!"  If you haven't selected a top Rochester, NY realtor yet, please contact me, and I'd love to share my experience and expertise about buying a home in the local Rochester real estate market!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Tips To Help Determine How Much To Offer For A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> What Does a Home Builder’s Warranty Cover? https://www.rochesterrealestateblog.com/home-builders-warranty/ Tue, 19 May 2015 11:00:25 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19394 Tips To Help Determine How Much To Offer For A Home[/caption] Finding just the right home for some buyers is a difficult task and can be emotionally and physically draining.  Once a buyer finds their "perfect home," only a small portion of the home buying process has been completed. One of the most important steps in the home buying process is successfully negotiating with the home owner.  There are many things that a buyer must decide on when negotiating with the seller.  What contingencies do they want to include?  When do they want to close on the home?  Do they want to have a home inspection? One of the top frequently asked questions from home buyers relates to price.  What should we offer the sellers?  Ultimately the buyer is the person in charge of making the final decision on what amount they should offer the home owner. There are many ways to help home buyers determine how much to offer for a home.  Here are some of the the best tips, and also things to avoid, when determining how much to offer for a home! What Should You Avoid When Determining How Much To Offer For A Home? Unfortunately there are many home buyers in the market place who have no idea when it comes to determining how much to offer for a home.  There are several things that home buyers need to avoid when figuring out how much to offer for a home, otherwise, the probability their offer is accepted is slim to none! Using Online Home Value Estimates One of the most popular misconceptions when it comes to home buying is that online home value estimates are accurate.  Home buyers who believe this "BS" fact about home buying will be extremely disappointed when offer after offer is rejected. When determining how much to offer for a home, make sure you avoid at all costs, online home value estimates.  Online home value estimates, such as Zillow's "Zestimate," are in many cases very inaccurate.  In a recent study of Rochester, NY homes that recently closed, almost 40% of the homes that closed on a specific date had "Zestimates" which were $15,000-$20,000 lower or higher than the actual sale prices. [caption id="attachment_2698" align="alignleft" width="450"]What Should Home Buyers Avoid When Determining How Much To Offer For A Home What Should Home Buyers Avoid When Determining How Much To Offer For A Home[/caption] A buyer who believes any online home value estimates will put themselves at a huge disadvantage when it comes to buying a home.  It's important to remember when determining how much to offer for a home, these online home value estimates are often generated by a computer formula and can be very inaccurate. Don't Be Fooled By Tax Assessments It's important to understand when buying a home, there is a difference between market value, assessed value, and appraised value.  One of the biggest thing to avoid when determining how much to offer for a home is using a homes assessed value as an offer price. The assessed value of a home is used for one thing, to determine how much the property taxes will be.  Assessed value has no correlation to a homes market value.  There are many real estate markets where the assessed value of homes will be significantly lower or higher than what homes are selling for. For example, a significant percentage of recently sold Webster, NY homes have sold for much higher than their  assessed values.  This is great for the local residents as it helps keep the property taxes lower. What Are The Top Tips To Help Buyers Determine How Much To Offer For A Home? There is no absolute way to determine how much to offer for a home.  Due to the fact that every seller has different reasons and different expectations, as well as the fact that homes are rarely identical, knowing how much to offer for a home can sometimes be tricky.  Here are several top tips to help buyers determine how much to offer for a home. Review The Current State Of The Local Real Estate Market It's important that buyers keep in mind what the current state of their local real estate market is when deciding how much to offer for a home.  Every real estate market is different.  Some real estate markets are neutral, some markets are buyers markets, and some markets are sellers market. If the local real estate market is a buyers market, it's possible that many of the homes for sale have been listed for quite some time.  It's fairly common that the longer a home is for sale, the lower the home can be bought for, but this isn't always the case.  In a buyers market, the chance that multiple offers will be received is greatly reduced as there are more homes available. If the local real estate market is a sellers market, it's likely that the homes for sale are sold fairly quickly, within the first week of being listed.  Buying a home in a sellers market can be more difficult for many reasons.  A few factors that contribute to the difficulty level of buying a home in a sellers market include low housing inventory, multiple offers, and a greater number of pre-approved buyers. Remember when determining how much to offer for a home that the condition of the local real estate market is vital.  A sellers market will generally demand an asking price or over asking price offer while a buyers market may warrant a significantly lower offer. Find Out How Much The Home Owner Paid Knowing how much the current owner paid previously for their home sometimes has no relation to how much to offer for a home, but, it certainly can.  Once a buyer finds the home they want to make an offer on, they should attempt to find out how much the current owners paid for the home. In some cases, the homeowners could be an original owner that built the house 40 years ago and obviously with inflation and other factors will make the amount they paid an irrelevant number.  The same can be said with newly built homes.  The cost of new construction is generally much higher than the homes value will be in a handful of years, due to the costs of building.  For example, a home that cost $300,000 to build a handful of years ago may only have a market value of $275,000. The opposite can be true for a homeowner who purchased a home in the past 5 or 6 years.  Finding out how much the current owner paid should be relatively easy as the information is still very likely to be in the local multiple listing service (MLS).  If a homeowner purchased a home for $150,000 a few years ago and they are trying to sell if for $200,000 now, it would be helpful to know what improvements they made to warrant a $50,000 increase in the value. Knowing the history of past transactions of a home can be a very helpful piece of information when determining how much to offer for a home. [caption id="attachment_2702" align="alignright" width="450"]When Determining How Much To Offer For A Home, Ask An Expert! When Determining How Much To Offer For A Home, Ask An Expert![/caption] Ask The Professionals Buying a home is an experience that many people are not familiar with.  When buying a home, it's critical that buyers have a top Realtor representing their best interests.  A top Realtor can help a buyer determine how much to offer for a home, which is a quality tip when it comes to determining the amount to offer for a home! One of the most important interview question to consider asking potential buyers agent's is whether they have experience selling homes in the desired neighborhoods.  An experienced Realtor who has sold homes in a specific neighborhood should be able to have a good idea whether a home is priced accurately or not simply by walking through the property. A top Realtor should be honest with their client and inform them if they feel a home is overpriced, priced well, or possibly under priced.  Unfortunately, there are some Realtors who will try and up-sell buyers, in order to make a few additional bucks and not advise the buyer the home maybe overpriced. Ultimately the decision of  how much to offer for a home is the buyers and not the Realtors.  Even though it ultimately is the buyers decision on how much to offer for a home, taking the advice of a top Realtor is high suggested.  Buyers who completely ignore what a Realtor suggests for an offer price is one of the top things home buyers do that real estate agents hate. Request A Comparative Market Analysis Be Completed Another excellent tip to help home buyers determine how much to offer for a home is by requesting a comparative market analysis be completed by their Realtor.  A comparative market analysis, also known as a CMA, is a very popular method Realtors use to determine market values. Having a comparative market analysis completed can be very helpful for a buyer when determining how much to offer for a home for several reasons.  First and foremost, a comparative market analysis is likely the method a listing agent utilized to determine the list price.  If the listing agent has experience selling homes in the area and is one of the top Realtors in the area, the price they listed the home for sale is likely close to the homes true market value. Another benefit to having a comparative market analysis completed prior to making an offer is it can eliminate possible low appraisal problems.  Just because a home is listed at a specific price, does not mean the home is worth that price, even if a buyer agrees to pay the full list price.  A comparative market analysis can help reduce the chances that a buyer overpays for a home and that the bank cannot justify the agreed sale price. A professionally completed comparative market analysis is a tool that can be a huge help when it comes to determining how much to offer for a home.  The value range that a comparative market analysis suggests, if done properly, should be relatively close to what a home sells for. Determine What The Highest Price You Will Pay Is And Stick To It One of the biggest mistakes that buyers make when buying a home is not sticking to their budget.  Once a buyer finds their "perfect home," it's important they set what the highest price they are willing to pay for that specific property is. Buying a home can be an emotional decision.  Without setting a maximum price, it's possible that a buyer will pay more for a home than they can afford.  By setting a maximum price, a buyer knows that if the negotiations push the price above that maximum number, it's time to walk away.  While it's easier said than done to walk away from a "perfect home," determining a maximum price can be a helpful tip to help determine what to offer for a home. Final Thoughts Determining how much to offer for a home is a big decision and can be tricky.  There is no absolute formula or method to help buyers determine what the purchase offer price should be.  The above tips should make deciding what to offer for a home much easier and less stressful.  Ultimately it is the buyers decision, however, by choosing a top Realtor and having the proper tools and information, buyers will be more comfortable with their decision. Other Top Home Buying Resources If you're buying a home in Rochester, NY, these tips to help determine how much to offer for a home will give you a huge advantage over your competition.  A buyer who has the "know-how" when it comes to determining how much to offer for a home will greatly increase their chances of successfully getting their "perfect home!"  If you haven't selected a top Rochester, NY realtor yet, please contact me, and I'd love to share my experience and expertise about buying a home in the local Rochester real estate market!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Tips To Help Determine How Much To Offer For A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> July 2023 Greater Rochester NY Area Real Estate Market Update https://www.rochesterrealestateblog.com/july-2023-rochester-ny-real-estate-market-update/ Tue, 19 May 2015 11:00:25 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19403 Tips To Help Determine How Much To Offer For A Home[/caption] Finding just the right home for some buyers is a difficult task and can be emotionally and physically draining.  Once a buyer finds their "perfect home," only a small portion of the home buying process has been completed. One of the most important steps in the home buying process is successfully negotiating with the home owner.  There are many things that a buyer must decide on when negotiating with the seller.  What contingencies do they want to include?  When do they want to close on the home?  Do they want to have a home inspection? One of the top frequently asked questions from home buyers relates to price.  What should we offer the sellers?  Ultimately the buyer is the person in charge of making the final decision on what amount they should offer the home owner. There are many ways to help home buyers determine how much to offer for a home.  Here are some of the the best tips, and also things to avoid, when determining how much to offer for a home! What Should You Avoid When Determining How Much To Offer For A Home? Unfortunately there are many home buyers in the market place who have no idea when it comes to determining how much to offer for a home.  There are several things that home buyers need to avoid when figuring out how much to offer for a home, otherwise, the probability their offer is accepted is slim to none! Using Online Home Value Estimates One of the most popular misconceptions when it comes to home buying is that online home value estimates are accurate.  Home buyers who believe this "BS" fact about home buying will be extremely disappointed when offer after offer is rejected. When determining how much to offer for a home, make sure you avoid at all costs, online home value estimates.  Online home value estimates, such as Zillow's "Zestimate," are in many cases very inaccurate.  In a recent study of Rochester, NY homes that recently closed, almost 40% of the homes that closed on a specific date had "Zestimates" which were $15,000-$20,000 lower or higher than the actual sale prices. [caption id="attachment_2698" align="alignleft" width="450"]What Should Home Buyers Avoid When Determining How Much To Offer For A Home What Should Home Buyers Avoid When Determining How Much To Offer For A Home[/caption] A buyer who believes any online home value estimates will put themselves at a huge disadvantage when it comes to buying a home.  It's important to remember when determining how much to offer for a home, these online home value estimates are often generated by a computer formula and can be very inaccurate. Don't Be Fooled By Tax Assessments It's important to understand when buying a home, there is a difference between market value, assessed value, and appraised value.  One of the biggest thing to avoid when determining how much to offer for a home is using a homes assessed value as an offer price. The assessed value of a home is used for one thing, to determine how much the property taxes will be.  Assessed value has no correlation to a homes market value.  There are many real estate markets where the assessed value of homes will be significantly lower or higher than what homes are selling for. For example, a significant percentage of recently sold Webster, NY homes have sold for much higher than their  assessed values.  This is great for the local residents as it helps keep the property taxes lower. What Are The Top Tips To Help Buyers Determine How Much To Offer For A Home? There is no absolute way to determine how much to offer for a home.  Due to the fact that every seller has different reasons and different expectations, as well as the fact that homes are rarely identical, knowing how much to offer for a home can sometimes be tricky.  Here are several top tips to help buyers determine how much to offer for a home. Review The Current State Of The Local Real Estate Market It's important that buyers keep in mind what the current state of their local real estate market is when deciding how much to offer for a home.  Every real estate market is different.  Some real estate markets are neutral, some markets are buyers markets, and some markets are sellers market. If the local real estate market is a buyers market, it's possible that many of the homes for sale have been listed for quite some time.  It's fairly common that the longer a home is for sale, the lower the home can be bought for, but this isn't always the case.  In a buyers market, the chance that multiple offers will be received is greatly reduced as there are more homes available. If the local real estate market is a sellers market, it's likely that the homes for sale are sold fairly quickly, within the first week of being listed.  Buying a home in a sellers market can be more difficult for many reasons.  A few factors that contribute to the difficulty level of buying a home in a sellers market include low housing inventory, multiple offers, and a greater number of pre-approved buyers. Remember when determining how much to offer for a home that the condition of the local real estate market is vital.  A sellers market will generally demand an asking price or over asking price offer while a buyers market may warrant a significantly lower offer. Find Out How Much The Home Owner Paid Knowing how much the current owner paid previously for their home sometimes has no relation to how much to offer for a home, but, it certainly can.  Once a buyer finds the home they want to make an offer on, they should attempt to find out how much the current owners paid for the home. In some cases, the homeowners could be an original owner that built the house 40 years ago and obviously with inflation and other factors will make the amount they paid an irrelevant number.  The same can be said with newly built homes.  The cost of new construction is generally much higher than the homes value will be in a handful of years, due to the costs of building.  For example, a home that cost $300,000 to build a handful of years ago may only have a market value of $275,000. The opposite can be true for a homeowner who purchased a home in the past 5 or 6 years.  Finding out how much the current owner paid should be relatively easy as the information is still very likely to be in the local multiple listing service (MLS).  If a homeowner purchased a home for $150,000 a few years ago and they are trying to sell if for $200,000 now, it would be helpful to know what improvements they made to warrant a $50,000 increase in the value. Knowing the history of past transactions of a home can be a very helpful piece of information when determining how much to offer for a home. [caption id="attachment_2702" align="alignright" width="450"]When Determining How Much To Offer For A Home, Ask An Expert! When Determining How Much To Offer For A Home, Ask An Expert![/caption] Ask The Professionals Buying a home is an experience that many people are not familiar with.  When buying a home, it's critical that buyers have a top Realtor representing their best interests.  A top Realtor can help a buyer determine how much to offer for a home, which is a quality tip when it comes to determining the amount to offer for a home! One of the most important interview question to consider asking potential buyers agent's is whether they have experience selling homes in the desired neighborhoods.  An experienced Realtor who has sold homes in a specific neighborhood should be able to have a good idea whether a home is priced accurately or not simply by walking through the property. A top Realtor should be honest with their client and inform them if they feel a home is overpriced, priced well, or possibly under priced.  Unfortunately, there are some Realtors who will try and up-sell buyers, in order to make a few additional bucks and not advise the buyer the home maybe overpriced. Ultimately the decision of  how much to offer for a home is the buyers and not the Realtors.  Even though it ultimately is the buyers decision on how much to offer for a home, taking the advice of a top Realtor is high suggested.  Buyers who completely ignore what a Realtor suggests for an offer price is one of the top things home buyers do that real estate agents hate. Request A Comparative Market Analysis Be Completed Another excellent tip to help home buyers determine how much to offer for a home is by requesting a comparative market analysis be completed by their Realtor.  A comparative market analysis, also known as a CMA, is a very popular method Realtors use to determine market values. Having a comparative market analysis completed can be very helpful for a buyer when determining how much to offer for a home for several reasons.  First and foremost, a comparative market analysis is likely the method a listing agent utilized to determine the list price.  If the listing agent has experience selling homes in the area and is one of the top Realtors in the area, the price they listed the home for sale is likely close to the homes true market value. Another benefit to having a comparative market analysis completed prior to making an offer is it can eliminate possible low appraisal problems.  Just because a home is listed at a specific price, does not mean the home is worth that price, even if a buyer agrees to pay the full list price.  A comparative market analysis can help reduce the chances that a buyer overpays for a home and that the bank cannot justify the agreed sale price. A professionally completed comparative market analysis is a tool that can be a huge help when it comes to determining how much to offer for a home.  The value range that a comparative market analysis suggests, if done properly, should be relatively close to what a home sells for. Determine What The Highest Price You Will Pay Is And Stick To It One of the biggest mistakes that buyers make when buying a home is not sticking to their budget.  Once a buyer finds their "perfect home," it's important they set what the highest price they are willing to pay for that specific property is. Buying a home can be an emotional decision.  Without setting a maximum price, it's possible that a buyer will pay more for a home than they can afford.  By setting a maximum price, a buyer knows that if the negotiations push the price above that maximum number, it's time to walk away.  While it's easier said than done to walk away from a "perfect home," determining a maximum price can be a helpful tip to help determine what to offer for a home. Final Thoughts Determining how much to offer for a home is a big decision and can be tricky.  There is no absolute formula or method to help buyers determine what the purchase offer price should be.  The above tips should make deciding what to offer for a home much easier and less stressful.  Ultimately it is the buyers decision, however, by choosing a top Realtor and having the proper tools and information, buyers will be more comfortable with their decision. Other Top Home Buying Resources If you're buying a home in Rochester, NY, these tips to help determine how much to offer for a home will give you a huge advantage over your competition.  A buyer who has the "know-how" when it comes to determining how much to offer for a home will greatly increase their chances of successfully getting their "perfect home!"  If you haven't selected a top Rochester, NY realtor yet, please contact me, and I'd love to share my experience and expertise about buying a home in the local Rochester real estate market!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Tips To Help Determine How Much To Offer For A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Who Pays Real Estate Commission When You Buy or Sell a Home https://www.rochesterrealestateblog.com/real-estate-commission/ Tue, 19 May 2015 11:00:25 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19366 Tips To Help Determine How Much To Offer For A Home[/caption] Finding just the right home for some buyers is a difficult task and can be emotionally and physically draining.  Once a buyer finds their "perfect home," only a small portion of the home buying process has been completed. One of the most important steps in the home buying process is successfully negotiating with the home owner.  There are many things that a buyer must decide on when negotiating with the seller.  What contingencies do they want to include?  When do they want to close on the home?  Do they want to have a home inspection? One of the top frequently asked questions from home buyers relates to price.  What should we offer the sellers?  Ultimately the buyer is the person in charge of making the final decision on what amount they should offer the home owner. There are many ways to help home buyers determine how much to offer for a home.  Here are some of the the best tips, and also things to avoid, when determining how much to offer for a home! What Should You Avoid When Determining How Much To Offer For A Home? Unfortunately there are many home buyers in the market place who have no idea when it comes to determining how much to offer for a home.  There are several things that home buyers need to avoid when figuring out how much to offer for a home, otherwise, the probability their offer is accepted is slim to none! Using Online Home Value Estimates One of the most popular misconceptions when it comes to home buying is that online home value estimates are accurate.  Home buyers who believe this "BS" fact about home buying will be extremely disappointed when offer after offer is rejected. When determining how much to offer for a home, make sure you avoid at all costs, online home value estimates.  Online home value estimates, such as Zillow's "Zestimate," are in many cases very inaccurate.  In a recent study of Rochester, NY homes that recently closed, almost 40% of the homes that closed on a specific date had "Zestimates" which were $15,000-$20,000 lower or higher than the actual sale prices. [caption id="attachment_2698" align="alignleft" width="450"]What Should Home Buyers Avoid When Determining How Much To Offer For A Home What Should Home Buyers Avoid When Determining How Much To Offer For A Home[/caption] A buyer who believes any online home value estimates will put themselves at a huge disadvantage when it comes to buying a home.  It's important to remember when determining how much to offer for a home, these online home value estimates are often generated by a computer formula and can be very inaccurate. Don't Be Fooled By Tax Assessments It's important to understand when buying a home, there is a difference between market value, assessed value, and appraised value.  One of the biggest thing to avoid when determining how much to offer for a home is using a homes assessed value as an offer price. The assessed value of a home is used for one thing, to determine how much the property taxes will be.  Assessed value has no correlation to a homes market value.  There are many real estate markets where the assessed value of homes will be significantly lower or higher than what homes are selling for. For example, a significant percentage of recently sold Webster, NY homes have sold for much higher than their  assessed values.  This is great for the local residents as it helps keep the property taxes lower. What Are The Top Tips To Help Buyers Determine How Much To Offer For A Home? There is no absolute way to determine how much to offer for a home.  Due to the fact that every seller has different reasons and different expectations, as well as the fact that homes are rarely identical, knowing how much to offer for a home can sometimes be tricky.  Here are several top tips to help buyers determine how much to offer for a home. Review The Current State Of The Local Real Estate Market It's important that buyers keep in mind what the current state of their local real estate market is when deciding how much to offer for a home.  Every real estate market is different.  Some real estate markets are neutral, some markets are buyers markets, and some markets are sellers market. If the local real estate market is a buyers market, it's possible that many of the homes for sale have been listed for quite some time.  It's fairly common that the longer a home is for sale, the lower the home can be bought for, but this isn't always the case.  In a buyers market, the chance that multiple offers will be received is greatly reduced as there are more homes available. If the local real estate market is a sellers market, it's likely that the homes for sale are sold fairly quickly, within the first week of being listed.  Buying a home in a sellers market can be more difficult for many reasons.  A few factors that contribute to the difficulty level of buying a home in a sellers market include low housing inventory, multiple offers, and a greater number of pre-approved buyers. Remember when determining how much to offer for a home that the condition of the local real estate market is vital.  A sellers market will generally demand an asking price or over asking price offer while a buyers market may warrant a significantly lower offer. Find Out How Much The Home Owner Paid Knowing how much the current owner paid previously for their home sometimes has no relation to how much to offer for a home, but, it certainly can.  Once a buyer finds the home they want to make an offer on, they should attempt to find out how much the current owners paid for the home. In some cases, the homeowners could be an original owner that built the house 40 years ago and obviously with inflation and other factors will make the amount they paid an irrelevant number.  The same can be said with newly built homes.  The cost of new construction is generally much higher than the homes value will be in a handful of years, due to the costs of building.  For example, a home that cost $300,000 to build a handful of years ago may only have a market value of $275,000. The opposite can be true for a homeowner who purchased a home in the past 5 or 6 years.  Finding out how much the current owner paid should be relatively easy as the information is still very likely to be in the local multiple listing service (MLS).  If a homeowner purchased a home for $150,000 a few years ago and they are trying to sell if for $200,000 now, it would be helpful to know what improvements they made to warrant a $50,000 increase in the value. Knowing the history of past transactions of a home can be a very helpful piece of information when determining how much to offer for a home. [caption id="attachment_2702" align="alignright" width="450"]When Determining How Much To Offer For A Home, Ask An Expert! When Determining How Much To Offer For A Home, Ask An Expert![/caption] Ask The Professionals Buying a home is an experience that many people are not familiar with.  When buying a home, it's critical that buyers have a top Realtor representing their best interests.  A top Realtor can help a buyer determine how much to offer for a home, which is a quality tip when it comes to determining the amount to offer for a home! One of the most important interview question to consider asking potential buyers agent's is whether they have experience selling homes in the desired neighborhoods.  An experienced Realtor who has sold homes in a specific neighborhood should be able to have a good idea whether a home is priced accurately or not simply by walking through the property. A top Realtor should be honest with their client and inform them if they feel a home is overpriced, priced well, or possibly under priced.  Unfortunately, there are some Realtors who will try and up-sell buyers, in order to make a few additional bucks and not advise the buyer the home maybe overpriced. Ultimately the decision of  how much to offer for a home is the buyers and not the Realtors.  Even though it ultimately is the buyers decision on how much to offer for a home, taking the advice of a top Realtor is high suggested.  Buyers who completely ignore what a Realtor suggests for an offer price is one of the top things home buyers do that real estate agents hate. Request A Comparative Market Analysis Be Completed Another excellent tip to help home buyers determine how much to offer for a home is by requesting a comparative market analysis be completed by their Realtor.  A comparative market analysis, also known as a CMA, is a very popular method Realtors use to determine market values. Having a comparative market analysis completed can be very helpful for a buyer when determining how much to offer for a home for several reasons.  First and foremost, a comparative market analysis is likely the method a listing agent utilized to determine the list price.  If the listing agent has experience selling homes in the area and is one of the top Realtors in the area, the price they listed the home for sale is likely close to the homes true market value. Another benefit to having a comparative market analysis completed prior to making an offer is it can eliminate possible low appraisal problems.  Just because a home is listed at a specific price, does not mean the home is worth that price, even if a buyer agrees to pay the full list price.  A comparative market analysis can help reduce the chances that a buyer overpays for a home and that the bank cannot justify the agreed sale price. A professionally completed comparative market analysis is a tool that can be a huge help when it comes to determining how much to offer for a home.  The value range that a comparative market analysis suggests, if done properly, should be relatively close to what a home sells for. Determine What The Highest Price You Will Pay Is And Stick To It One of the biggest mistakes that buyers make when buying a home is not sticking to their budget.  Once a buyer finds their "perfect home," it's important they set what the highest price they are willing to pay for that specific property is. Buying a home can be an emotional decision.  Without setting a maximum price, it's possible that a buyer will pay more for a home than they can afford.  By setting a maximum price, a buyer knows that if the negotiations push the price above that maximum number, it's time to walk away.  While it's easier said than done to walk away from a "perfect home," determining a maximum price can be a helpful tip to help determine what to offer for a home. Final Thoughts Determining how much to offer for a home is a big decision and can be tricky.  There is no absolute formula or method to help buyers determine what the purchase offer price should be.  The above tips should make deciding what to offer for a home much easier and less stressful.  Ultimately it is the buyers decision, however, by choosing a top Realtor and having the proper tools and information, buyers will be more comfortable with their decision. Other Top Home Buying Resources If you're buying a home in Rochester, NY, these tips to help determine how much to offer for a home will give you a huge advantage over your competition.  A buyer who has the "know-how" when it comes to determining how much to offer for a home will greatly increase their chances of successfully getting their "perfect home!"  If you haven't selected a top Rochester, NY realtor yet, please contact me, and I'd love to share my experience and expertise about buying a home in the local Rochester real estate market!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Tips To Help Determine How Much To Offer For A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Quitclaim Deeds: What You Need to Know https://www.rochesterrealestateblog.com/quitclaim-deeds/ Tue, 19 May 2015 11:00:25 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19358 Tips To Help Determine How Much To Offer For A Home[/caption] Finding just the right home for some buyers is a difficult task and can be emotionally and physically draining.  Once a buyer finds their "perfect home," only a small portion of the home buying process has been completed. One of the most important steps in the home buying process is successfully negotiating with the home owner.  There are many things that a buyer must decide on when negotiating with the seller.  What contingencies do they want to include?  When do they want to close on the home?  Do they want to have a home inspection? One of the top frequently asked questions from home buyers relates to price.  What should we offer the sellers?  Ultimately the buyer is the person in charge of making the final decision on what amount they should offer the home owner. There are many ways to help home buyers determine how much to offer for a home.  Here are some of the the best tips, and also things to avoid, when determining how much to offer for a home! What Should You Avoid When Determining How Much To Offer For A Home? Unfortunately there are many home buyers in the market place who have no idea when it comes to determining how much to offer for a home.  There are several things that home buyers need to avoid when figuring out how much to offer for a home, otherwise, the probability their offer is accepted is slim to none! Using Online Home Value Estimates One of the most popular misconceptions when it comes to home buying is that online home value estimates are accurate.  Home buyers who believe this "BS" fact about home buying will be extremely disappointed when offer after offer is rejected. When determining how much to offer for a home, make sure you avoid at all costs, online home value estimates.  Online home value estimates, such as Zillow's "Zestimate," are in many cases very inaccurate.  In a recent study of Rochester, NY homes that recently closed, almost 40% of the homes that closed on a specific date had "Zestimates" which were $15,000-$20,000 lower or higher than the actual sale prices. [caption id="attachment_2698" align="alignleft" width="450"]What Should Home Buyers Avoid When Determining How Much To Offer For A Home What Should Home Buyers Avoid When Determining How Much To Offer For A Home[/caption] A buyer who believes any online home value estimates will put themselves at a huge disadvantage when it comes to buying a home.  It's important to remember when determining how much to offer for a home, these online home value estimates are often generated by a computer formula and can be very inaccurate. Don't Be Fooled By Tax Assessments It's important to understand when buying a home, there is a difference between market value, assessed value, and appraised value.  One of the biggest thing to avoid when determining how much to offer for a home is using a homes assessed value as an offer price. The assessed value of a home is used for one thing, to determine how much the property taxes will be.  Assessed value has no correlation to a homes market value.  There are many real estate markets where the assessed value of homes will be significantly lower or higher than what homes are selling for. For example, a significant percentage of recently sold Webster, NY homes have sold for much higher than their  assessed values.  This is great for the local residents as it helps keep the property taxes lower. What Are The Top Tips To Help Buyers Determine How Much To Offer For A Home? There is no absolute way to determine how much to offer for a home.  Due to the fact that every seller has different reasons and different expectations, as well as the fact that homes are rarely identical, knowing how much to offer for a home can sometimes be tricky.  Here are several top tips to help buyers determine how much to offer for a home. Review The Current State Of The Local Real Estate Market It's important that buyers keep in mind what the current state of their local real estate market is when deciding how much to offer for a home.  Every real estate market is different.  Some real estate markets are neutral, some markets are buyers markets, and some markets are sellers market. If the local real estate market is a buyers market, it's possible that many of the homes for sale have been listed for quite some time.  It's fairly common that the longer a home is for sale, the lower the home can be bought for, but this isn't always the case.  In a buyers market, the chance that multiple offers will be received is greatly reduced as there are more homes available. If the local real estate market is a sellers market, it's likely that the homes for sale are sold fairly quickly, within the first week of being listed.  Buying a home in a sellers market can be more difficult for many reasons.  A few factors that contribute to the difficulty level of buying a home in a sellers market include low housing inventory, multiple offers, and a greater number of pre-approved buyers. Remember when determining how much to offer for a home that the condition of the local real estate market is vital.  A sellers market will generally demand an asking price or over asking price offer while a buyers market may warrant a significantly lower offer. Find Out How Much The Home Owner Paid Knowing how much the current owner paid previously for their home sometimes has no relation to how much to offer for a home, but, it certainly can.  Once a buyer finds the home they want to make an offer on, they should attempt to find out how much the current owners paid for the home. In some cases, the homeowners could be an original owner that built the house 40 years ago and obviously with inflation and other factors will make the amount they paid an irrelevant number.  The same can be said with newly built homes.  The cost of new construction is generally much higher than the homes value will be in a handful of years, due to the costs of building.  For example, a home that cost $300,000 to build a handful of years ago may only have a market value of $275,000. The opposite can be true for a homeowner who purchased a home in the past 5 or 6 years.  Finding out how much the current owner paid should be relatively easy as the information is still very likely to be in the local multiple listing service (MLS).  If a homeowner purchased a home for $150,000 a few years ago and they are trying to sell if for $200,000 now, it would be helpful to know what improvements they made to warrant a $50,000 increase in the value. Knowing the history of past transactions of a home can be a very helpful piece of information when determining how much to offer for a home. [caption id="attachment_2702" align="alignright" width="450"]When Determining How Much To Offer For A Home, Ask An Expert! When Determining How Much To Offer For A Home, Ask An Expert![/caption] Ask The Professionals Buying a home is an experience that many people are not familiar with.  When buying a home, it's critical that buyers have a top Realtor representing their best interests.  A top Realtor can help a buyer determine how much to offer for a home, which is a quality tip when it comes to determining the amount to offer for a home! One of the most important interview question to consider asking potential buyers agent's is whether they have experience selling homes in the desired neighborhoods.  An experienced Realtor who has sold homes in a specific neighborhood should be able to have a good idea whether a home is priced accurately or not simply by walking through the property. A top Realtor should be honest with their client and inform them if they feel a home is overpriced, priced well, or possibly under priced.  Unfortunately, there are some Realtors who will try and up-sell buyers, in order to make a few additional bucks and not advise the buyer the home maybe overpriced. Ultimately the decision of  how much to offer for a home is the buyers and not the Realtors.  Even though it ultimately is the buyers decision on how much to offer for a home, taking the advice of a top Realtor is high suggested.  Buyers who completely ignore what a Realtor suggests for an offer price is one of the top things home buyers do that real estate agents hate. Request A Comparative Market Analysis Be Completed Another excellent tip to help home buyers determine how much to offer for a home is by requesting a comparative market analysis be completed by their Realtor.  A comparative market analysis, also known as a CMA, is a very popular method Realtors use to determine market values. Having a comparative market analysis completed can be very helpful for a buyer when determining how much to offer for a home for several reasons.  First and foremost, a comparative market analysis is likely the method a listing agent utilized to determine the list price.  If the listing agent has experience selling homes in the area and is one of the top Realtors in the area, the price they listed the home for sale is likely close to the homes true market value. Another benefit to having a comparative market analysis completed prior to making an offer is it can eliminate possible low appraisal problems.  Just because a home is listed at a specific price, does not mean the home is worth that price, even if a buyer agrees to pay the full list price.  A comparative market analysis can help reduce the chances that a buyer overpays for a home and that the bank cannot justify the agreed sale price. A professionally completed comparative market analysis is a tool that can be a huge help when it comes to determining how much to offer for a home.  The value range that a comparative market analysis suggests, if done properly, should be relatively close to what a home sells for. Determine What The Highest Price You Will Pay Is And Stick To It One of the biggest mistakes that buyers make when buying a home is not sticking to their budget.  Once a buyer finds their "perfect home," it's important they set what the highest price they are willing to pay for that specific property is. Buying a home can be an emotional decision.  Without setting a maximum price, it's possible that a buyer will pay more for a home than they can afford.  By setting a maximum price, a buyer knows that if the negotiations push the price above that maximum number, it's time to walk away.  While it's easier said than done to walk away from a "perfect home," determining a maximum price can be a helpful tip to help determine what to offer for a home. Final Thoughts Determining how much to offer for a home is a big decision and can be tricky.  There is no absolute formula or method to help buyers determine what the purchase offer price should be.  The above tips should make deciding what to offer for a home much easier and less stressful.  Ultimately it is the buyers decision, however, by choosing a top Realtor and having the proper tools and information, buyers will be more comfortable with their decision. Other Top Home Buying Resources If you're buying a home in Rochester, NY, these tips to help determine how much to offer for a home will give you a huge advantage over your competition.  A buyer who has the "know-how" when it comes to determining how much to offer for a home will greatly increase their chances of successfully getting their "perfect home!"  If you haven't selected a top Rochester, NY realtor yet, please contact me, and I'd love to share my experience and expertise about buying a home in the local Rochester real estate market!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Tips To Help Determine How Much To Offer For A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> What to Know About Selling a Home As Is for Cash https://www.rochesterrealestateblog.com/selling-home-as-is-cash/ Tue, 19 May 2015 11:00:25 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19347 Tips To Help Determine How Much To Offer For A Home[/caption] Finding just the right home for some buyers is a difficult task and can be emotionally and physically draining.  Once a buyer finds their "perfect home," only a small portion of the home buying process has been completed. One of the most important steps in the home buying process is successfully negotiating with the home owner.  There are many things that a buyer must decide on when negotiating with the seller.  What contingencies do they want to include?  When do they want to close on the home?  Do they want to have a home inspection? One of the top frequently asked questions from home buyers relates to price.  What should we offer the sellers?  Ultimately the buyer is the person in charge of making the final decision on what amount they should offer the home owner. There are many ways to help home buyers determine how much to offer for a home.  Here are some of the the best tips, and also things to avoid, when determining how much to offer for a home! What Should You Avoid When Determining How Much To Offer For A Home? Unfortunately there are many home buyers in the market place who have no idea when it comes to determining how much to offer for a home.  There are several things that home buyers need to avoid when figuring out how much to offer for a home, otherwise, the probability their offer is accepted is slim to none! Using Online Home Value Estimates One of the most popular misconceptions when it comes to home buying is that online home value estimates are accurate.  Home buyers who believe this "BS" fact about home buying will be extremely disappointed when offer after offer is rejected. When determining how much to offer for a home, make sure you avoid at all costs, online home value estimates.  Online home value estimates, such as Zillow's "Zestimate," are in many cases very inaccurate.  In a recent study of Rochester, NY homes that recently closed, almost 40% of the homes that closed on a specific date had "Zestimates" which were $15,000-$20,000 lower or higher than the actual sale prices. [caption id="attachment_2698" align="alignleft" width="450"]What Should Home Buyers Avoid When Determining How Much To Offer For A Home What Should Home Buyers Avoid When Determining How Much To Offer For A Home[/caption] A buyer who believes any online home value estimates will put themselves at a huge disadvantage when it comes to buying a home.  It's important to remember when determining how much to offer for a home, these online home value estimates are often generated by a computer formula and can be very inaccurate. Don't Be Fooled By Tax Assessments It's important to understand when buying a home, there is a difference between market value, assessed value, and appraised value.  One of the biggest thing to avoid when determining how much to offer for a home is using a homes assessed value as an offer price. The assessed value of a home is used for one thing, to determine how much the property taxes will be.  Assessed value has no correlation to a homes market value.  There are many real estate markets where the assessed value of homes will be significantly lower or higher than what homes are selling for. For example, a significant percentage of recently sold Webster, NY homes have sold for much higher than their  assessed values.  This is great for the local residents as it helps keep the property taxes lower. What Are The Top Tips To Help Buyers Determine How Much To Offer For A Home? There is no absolute way to determine how much to offer for a home.  Due to the fact that every seller has different reasons and different expectations, as well as the fact that homes are rarely identical, knowing how much to offer for a home can sometimes be tricky.  Here are several top tips to help buyers determine how much to offer for a home. Review The Current State Of The Local Real Estate Market It's important that buyers keep in mind what the current state of their local real estate market is when deciding how much to offer for a home.  Every real estate market is different.  Some real estate markets are neutral, some markets are buyers markets, and some markets are sellers market. If the local real estate market is a buyers market, it's possible that many of the homes for sale have been listed for quite some time.  It's fairly common that the longer a home is for sale, the lower the home can be bought for, but this isn't always the case.  In a buyers market, the chance that multiple offers will be received is greatly reduced as there are more homes available. If the local real estate market is a sellers market, it's likely that the homes for sale are sold fairly quickly, within the first week of being listed.  Buying a home in a sellers market can be more difficult for many reasons.  A few factors that contribute to the difficulty level of buying a home in a sellers market include low housing inventory, multiple offers, and a greater number of pre-approved buyers. Remember when determining how much to offer for a home that the condition of the local real estate market is vital.  A sellers market will generally demand an asking price or over asking price offer while a buyers market may warrant a significantly lower offer. Find Out How Much The Home Owner Paid Knowing how much the current owner paid previously for their home sometimes has no relation to how much to offer for a home, but, it certainly can.  Once a buyer finds the home they want to make an offer on, they should attempt to find out how much the current owners paid for the home. In some cases, the homeowners could be an original owner that built the house 40 years ago and obviously with inflation and other factors will make the amount they paid an irrelevant number.  The same can be said with newly built homes.  The cost of new construction is generally much higher than the homes value will be in a handful of years, due to the costs of building.  For example, a home that cost $300,000 to build a handful of years ago may only have a market value of $275,000. The opposite can be true for a homeowner who purchased a home in the past 5 or 6 years.  Finding out how much the current owner paid should be relatively easy as the information is still very likely to be in the local multiple listing service (MLS).  If a homeowner purchased a home for $150,000 a few years ago and they are trying to sell if for $200,000 now, it would be helpful to know what improvements they made to warrant a $50,000 increase in the value. Knowing the history of past transactions of a home can be a very helpful piece of information when determining how much to offer for a home. [caption id="attachment_2702" align="alignright" width="450"]When Determining How Much To Offer For A Home, Ask An Expert! When Determining How Much To Offer For A Home, Ask An Expert![/caption] Ask The Professionals Buying a home is an experience that many people are not familiar with.  When buying a home, it's critical that buyers have a top Realtor representing their best interests.  A top Realtor can help a buyer determine how much to offer for a home, which is a quality tip when it comes to determining the amount to offer for a home! One of the most important interview question to consider asking potential buyers agent's is whether they have experience selling homes in the desired neighborhoods.  An experienced Realtor who has sold homes in a specific neighborhood should be able to have a good idea whether a home is priced accurately or not simply by walking through the property. A top Realtor should be honest with their client and inform them if they feel a home is overpriced, priced well, or possibly under priced.  Unfortunately, there are some Realtors who will try and up-sell buyers, in order to make a few additional bucks and not advise the buyer the home maybe overpriced. Ultimately the decision of  how much to offer for a home is the buyers and not the Realtors.  Even though it ultimately is the buyers decision on how much to offer for a home, taking the advice of a top Realtor is high suggested.  Buyers who completely ignore what a Realtor suggests for an offer price is one of the top things home buyers do that real estate agents hate. Request A Comparative Market Analysis Be Completed Another excellent tip to help home buyers determine how much to offer for a home is by requesting a comparative market analysis be completed by their Realtor.  A comparative market analysis, also known as a CMA, is a very popular method Realtors use to determine market values. Having a comparative market analysis completed can be very helpful for a buyer when determining how much to offer for a home for several reasons.  First and foremost, a comparative market analysis is likely the method a listing agent utilized to determine the list price.  If the listing agent has experience selling homes in the area and is one of the top Realtors in the area, the price they listed the home for sale is likely close to the homes true market value. Another benefit to having a comparative market analysis completed prior to making an offer is it can eliminate possible low appraisal problems.  Just because a home is listed at a specific price, does not mean the home is worth that price, even if a buyer agrees to pay the full list price.  A comparative market analysis can help reduce the chances that a buyer overpays for a home and that the bank cannot justify the agreed sale price. A professionally completed comparative market analysis is a tool that can be a huge help when it comes to determining how much to offer for a home.  The value range that a comparative market analysis suggests, if done properly, should be relatively close to what a home sells for. Determine What The Highest Price You Will Pay Is And Stick To It One of the biggest mistakes that buyers make when buying a home is not sticking to their budget.  Once a buyer finds their "perfect home," it's important they set what the highest price they are willing to pay for that specific property is. Buying a home can be an emotional decision.  Without setting a maximum price, it's possible that a buyer will pay more for a home than they can afford.  By setting a maximum price, a buyer knows that if the negotiations push the price above that maximum number, it's time to walk away.  While it's easier said than done to walk away from a "perfect home," determining a maximum price can be a helpful tip to help determine what to offer for a home. Final Thoughts Determining how much to offer for a home is a big decision and can be tricky.  There is no absolute formula or method to help buyers determine what the purchase offer price should be.  The above tips should make deciding what to offer for a home much easier and less stressful.  Ultimately it is the buyers decision, however, by choosing a top Realtor and having the proper tools and information, buyers will be more comfortable with their decision. Other Top Home Buying Resources If you're buying a home in Rochester, NY, these tips to help determine how much to offer for a home will give you a huge advantage over your competition.  A buyer who has the "know-how" when it comes to determining how much to offer for a home will greatly increase their chances of successfully getting their "perfect home!"  If you haven't selected a top Rochester, NY realtor yet, please contact me, and I'd love to share my experience and expertise about buying a home in the local Rochester real estate market!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Tips To Help Determine How Much To Offer For A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> How to Know if My House Has Paranormal Activity https://www.rochesterrealestateblog.com/is-my-house-haunted/ Tue, 19 May 2015 11:00:25 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19342 Tips To Help Determine How Much To Offer For A Home[/caption] Finding just the right home for some buyers is a difficult task and can be emotionally and physically draining.  Once a buyer finds their "perfect home," only a small portion of the home buying process has been completed. One of the most important steps in the home buying process is successfully negotiating with the home owner.  There are many things that a buyer must decide on when negotiating with the seller.  What contingencies do they want to include?  When do they want to close on the home?  Do they want to have a home inspection? One of the top frequently asked questions from home buyers relates to price.  What should we offer the sellers?  Ultimately the buyer is the person in charge of making the final decision on what amount they should offer the home owner. There are many ways to help home buyers determine how much to offer for a home.  Here are some of the the best tips, and also things to avoid, when determining how much to offer for a home! What Should You Avoid When Determining How Much To Offer For A Home? Unfortunately there are many home buyers in the market place who have no idea when it comes to determining how much to offer for a home.  There are several things that home buyers need to avoid when figuring out how much to offer for a home, otherwise, the probability their offer is accepted is slim to none! Using Online Home Value Estimates One of the most popular misconceptions when it comes to home buying is that online home value estimates are accurate.  Home buyers who believe this "BS" fact about home buying will be extremely disappointed when offer after offer is rejected. When determining how much to offer for a home, make sure you avoid at all costs, online home value estimates.  Online home value estimates, such as Zillow's "Zestimate," are in many cases very inaccurate.  In a recent study of Rochester, NY homes that recently closed, almost 40% of the homes that closed on a specific date had "Zestimates" which were $15,000-$20,000 lower or higher than the actual sale prices. [caption id="attachment_2698" align="alignleft" width="450"]What Should Home Buyers Avoid When Determining How Much To Offer For A Home What Should Home Buyers Avoid When Determining How Much To Offer For A Home[/caption] A buyer who believes any online home value estimates will put themselves at a huge disadvantage when it comes to buying a home.  It's important to remember when determining how much to offer for a home, these online home value estimates are often generated by a computer formula and can be very inaccurate. Don't Be Fooled By Tax Assessments It's important to understand when buying a home, there is a difference between market value, assessed value, and appraised value.  One of the biggest thing to avoid when determining how much to offer for a home is using a homes assessed value as an offer price. The assessed value of a home is used for one thing, to determine how much the property taxes will be.  Assessed value has no correlation to a homes market value.  There are many real estate markets where the assessed value of homes will be significantly lower or higher than what homes are selling for. For example, a significant percentage of recently sold Webster, NY homes have sold for much higher than their  assessed values.  This is great for the local residents as it helps keep the property taxes lower. What Are The Top Tips To Help Buyers Determine How Much To Offer For A Home? There is no absolute way to determine how much to offer for a home.  Due to the fact that every seller has different reasons and different expectations, as well as the fact that homes are rarely identical, knowing how much to offer for a home can sometimes be tricky.  Here are several top tips to help buyers determine how much to offer for a home. Review The Current State Of The Local Real Estate Market It's important that buyers keep in mind what the current state of their local real estate market is when deciding how much to offer for a home.  Every real estate market is different.  Some real estate markets are neutral, some markets are buyers markets, and some markets are sellers market. If the local real estate market is a buyers market, it's possible that many of the homes for sale have been listed for quite some time.  It's fairly common that the longer a home is for sale, the lower the home can be bought for, but this isn't always the case.  In a buyers market, the chance that multiple offers will be received is greatly reduced as there are more homes available. If the local real estate market is a sellers market, it's likely that the homes for sale are sold fairly quickly, within the first week of being listed.  Buying a home in a sellers market can be more difficult for many reasons.  A few factors that contribute to the difficulty level of buying a home in a sellers market include low housing inventory, multiple offers, and a greater number of pre-approved buyers. Remember when determining how much to offer for a home that the condition of the local real estate market is vital.  A sellers market will generally demand an asking price or over asking price offer while a buyers market may warrant a significantly lower offer. Find Out How Much The Home Owner Paid Knowing how much the current owner paid previously for their home sometimes has no relation to how much to offer for a home, but, it certainly can.  Once a buyer finds the home they want to make an offer on, they should attempt to find out how much the current owners paid for the home. In some cases, the homeowners could be an original owner that built the house 40 years ago and obviously with inflation and other factors will make the amount they paid an irrelevant number.  The same can be said with newly built homes.  The cost of new construction is generally much higher than the homes value will be in a handful of years, due to the costs of building.  For example, a home that cost $300,000 to build a handful of years ago may only have a market value of $275,000. The opposite can be true for a homeowner who purchased a home in the past 5 or 6 years.  Finding out how much the current owner paid should be relatively easy as the information is still very likely to be in the local multiple listing service (MLS).  If a homeowner purchased a home for $150,000 a few years ago and they are trying to sell if for $200,000 now, it would be helpful to know what improvements they made to warrant a $50,000 increase in the value. Knowing the history of past transactions of a home can be a very helpful piece of information when determining how much to offer for a home. [caption id="attachment_2702" align="alignright" width="450"]When Determining How Much To Offer For A Home, Ask An Expert! When Determining How Much To Offer For A Home, Ask An Expert![/caption] Ask The Professionals Buying a home is an experience that many people are not familiar with.  When buying a home, it's critical that buyers have a top Realtor representing their best interests.  A top Realtor can help a buyer determine how much to offer for a home, which is a quality tip when it comes to determining the amount to offer for a home! One of the most important interview question to consider asking potential buyers agent's is whether they have experience selling homes in the desired neighborhoods.  An experienced Realtor who has sold homes in a specific neighborhood should be able to have a good idea whether a home is priced accurately or not simply by walking through the property. A top Realtor should be honest with their client and inform them if they feel a home is overpriced, priced well, or possibly under priced.  Unfortunately, there are some Realtors who will try and up-sell buyers, in order to make a few additional bucks and not advise the buyer the home maybe overpriced. Ultimately the decision of  how much to offer for a home is the buyers and not the Realtors.  Even though it ultimately is the buyers decision on how much to offer for a home, taking the advice of a top Realtor is high suggested.  Buyers who completely ignore what a Realtor suggests for an offer price is one of the top things home buyers do that real estate agents hate. Request A Comparative Market Analysis Be Completed Another excellent tip to help home buyers determine how much to offer for a home is by requesting a comparative market analysis be completed by their Realtor.  A comparative market analysis, also known as a CMA, is a very popular method Realtors use to determine market values. Having a comparative market analysis completed can be very helpful for a buyer when determining how much to offer for a home for several reasons.  First and foremost, a comparative market analysis is likely the method a listing agent utilized to determine the list price.  If the listing agent has experience selling homes in the area and is one of the top Realtors in the area, the price they listed the home for sale is likely close to the homes true market value. Another benefit to having a comparative market analysis completed prior to making an offer is it can eliminate possible low appraisal problems.  Just because a home is listed at a specific price, does not mean the home is worth that price, even if a buyer agrees to pay the full list price.  A comparative market analysis can help reduce the chances that a buyer overpays for a home and that the bank cannot justify the agreed sale price. A professionally completed comparative market analysis is a tool that can be a huge help when it comes to determining how much to offer for a home.  The value range that a comparative market analysis suggests, if done properly, should be relatively close to what a home sells for. Determine What The Highest Price You Will Pay Is And Stick To It One of the biggest mistakes that buyers make when buying a home is not sticking to their budget.  Once a buyer finds their "perfect home," it's important they set what the highest price they are willing to pay for that specific property is. Buying a home can be an emotional decision.  Without setting a maximum price, it's possible that a buyer will pay more for a home than they can afford.  By setting a maximum price, a buyer knows that if the negotiations push the price above that maximum number, it's time to walk away.  While it's easier said than done to walk away from a "perfect home," determining a maximum price can be a helpful tip to help determine what to offer for a home. Final Thoughts Determining how much to offer for a home is a big decision and can be tricky.  There is no absolute formula or method to help buyers determine what the purchase offer price should be.  The above tips should make deciding what to offer for a home much easier and less stressful.  Ultimately it is the buyers decision, however, by choosing a top Realtor and having the proper tools and information, buyers will be more comfortable with their decision. Other Top Home Buying Resources If you're buying a home in Rochester, NY, these tips to help determine how much to offer for a home will give you a huge advantage over your competition.  A buyer who has the "know-how" when it comes to determining how much to offer for a home will greatly increase their chances of successfully getting their "perfect home!"  If you haven't selected a top Rochester, NY realtor yet, please contact me, and I'd love to share my experience and expertise about buying a home in the local Rochester real estate market!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Tips To Help Determine How Much To Offer For A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Why Find The History of a House https://www.rochesterrealestateblog.com/find-history-house/ Tue, 19 May 2015 11:00:25 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19316 Tips To Help Determine How Much To Offer For A Home[/caption] Finding just the right home for some buyers is a difficult task and can be emotionally and physically draining.  Once a buyer finds their "perfect home," only a small portion of the home buying process has been completed. One of the most important steps in the home buying process is successfully negotiating with the home owner.  There are many things that a buyer must decide on when negotiating with the seller.  What contingencies do they want to include?  When do they want to close on the home?  Do they want to have a home inspection? One of the top frequently asked questions from home buyers relates to price.  What should we offer the sellers?  Ultimately the buyer is the person in charge of making the final decision on what amount they should offer the home owner. There are many ways to help home buyers determine how much to offer for a home.  Here are some of the the best tips, and also things to avoid, when determining how much to offer for a home! What Should You Avoid When Determining How Much To Offer For A Home? Unfortunately there are many home buyers in the market place who have no idea when it comes to determining how much to offer for a home.  There are several things that home buyers need to avoid when figuring out how much to offer for a home, otherwise, the probability their offer is accepted is slim to none! Using Online Home Value Estimates One of the most popular misconceptions when it comes to home buying is that online home value estimates are accurate.  Home buyers who believe this "BS" fact about home buying will be extremely disappointed when offer after offer is rejected. When determining how much to offer for a home, make sure you avoid at all costs, online home value estimates.  Online home value estimates, such as Zillow's "Zestimate," are in many cases very inaccurate.  In a recent study of Rochester, NY homes that recently closed, almost 40% of the homes that closed on a specific date had "Zestimates" which were $15,000-$20,000 lower or higher than the actual sale prices. [caption id="attachment_2698" align="alignleft" width="450"]What Should Home Buyers Avoid When Determining How Much To Offer For A Home What Should Home Buyers Avoid When Determining How Much To Offer For A Home[/caption] A buyer who believes any online home value estimates will put themselves at a huge disadvantage when it comes to buying a home.  It's important to remember when determining how much to offer for a home, these online home value estimates are often generated by a computer formula and can be very inaccurate. Don't Be Fooled By Tax Assessments It's important to understand when buying a home, there is a difference between market value, assessed value, and appraised value.  One of the biggest thing to avoid when determining how much to offer for a home is using a homes assessed value as an offer price. The assessed value of a home is used for one thing, to determine how much the property taxes will be.  Assessed value has no correlation to a homes market value.  There are many real estate markets where the assessed value of homes will be significantly lower or higher than what homes are selling for. For example, a significant percentage of recently sold Webster, NY homes have sold for much higher than their  assessed values.  This is great for the local residents as it helps keep the property taxes lower. What Are The Top Tips To Help Buyers Determine How Much To Offer For A Home? There is no absolute way to determine how much to offer for a home.  Due to the fact that every seller has different reasons and different expectations, as well as the fact that homes are rarely identical, knowing how much to offer for a home can sometimes be tricky.  Here are several top tips to help buyers determine how much to offer for a home. Review The Current State Of The Local Real Estate Market It's important that buyers keep in mind what the current state of their local real estate market is when deciding how much to offer for a home.  Every real estate market is different.  Some real estate markets are neutral, some markets are buyers markets, and some markets are sellers market. If the local real estate market is a buyers market, it's possible that many of the homes for sale have been listed for quite some time.  It's fairly common that the longer a home is for sale, the lower the home can be bought for, but this isn't always the case.  In a buyers market, the chance that multiple offers will be received is greatly reduced as there are more homes available. If the local real estate market is a sellers market, it's likely that the homes for sale are sold fairly quickly, within the first week of being listed.  Buying a home in a sellers market can be more difficult for many reasons.  A few factors that contribute to the difficulty level of buying a home in a sellers market include low housing inventory, multiple offers, and a greater number of pre-approved buyers. Remember when determining how much to offer for a home that the condition of the local real estate market is vital.  A sellers market will generally demand an asking price or over asking price offer while a buyers market may warrant a significantly lower offer. Find Out How Much The Home Owner Paid Knowing how much the current owner paid previously for their home sometimes has no relation to how much to offer for a home, but, it certainly can.  Once a buyer finds the home they want to make an offer on, they should attempt to find out how much the current owners paid for the home. In some cases, the homeowners could be an original owner that built the house 40 years ago and obviously with inflation and other factors will make the amount they paid an irrelevant number.  The same can be said with newly built homes.  The cost of new construction is generally much higher than the homes value will be in a handful of years, due to the costs of building.  For example, a home that cost $300,000 to build a handful of years ago may only have a market value of $275,000. The opposite can be true for a homeowner who purchased a home in the past 5 or 6 years.  Finding out how much the current owner paid should be relatively easy as the information is still very likely to be in the local multiple listing service (MLS).  If a homeowner purchased a home for $150,000 a few years ago and they are trying to sell if for $200,000 now, it would be helpful to know what improvements they made to warrant a $50,000 increase in the value. Knowing the history of past transactions of a home can be a very helpful piece of information when determining how much to offer for a home. [caption id="attachment_2702" align="alignright" width="450"]When Determining How Much To Offer For A Home, Ask An Expert! When Determining How Much To Offer For A Home, Ask An Expert![/caption] Ask The Professionals Buying a home is an experience that many people are not familiar with.  When buying a home, it's critical that buyers have a top Realtor representing their best interests.  A top Realtor can help a buyer determine how much to offer for a home, which is a quality tip when it comes to determining the amount to offer for a home! One of the most important interview question to consider asking potential buyers agent's is whether they have experience selling homes in the desired neighborhoods.  An experienced Realtor who has sold homes in a specific neighborhood should be able to have a good idea whether a home is priced accurately or not simply by walking through the property. A top Realtor should be honest with their client and inform them if they feel a home is overpriced, priced well, or possibly under priced.  Unfortunately, there are some Realtors who will try and up-sell buyers, in order to make a few additional bucks and not advise the buyer the home maybe overpriced. Ultimately the decision of  how much to offer for a home is the buyers and not the Realtors.  Even though it ultimately is the buyers decision on how much to offer for a home, taking the advice of a top Realtor is high suggested.  Buyers who completely ignore what a Realtor suggests for an offer price is one of the top things home buyers do that real estate agents hate. Request A Comparative Market Analysis Be Completed Another excellent tip to help home buyers determine how much to offer for a home is by requesting a comparative market analysis be completed by their Realtor.  A comparative market analysis, also known as a CMA, is a very popular method Realtors use to determine market values. Having a comparative market analysis completed can be very helpful for a buyer when determining how much to offer for a home for several reasons.  First and foremost, a comparative market analysis is likely the method a listing agent utilized to determine the list price.  If the listing agent has experience selling homes in the area and is one of the top Realtors in the area, the price they listed the home for sale is likely close to the homes true market value. Another benefit to having a comparative market analysis completed prior to making an offer is it can eliminate possible low appraisal problems.  Just because a home is listed at a specific price, does not mean the home is worth that price, even if a buyer agrees to pay the full list price.  A comparative market analysis can help reduce the chances that a buyer overpays for a home and that the bank cannot justify the agreed sale price. A professionally completed comparative market analysis is a tool that can be a huge help when it comes to determining how much to offer for a home.  The value range that a comparative market analysis suggests, if done properly, should be relatively close to what a home sells for. Determine What The Highest Price You Will Pay Is And Stick To It One of the biggest mistakes that buyers make when buying a home is not sticking to their budget.  Once a buyer finds their "perfect home," it's important they set what the highest price they are willing to pay for that specific property is. Buying a home can be an emotional decision.  Without setting a maximum price, it's possible that a buyer will pay more for a home than they can afford.  By setting a maximum price, a buyer knows that if the negotiations push the price above that maximum number, it's time to walk away.  While it's easier said than done to walk away from a "perfect home," determining a maximum price can be a helpful tip to help determine what to offer for a home. Final Thoughts Determining how much to offer for a home is a big decision and can be tricky.  There is no absolute formula or method to help buyers determine what the purchase offer price should be.  The above tips should make deciding what to offer for a home much easier and less stressful.  Ultimately it is the buyers decision, however, by choosing a top Realtor and having the proper tools and information, buyers will be more comfortable with their decision. Other Top Home Buying Resources If you're buying a home in Rochester, NY, these tips to help determine how much to offer for a home will give you a huge advantage over your competition.  A buyer who has the "know-how" when it comes to determining how much to offer for a home will greatly increase their chances of successfully getting their "perfect home!"  If you haven't selected a top Rochester, NY realtor yet, please contact me, and I'd love to share my experience and expertise about buying a home in the local Rochester real estate market!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Tips To Help Determine How Much To Offer For A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> June 2023 Greater Rochester NY Area Real Estate Market Update https://www.rochesterrealestateblog.com/june-2023-rochester-ny-area-real-estate-market-update/ Tue, 19 May 2015 11:00:25 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19313 Tips To Help Determine How Much To Offer For A Home[/caption] Finding just the right home for some buyers is a difficult task and can be emotionally and physically draining.  Once a buyer finds their "perfect home," only a small portion of the home buying process has been completed. One of the most important steps in the home buying process is successfully negotiating with the home owner.  There are many things that a buyer must decide on when negotiating with the seller.  What contingencies do they want to include?  When do they want to close on the home?  Do they want to have a home inspection? One of the top frequently asked questions from home buyers relates to price.  What should we offer the sellers?  Ultimately the buyer is the person in charge of making the final decision on what amount they should offer the home owner. There are many ways to help home buyers determine how much to offer for a home.  Here are some of the the best tips, and also things to avoid, when determining how much to offer for a home! What Should You Avoid When Determining How Much To Offer For A Home? Unfortunately there are many home buyers in the market place who have no idea when it comes to determining how much to offer for a home.  There are several things that home buyers need to avoid when figuring out how much to offer for a home, otherwise, the probability their offer is accepted is slim to none! Using Online Home Value Estimates One of the most popular misconceptions when it comes to home buying is that online home value estimates are accurate.  Home buyers who believe this "BS" fact about home buying will be extremely disappointed when offer after offer is rejected. When determining how much to offer for a home, make sure you avoid at all costs, online home value estimates.  Online home value estimates, such as Zillow's "Zestimate," are in many cases very inaccurate.  In a recent study of Rochester, NY homes that recently closed, almost 40% of the homes that closed on a specific date had "Zestimates" which were $15,000-$20,000 lower or higher than the actual sale prices. [caption id="attachment_2698" align="alignleft" width="450"]What Should Home Buyers Avoid When Determining How Much To Offer For A Home What Should Home Buyers Avoid When Determining How Much To Offer For A Home[/caption] A buyer who believes any online home value estimates will put themselves at a huge disadvantage when it comes to buying a home.  It's important to remember when determining how much to offer for a home, these online home value estimates are often generated by a computer formula and can be very inaccurate. Don't Be Fooled By Tax Assessments It's important to understand when buying a home, there is a difference between market value, assessed value, and appraised value.  One of the biggest thing to avoid when determining how much to offer for a home is using a homes assessed value as an offer price. The assessed value of a home is used for one thing, to determine how much the property taxes will be.  Assessed value has no correlation to a homes market value.  There are many real estate markets where the assessed value of homes will be significantly lower or higher than what homes are selling for. For example, a significant percentage of recently sold Webster, NY homes have sold for much higher than their  assessed values.  This is great for the local residents as it helps keep the property taxes lower. What Are The Top Tips To Help Buyers Determine How Much To Offer For A Home? There is no absolute way to determine how much to offer for a home.  Due to the fact that every seller has different reasons and different expectations, as well as the fact that homes are rarely identical, knowing how much to offer for a home can sometimes be tricky.  Here are several top tips to help buyers determine how much to offer for a home. Review The Current State Of The Local Real Estate Market It's important that buyers keep in mind what the current state of their local real estate market is when deciding how much to offer for a home.  Every real estate market is different.  Some real estate markets are neutral, some markets are buyers markets, and some markets are sellers market. If the local real estate market is a buyers market, it's possible that many of the homes for sale have been listed for quite some time.  It's fairly common that the longer a home is for sale, the lower the home can be bought for, but this isn't always the case.  In a buyers market, the chance that multiple offers will be received is greatly reduced as there are more homes available. If the local real estate market is a sellers market, it's likely that the homes for sale are sold fairly quickly, within the first week of being listed.  Buying a home in a sellers market can be more difficult for many reasons.  A few factors that contribute to the difficulty level of buying a home in a sellers market include low housing inventory, multiple offers, and a greater number of pre-approved buyers. Remember when determining how much to offer for a home that the condition of the local real estate market is vital.  A sellers market will generally demand an asking price or over asking price offer while a buyers market may warrant a significantly lower offer. Find Out How Much The Home Owner Paid Knowing how much the current owner paid previously for their home sometimes has no relation to how much to offer for a home, but, it certainly can.  Once a buyer finds the home they want to make an offer on, they should attempt to find out how much the current owners paid for the home. In some cases, the homeowners could be an original owner that built the house 40 years ago and obviously with inflation and other factors will make the amount they paid an irrelevant number.  The same can be said with newly built homes.  The cost of new construction is generally much higher than the homes value will be in a handful of years, due to the costs of building.  For example, a home that cost $300,000 to build a handful of years ago may only have a market value of $275,000. The opposite can be true for a homeowner who purchased a home in the past 5 or 6 years.  Finding out how much the current owner paid should be relatively easy as the information is still very likely to be in the local multiple listing service (MLS).  If a homeowner purchased a home for $150,000 a few years ago and they are trying to sell if for $200,000 now, it would be helpful to know what improvements they made to warrant a $50,000 increase in the value. Knowing the history of past transactions of a home can be a very helpful piece of information when determining how much to offer for a home. [caption id="attachment_2702" align="alignright" width="450"]When Determining How Much To Offer For A Home, Ask An Expert! When Determining How Much To Offer For A Home, Ask An Expert![/caption] Ask The Professionals Buying a home is an experience that many people are not familiar with.  When buying a home, it's critical that buyers have a top Realtor representing their best interests.  A top Realtor can help a buyer determine how much to offer for a home, which is a quality tip when it comes to determining the amount to offer for a home! One of the most important interview question to consider asking potential buyers agent's is whether they have experience selling homes in the desired neighborhoods.  An experienced Realtor who has sold homes in a specific neighborhood should be able to have a good idea whether a home is priced accurately or not simply by walking through the property. A top Realtor should be honest with their client and inform them if they feel a home is overpriced, priced well, or possibly under priced.  Unfortunately, there are some Realtors who will try and up-sell buyers, in order to make a few additional bucks and not advise the buyer the home maybe overpriced. Ultimately the decision of  how much to offer for a home is the buyers and not the Realtors.  Even though it ultimately is the buyers decision on how much to offer for a home, taking the advice of a top Realtor is high suggested.  Buyers who completely ignore what a Realtor suggests for an offer price is one of the top things home buyers do that real estate agents hate. Request A Comparative Market Analysis Be Completed Another excellent tip to help home buyers determine how much to offer for a home is by requesting a comparative market analysis be completed by their Realtor.  A comparative market analysis, also known as a CMA, is a very popular method Realtors use to determine market values. Having a comparative market analysis completed can be very helpful for a buyer when determining how much to offer for a home for several reasons.  First and foremost, a comparative market analysis is likely the method a listing agent utilized to determine the list price.  If the listing agent has experience selling homes in the area and is one of the top Realtors in the area, the price they listed the home for sale is likely close to the homes true market value. Another benefit to having a comparative market analysis completed prior to making an offer is it can eliminate possible low appraisal problems.  Just because a home is listed at a specific price, does not mean the home is worth that price, even if a buyer agrees to pay the full list price.  A comparative market analysis can help reduce the chances that a buyer overpays for a home and that the bank cannot justify the agreed sale price. A professionally completed comparative market analysis is a tool that can be a huge help when it comes to determining how much to offer for a home.  The value range that a comparative market analysis suggests, if done properly, should be relatively close to what a home sells for. Determine What The Highest Price You Will Pay Is And Stick To It One of the biggest mistakes that buyers make when buying a home is not sticking to their budget.  Once a buyer finds their "perfect home," it's important they set what the highest price they are willing to pay for that specific property is. Buying a home can be an emotional decision.  Without setting a maximum price, it's possible that a buyer will pay more for a home than they can afford.  By setting a maximum price, a buyer knows that if the negotiations push the price above that maximum number, it's time to walk away.  While it's easier said than done to walk away from a "perfect home," determining a maximum price can be a helpful tip to help determine what to offer for a home. Final Thoughts Determining how much to offer for a home is a big decision and can be tricky.  There is no absolute formula or method to help buyers determine what the purchase offer price should be.  The above tips should make deciding what to offer for a home much easier and less stressful.  Ultimately it is the buyers decision, however, by choosing a top Realtor and having the proper tools and information, buyers will be more comfortable with their decision. Other Top Home Buying Resources If you're buying a home in Rochester, NY, these tips to help determine how much to offer for a home will give you a huge advantage over your competition.  A buyer who has the "know-how" when it comes to determining how much to offer for a home will greatly increase their chances of successfully getting their "perfect home!"  If you haven't selected a top Rochester, NY realtor yet, please contact me, and I'd love to share my experience and expertise about buying a home in the local Rochester real estate market!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Tips To Help Determine How Much To Offer For A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> What Does a Real Estate Lawyer Do? https://www.rochesterrealestateblog.com/real-estate-lawyer/ Tue, 19 May 2015 11:00:25 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19181 Tips To Help Determine How Much To Offer For A Home[/caption] Finding just the right home for some buyers is a difficult task and can be emotionally and physically draining.  Once a buyer finds their "perfect home," only a small portion of the home buying process has been completed. One of the most important steps in the home buying process is successfully negotiating with the home owner.  There are many things that a buyer must decide on when negotiating with the seller.  What contingencies do they want to include?  When do they want to close on the home?  Do they want to have a home inspection? One of the top frequently asked questions from home buyers relates to price.  What should we offer the sellers?  Ultimately the buyer is the person in charge of making the final decision on what amount they should offer the home owner. There are many ways to help home buyers determine how much to offer for a home.  Here are some of the the best tips, and also things to avoid, when determining how much to offer for a home! What Should You Avoid When Determining How Much To Offer For A Home? Unfortunately there are many home buyers in the market place who have no idea when it comes to determining how much to offer for a home.  There are several things that home buyers need to avoid when figuring out how much to offer for a home, otherwise, the probability their offer is accepted is slim to none! Using Online Home Value Estimates One of the most popular misconceptions when it comes to home buying is that online home value estimates are accurate.  Home buyers who believe this "BS" fact about home buying will be extremely disappointed when offer after offer is rejected. When determining how much to offer for a home, make sure you avoid at all costs, online home value estimates.  Online home value estimates, such as Zillow's "Zestimate," are in many cases very inaccurate.  In a recent study of Rochester, NY homes that recently closed, almost 40% of the homes that closed on a specific date had "Zestimates" which were $15,000-$20,000 lower or higher than the actual sale prices. [caption id="attachment_2698" align="alignleft" width="450"]What Should Home Buyers Avoid When Determining How Much To Offer For A Home What Should Home Buyers Avoid When Determining How Much To Offer For A Home[/caption] A buyer who believes any online home value estimates will put themselves at a huge disadvantage when it comes to buying a home.  It's important to remember when determining how much to offer for a home, these online home value estimates are often generated by a computer formula and can be very inaccurate. Don't Be Fooled By Tax Assessments It's important to understand when buying a home, there is a difference between market value, assessed value, and appraised value.  One of the biggest thing to avoid when determining how much to offer for a home is using a homes assessed value as an offer price. The assessed value of a home is used for one thing, to determine how much the property taxes will be.  Assessed value has no correlation to a homes market value.  There are many real estate markets where the assessed value of homes will be significantly lower or higher than what homes are selling for. For example, a significant percentage of recently sold Webster, NY homes have sold for much higher than their  assessed values.  This is great for the local residents as it helps keep the property taxes lower. What Are The Top Tips To Help Buyers Determine How Much To Offer For A Home? There is no absolute way to determine how much to offer for a home.  Due to the fact that every seller has different reasons and different expectations, as well as the fact that homes are rarely identical, knowing how much to offer for a home can sometimes be tricky.  Here are several top tips to help buyers determine how much to offer for a home. Review The Current State Of The Local Real Estate Market It's important that buyers keep in mind what the current state of their local real estate market is when deciding how much to offer for a home.  Every real estate market is different.  Some real estate markets are neutral, some markets are buyers markets, and some markets are sellers market. If the local real estate market is a buyers market, it's possible that many of the homes for sale have been listed for quite some time.  It's fairly common that the longer a home is for sale, the lower the home can be bought for, but this isn't always the case.  In a buyers market, the chance that multiple offers will be received is greatly reduced as there are more homes available. If the local real estate market is a sellers market, it's likely that the homes for sale are sold fairly quickly, within the first week of being listed.  Buying a home in a sellers market can be more difficult for many reasons.  A few factors that contribute to the difficulty level of buying a home in a sellers market include low housing inventory, multiple offers, and a greater number of pre-approved buyers. Remember when determining how much to offer for a home that the condition of the local real estate market is vital.  A sellers market will generally demand an asking price or over asking price offer while a buyers market may warrant a significantly lower offer. Find Out How Much The Home Owner Paid Knowing how much the current owner paid previously for their home sometimes has no relation to how much to offer for a home, but, it certainly can.  Once a buyer finds the home they want to make an offer on, they should attempt to find out how much the current owners paid for the home. In some cases, the homeowners could be an original owner that built the house 40 years ago and obviously with inflation and other factors will make the amount they paid an irrelevant number.  The same can be said with newly built homes.  The cost of new construction is generally much higher than the homes value will be in a handful of years, due to the costs of building.  For example, a home that cost $300,000 to build a handful of years ago may only have a market value of $275,000. The opposite can be true for a homeowner who purchased a home in the past 5 or 6 years.  Finding out how much the current owner paid should be relatively easy as the information is still very likely to be in the local multiple listing service (MLS).  If a homeowner purchased a home for $150,000 a few years ago and they are trying to sell if for $200,000 now, it would be helpful to know what improvements they made to warrant a $50,000 increase in the value. Knowing the history of past transactions of a home can be a very helpful piece of information when determining how much to offer for a home. [caption id="attachment_2702" align="alignright" width="450"]When Determining How Much To Offer For A Home, Ask An Expert! When Determining How Much To Offer For A Home, Ask An Expert![/caption] Ask The Professionals Buying a home is an experience that many people are not familiar with.  When buying a home, it's critical that buyers have a top Realtor representing their best interests.  A top Realtor can help a buyer determine how much to offer for a home, which is a quality tip when it comes to determining the amount to offer for a home! One of the most important interview question to consider asking potential buyers agent's is whether they have experience selling homes in the desired neighborhoods.  An experienced Realtor who has sold homes in a specific neighborhood should be able to have a good idea whether a home is priced accurately or not simply by walking through the property. A top Realtor should be honest with their client and inform them if they feel a home is overpriced, priced well, or possibly under priced.  Unfortunately, there are some Realtors who will try and up-sell buyers, in order to make a few additional bucks and not advise the buyer the home maybe overpriced. Ultimately the decision of  how much to offer for a home is the buyers and not the Realtors.  Even though it ultimately is the buyers decision on how much to offer for a home, taking the advice of a top Realtor is high suggested.  Buyers who completely ignore what a Realtor suggests for an offer price is one of the top things home buyers do that real estate agents hate. Request A Comparative Market Analysis Be Completed Another excellent tip to help home buyers determine how much to offer for a home is by requesting a comparative market analysis be completed by their Realtor.  A comparative market analysis, also known as a CMA, is a very popular method Realtors use to determine market values. Having a comparative market analysis completed can be very helpful for a buyer when determining how much to offer for a home for several reasons.  First and foremost, a comparative market analysis is likely the method a listing agent utilized to determine the list price.  If the listing agent has experience selling homes in the area and is one of the top Realtors in the area, the price they listed the home for sale is likely close to the homes true market value. Another benefit to having a comparative market analysis completed prior to making an offer is it can eliminate possible low appraisal problems.  Just because a home is listed at a specific price, does not mean the home is worth that price, even if a buyer agrees to pay the full list price.  A comparative market analysis can help reduce the chances that a buyer overpays for a home and that the bank cannot justify the agreed sale price. A professionally completed comparative market analysis is a tool that can be a huge help when it comes to determining how much to offer for a home.  The value range that a comparative market analysis suggests, if done properly, should be relatively close to what a home sells for. Determine What The Highest Price You Will Pay Is And Stick To It One of the biggest mistakes that buyers make when buying a home is not sticking to their budget.  Once a buyer finds their "perfect home," it's important they set what the highest price they are willing to pay for that specific property is. Buying a home can be an emotional decision.  Without setting a maximum price, it's possible that a buyer will pay more for a home than they can afford.  By setting a maximum price, a buyer knows that if the negotiations push the price above that maximum number, it's time to walk away.  While it's easier said than done to walk away from a "perfect home," determining a maximum price can be a helpful tip to help determine what to offer for a home. Final Thoughts Determining how much to offer for a home is a big decision and can be tricky.  There is no absolute formula or method to help buyers determine what the purchase offer price should be.  The above tips should make deciding what to offer for a home much easier and less stressful.  Ultimately it is the buyers decision, however, by choosing a top Realtor and having the proper tools and information, buyers will be more comfortable with their decision. Other Top Home Buying Resources If you're buying a home in Rochester, NY, these tips to help determine how much to offer for a home will give you a huge advantage over your competition.  A buyer who has the "know-how" when it comes to determining how much to offer for a home will greatly increase their chances of successfully getting their "perfect home!"  If you haven't selected a top Rochester, NY realtor yet, please contact me, and I'd love to share my experience and expertise about buying a home in the local Rochester real estate market!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Tips To Help Determine How Much To Offer For A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> May 2023 Greater Rochester NY Area Real Estate Market Update https://www.rochesterrealestateblog.com/may-2023-rochester-ny-area-real-estate-market-update/ Tue, 19 May 2015 11:00:25 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19162 Tips To Help Determine How Much To Offer For A Home[/caption] Finding just the right home for some buyers is a difficult task and can be emotionally and physically draining.  Once a buyer finds their "perfect home," only a small portion of the home buying process has been completed. One of the most important steps in the home buying process is successfully negotiating with the home owner.  There are many things that a buyer must decide on when negotiating with the seller.  What contingencies do they want to include?  When do they want to close on the home?  Do they want to have a home inspection? One of the top frequently asked questions from home buyers relates to price.  What should we offer the sellers?  Ultimately the buyer is the person in charge of making the final decision on what amount they should offer the home owner. There are many ways to help home buyers determine how much to offer for a home.  Here are some of the the best tips, and also things to avoid, when determining how much to offer for a home! What Should You Avoid When Determining How Much To Offer For A Home? Unfortunately there are many home buyers in the market place who have no idea when it comes to determining how much to offer for a home.  There are several things that home buyers need to avoid when figuring out how much to offer for a home, otherwise, the probability their offer is accepted is slim to none! Using Online Home Value Estimates One of the most popular misconceptions when it comes to home buying is that online home value estimates are accurate.  Home buyers who believe this "BS" fact about home buying will be extremely disappointed when offer after offer is rejected. When determining how much to offer for a home, make sure you avoid at all costs, online home value estimates.  Online home value estimates, such as Zillow's "Zestimate," are in many cases very inaccurate.  In a recent study of Rochester, NY homes that recently closed, almost 40% of the homes that closed on a specific date had "Zestimates" which were $15,000-$20,000 lower or higher than the actual sale prices. [caption id="attachment_2698" align="alignleft" width="450"]What Should Home Buyers Avoid When Determining How Much To Offer For A Home What Should Home Buyers Avoid When Determining How Much To Offer For A Home[/caption] A buyer who believes any online home value estimates will put themselves at a huge disadvantage when it comes to buying a home.  It's important to remember when determining how much to offer for a home, these online home value estimates are often generated by a computer formula and can be very inaccurate. Don't Be Fooled By Tax Assessments It's important to understand when buying a home, there is a difference between market value, assessed value, and appraised value.  One of the biggest thing to avoid when determining how much to offer for a home is using a homes assessed value as an offer price. The assessed value of a home is used for one thing, to determine how much the property taxes will be.  Assessed value has no correlation to a homes market value.  There are many real estate markets where the assessed value of homes will be significantly lower or higher than what homes are selling for. For example, a significant percentage of recently sold Webster, NY homes have sold for much higher than their  assessed values.  This is great for the local residents as it helps keep the property taxes lower. What Are The Top Tips To Help Buyers Determine How Much To Offer For A Home? There is no absolute way to determine how much to offer for a home.  Due to the fact that every seller has different reasons and different expectations, as well as the fact that homes are rarely identical, knowing how much to offer for a home can sometimes be tricky.  Here are several top tips to help buyers determine how much to offer for a home. Review The Current State Of The Local Real Estate Market It's important that buyers keep in mind what the current state of their local real estate market is when deciding how much to offer for a home.  Every real estate market is different.  Some real estate markets are neutral, some markets are buyers markets, and some markets are sellers market. If the local real estate market is a buyers market, it's possible that many of the homes for sale have been listed for quite some time.  It's fairly common that the longer a home is for sale, the lower the home can be bought for, but this isn't always the case.  In a buyers market, the chance that multiple offers will be received is greatly reduced as there are more homes available. If the local real estate market is a sellers market, it's likely that the homes for sale are sold fairly quickly, within the first week of being listed.  Buying a home in a sellers market can be more difficult for many reasons.  A few factors that contribute to the difficulty level of buying a home in a sellers market include low housing inventory, multiple offers, and a greater number of pre-approved buyers. Remember when determining how much to offer for a home that the condition of the local real estate market is vital.  A sellers market will generally demand an asking price or over asking price offer while a buyers market may warrant a significantly lower offer. Find Out How Much The Home Owner Paid Knowing how much the current owner paid previously for their home sometimes has no relation to how much to offer for a home, but, it certainly can.  Once a buyer finds the home they want to make an offer on, they should attempt to find out how much the current owners paid for the home. In some cases, the homeowners could be an original owner that built the house 40 years ago and obviously with inflation and other factors will make the amount they paid an irrelevant number.  The same can be said with newly built homes.  The cost of new construction is generally much higher than the homes value will be in a handful of years, due to the costs of building.  For example, a home that cost $300,000 to build a handful of years ago may only have a market value of $275,000. The opposite can be true for a homeowner who purchased a home in the past 5 or 6 years.  Finding out how much the current owner paid should be relatively easy as the information is still very likely to be in the local multiple listing service (MLS).  If a homeowner purchased a home for $150,000 a few years ago and they are trying to sell if for $200,000 now, it would be helpful to know what improvements they made to warrant a $50,000 increase in the value. Knowing the history of past transactions of a home can be a very helpful piece of information when determining how much to offer for a home. [caption id="attachment_2702" align="alignright" width="450"]When Determining How Much To Offer For A Home, Ask An Expert! When Determining How Much To Offer For A Home, Ask An Expert![/caption] Ask The Professionals Buying a home is an experience that many people are not familiar with.  When buying a home, it's critical that buyers have a top Realtor representing their best interests.  A top Realtor can help a buyer determine how much to offer for a home, which is a quality tip when it comes to determining the amount to offer for a home! One of the most important interview question to consider asking potential buyers agent's is whether they have experience selling homes in the desired neighborhoods.  An experienced Realtor who has sold homes in a specific neighborhood should be able to have a good idea whether a home is priced accurately or not simply by walking through the property. A top Realtor should be honest with their client and inform them if they feel a home is overpriced, priced well, or possibly under priced.  Unfortunately, there are some Realtors who will try and up-sell buyers, in order to make a few additional bucks and not advise the buyer the home maybe overpriced. Ultimately the decision of  how much to offer for a home is the buyers and not the Realtors.  Even though it ultimately is the buyers decision on how much to offer for a home, taking the advice of a top Realtor is high suggested.  Buyers who completely ignore what a Realtor suggests for an offer price is one of the top things home buyers do that real estate agents hate. Request A Comparative Market Analysis Be Completed Another excellent tip to help home buyers determine how much to offer for a home is by requesting a comparative market analysis be completed by their Realtor.  A comparative market analysis, also known as a CMA, is a very popular method Realtors use to determine market values. Having a comparative market analysis completed can be very helpful for a buyer when determining how much to offer for a home for several reasons.  First and foremost, a comparative market analysis is likely the method a listing agent utilized to determine the list price.  If the listing agent has experience selling homes in the area and is one of the top Realtors in the area, the price they listed the home for sale is likely close to the homes true market value. Another benefit to having a comparative market analysis completed prior to making an offer is it can eliminate possible low appraisal problems.  Just because a home is listed at a specific price, does not mean the home is worth that price, even if a buyer agrees to pay the full list price.  A comparative market analysis can help reduce the chances that a buyer overpays for a home and that the bank cannot justify the agreed sale price. A professionally completed comparative market analysis is a tool that can be a huge help when it comes to determining how much to offer for a home.  The value range that a comparative market analysis suggests, if done properly, should be relatively close to what a home sells for. Determine What The Highest Price You Will Pay Is And Stick To It One of the biggest mistakes that buyers make when buying a home is not sticking to their budget.  Once a buyer finds their "perfect home," it's important they set what the highest price they are willing to pay for that specific property is. Buying a home can be an emotional decision.  Without setting a maximum price, it's possible that a buyer will pay more for a home than they can afford.  By setting a maximum price, a buyer knows that if the negotiations push the price above that maximum number, it's time to walk away.  While it's easier said than done to walk away from a "perfect home," determining a maximum price can be a helpful tip to help determine what to offer for a home. Final Thoughts Determining how much to offer for a home is a big decision and can be tricky.  There is no absolute formula or method to help buyers determine what the purchase offer price should be.  The above tips should make deciding what to offer for a home much easier and less stressful.  Ultimately it is the buyers decision, however, by choosing a top Realtor and having the proper tools and information, buyers will be more comfortable with their decision. Other Top Home Buying Resources If you're buying a home in Rochester, NY, these tips to help determine how much to offer for a home will give you a huge advantage over your competition.  A buyer who has the "know-how" when it comes to determining how much to offer for a home will greatly increase their chances of successfully getting their "perfect home!"  If you haven't selected a top Rochester, NY realtor yet, please contact me, and I'd love to share my experience and expertise about buying a home in the local Rochester real estate market!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Tips To Help Determine How Much To Offer For A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> What to Know About Buying a Home For The First Time https://www.rochesterrealestateblog.com/buying-home-first-time/ Tue, 19 May 2015 11:00:25 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=19058 Tips To Help Determine How Much To Offer For A Home[/caption] Finding just the right home for some buyers is a difficult task and can be emotionally and physically draining.  Once a buyer finds their "perfect home," only a small portion of the home buying process has been completed. One of the most important steps in the home buying process is successfully negotiating with the home owner.  There are many things that a buyer must decide on when negotiating with the seller.  What contingencies do they want to include?  When do they want to close on the home?  Do they want to have a home inspection? One of the top frequently asked questions from home buyers relates to price.  What should we offer the sellers?  Ultimately the buyer is the person in charge of making the final decision on what amount they should offer the home owner. There are many ways to help home buyers determine how much to offer for a home.  Here are some of the the best tips, and also things to avoid, when determining how much to offer for a home! What Should You Avoid When Determining How Much To Offer For A Home? Unfortunately there are many home buyers in the market place who have no idea when it comes to determining how much to offer for a home.  There are several things that home buyers need to avoid when figuring out how much to offer for a home, otherwise, the probability their offer is accepted is slim to none! Using Online Home Value Estimates One of the most popular misconceptions when it comes to home buying is that online home value estimates are accurate.  Home buyers who believe this "BS" fact about home buying will be extremely disappointed when offer after offer is rejected. When determining how much to offer for a home, make sure you avoid at all costs, online home value estimates.  Online home value estimates, such as Zillow's "Zestimate," are in many cases very inaccurate.  In a recent study of Rochester, NY homes that recently closed, almost 40% of the homes that closed on a specific date had "Zestimates" which were $15,000-$20,000 lower or higher than the actual sale prices. [caption id="attachment_2698" align="alignleft" width="450"]What Should Home Buyers Avoid When Determining How Much To Offer For A Home What Should Home Buyers Avoid When Determining How Much To Offer For A Home[/caption] A buyer who believes any online home value estimates will put themselves at a huge disadvantage when it comes to buying a home.  It's important to remember when determining how much to offer for a home, these online home value estimates are often generated by a computer formula and can be very inaccurate. Don't Be Fooled By Tax Assessments It's important to understand when buying a home, there is a difference between market value, assessed value, and appraised value.  One of the biggest thing to avoid when determining how much to offer for a home is using a homes assessed value as an offer price. The assessed value of a home is used for one thing, to determine how much the property taxes will be.  Assessed value has no correlation to a homes market value.  There are many real estate markets where the assessed value of homes will be significantly lower or higher than what homes are selling for. For example, a significant percentage of recently sold Webster, NY homes have sold for much higher than their  assessed values.  This is great for the local residents as it helps keep the property taxes lower. What Are The Top Tips To Help Buyers Determine How Much To Offer For A Home? There is no absolute way to determine how much to offer for a home.  Due to the fact that every seller has different reasons and different expectations, as well as the fact that homes are rarely identical, knowing how much to offer for a home can sometimes be tricky.  Here are several top tips to help buyers determine how much to offer for a home. Review The Current State Of The Local Real Estate Market It's important that buyers keep in mind what the current state of their local real estate market is when deciding how much to offer for a home.  Every real estate market is different.  Some real estate markets are neutral, some markets are buyers markets, and some markets are sellers market. If the local real estate market is a buyers market, it's possible that many of the homes for sale have been listed for quite some time.  It's fairly common that the longer a home is for sale, the lower the home can be bought for, but this isn't always the case.  In a buyers market, the chance that multiple offers will be received is greatly reduced as there are more homes available. If the local real estate market is a sellers market, it's likely that the homes for sale are sold fairly quickly, within the first week of being listed.  Buying a home in a sellers market can be more difficult for many reasons.  A few factors that contribute to the difficulty level of buying a home in a sellers market include low housing inventory, multiple offers, and a greater number of pre-approved buyers. Remember when determining how much to offer for a home that the condition of the local real estate market is vital.  A sellers market will generally demand an asking price or over asking price offer while a buyers market may warrant a significantly lower offer. Find Out How Much The Home Owner Paid Knowing how much the current owner paid previously for their home sometimes has no relation to how much to offer for a home, but, it certainly can.  Once a buyer finds the home they want to make an offer on, they should attempt to find out how much the current owners paid for the home. In some cases, the homeowners could be an original owner that built the house 40 years ago and obviously with inflation and other factors will make the amount they paid an irrelevant number.  The same can be said with newly built homes.  The cost of new construction is generally much higher than the homes value will be in a handful of years, due to the costs of building.  For example, a home that cost $300,000 to build a handful of years ago may only have a market value of $275,000. The opposite can be true for a homeowner who purchased a home in the past 5 or 6 years.  Finding out how much the current owner paid should be relatively easy as the information is still very likely to be in the local multiple listing service (MLS).  If a homeowner purchased a home for $150,000 a few years ago and they are trying to sell if for $200,000 now, it would be helpful to know what improvements they made to warrant a $50,000 increase in the value. Knowing the history of past transactions of a home can be a very helpful piece of information when determining how much to offer for a home. [caption id="attachment_2702" align="alignright" width="450"]When Determining How Much To Offer For A Home, Ask An Expert! When Determining How Much To Offer For A Home, Ask An Expert![/caption] Ask The Professionals Buying a home is an experience that many people are not familiar with.  When buying a home, it's critical that buyers have a top Realtor representing their best interests.  A top Realtor can help a buyer determine how much to offer for a home, which is a quality tip when it comes to determining the amount to offer for a home! One of the most important interview question to consider asking potential buyers agent's is whether they have experience selling homes in the desired neighborhoods.  An experienced Realtor who has sold homes in a specific neighborhood should be able to have a good idea whether a home is priced accurately or not simply by walking through the property. A top Realtor should be honest with their client and inform them if they feel a home is overpriced, priced well, or possibly under priced.  Unfortunately, there are some Realtors who will try and up-sell buyers, in order to make a few additional bucks and not advise the buyer the home maybe overpriced. Ultimately the decision of  how much to offer for a home is the buyers and not the Realtors.  Even though it ultimately is the buyers decision on how much to offer for a home, taking the advice of a top Realtor is high suggested.  Buyers who completely ignore what a Realtor suggests for an offer price is one of the top things home buyers do that real estate agents hate. Request A Comparative Market Analysis Be Completed Another excellent tip to help home buyers determine how much to offer for a home is by requesting a comparative market analysis be completed by their Realtor.  A comparative market analysis, also known as a CMA, is a very popular method Realtors use to determine market values. Having a comparative market analysis completed can be very helpful for a buyer when determining how much to offer for a home for several reasons.  First and foremost, a comparative market analysis is likely the method a listing agent utilized to determine the list price.  If the listing agent has experience selling homes in the area and is one of the top Realtors in the area, the price they listed the home for sale is likely close to the homes true market value. Another benefit to having a comparative market analysis completed prior to making an offer is it can eliminate possible low appraisal problems.  Just because a home is listed at a specific price, does not mean the home is worth that price, even if a buyer agrees to pay the full list price.  A comparative market analysis can help reduce the chances that a buyer overpays for a home and that the bank cannot justify the agreed sale price. A professionally completed comparative market analysis is a tool that can be a huge help when it comes to determining how much to offer for a home.  The value range that a comparative market analysis suggests, if done properly, should be relatively close to what a home sells for. Determine What The Highest Price You Will Pay Is And Stick To It One of the biggest mistakes that buyers make when buying a home is not sticking to their budget.  Once a buyer finds their "perfect home," it's important they set what the highest price they are willing to pay for that specific property is. Buying a home can be an emotional decision.  Without setting a maximum price, it's possible that a buyer will pay more for a home than they can afford.  By setting a maximum price, a buyer knows that if the negotiations push the price above that maximum number, it's time to walk away.  While it's easier said than done to walk away from a "perfect home," determining a maximum price can be a helpful tip to help determine what to offer for a home. Final Thoughts Determining how much to offer for a home is a big decision and can be tricky.  There is no absolute formula or method to help buyers determine what the purchase offer price should be.  The above tips should make deciding what to offer for a home much easier and less stressful.  Ultimately it is the buyers decision, however, by choosing a top Realtor and having the proper tools and information, buyers will be more comfortable with their decision. Other Top Home Buying Resources If you're buying a home in Rochester, NY, these tips to help determine how much to offer for a home will give you a huge advantage over your competition.  A buyer who has the "know-how" when it comes to determining how much to offer for a home will greatly increase their chances of successfully getting their "perfect home!"  If you haven't selected a top Rochester, NY realtor yet, please contact me, and I'd love to share my experience and expertise about buying a home in the local Rochester real estate market!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Tips To Help Determine How Much To Offer For A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> <strong>What Should a Buyer Look For at a Home Inspection?</strong> https://www.rochesterrealestateblog.com/what-look-for-home-inspection/ Tue, 19 May 2015 11:00:25 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18983 Tips To Help Determine How Much To Offer For A Home[/caption] Finding just the right home for some buyers is a difficult task and can be emotionally and physically draining.  Once a buyer finds their "perfect home," only a small portion of the home buying process has been completed. One of the most important steps in the home buying process is successfully negotiating with the home owner.  There are many things that a buyer must decide on when negotiating with the seller.  What contingencies do they want to include?  When do they want to close on the home?  Do they want to have a home inspection? One of the top frequently asked questions from home buyers relates to price.  What should we offer the sellers?  Ultimately the buyer is the person in charge of making the final decision on what amount they should offer the home owner. There are many ways to help home buyers determine how much to offer for a home.  Here are some of the the best tips, and also things to avoid, when determining how much to offer for a home! What Should You Avoid When Determining How Much To Offer For A Home? Unfortunately there are many home buyers in the market place who have no idea when it comes to determining how much to offer for a home.  There are several things that home buyers need to avoid when figuring out how much to offer for a home, otherwise, the probability their offer is accepted is slim to none! Using Online Home Value Estimates One of the most popular misconceptions when it comes to home buying is that online home value estimates are accurate.  Home buyers who believe this "BS" fact about home buying will be extremely disappointed when offer after offer is rejected. When determining how much to offer for a home, make sure you avoid at all costs, online home value estimates.  Online home value estimates, such as Zillow's "Zestimate," are in many cases very inaccurate.  In a recent study of Rochester, NY homes that recently closed, almost 40% of the homes that closed on a specific date had "Zestimates" which were $15,000-$20,000 lower or higher than the actual sale prices. [caption id="attachment_2698" align="alignleft" width="450"]What Should Home Buyers Avoid When Determining How Much To Offer For A Home What Should Home Buyers Avoid When Determining How Much To Offer For A Home[/caption] A buyer who believes any online home value estimates will put themselves at a huge disadvantage when it comes to buying a home.  It's important to remember when determining how much to offer for a home, these online home value estimates are often generated by a computer formula and can be very inaccurate. Don't Be Fooled By Tax Assessments It's important to understand when buying a home, there is a difference between market value, assessed value, and appraised value.  One of the biggest thing to avoid when determining how much to offer for a home is using a homes assessed value as an offer price. The assessed value of a home is used for one thing, to determine how much the property taxes will be.  Assessed value has no correlation to a homes market value.  There are many real estate markets where the assessed value of homes will be significantly lower or higher than what homes are selling for. For example, a significant percentage of recently sold Webster, NY homes have sold for much higher than their  assessed values.  This is great for the local residents as it helps keep the property taxes lower. What Are The Top Tips To Help Buyers Determine How Much To Offer For A Home? There is no absolute way to determine how much to offer for a home.  Due to the fact that every seller has different reasons and different expectations, as well as the fact that homes are rarely identical, knowing how much to offer for a home can sometimes be tricky.  Here are several top tips to help buyers determine how much to offer for a home. Review The Current State Of The Local Real Estate Market It's important that buyers keep in mind what the current state of their local real estate market is when deciding how much to offer for a home.  Every real estate market is different.  Some real estate markets are neutral, some markets are buyers markets, and some markets are sellers market. If the local real estate market is a buyers market, it's possible that many of the homes for sale have been listed for quite some time.  It's fairly common that the longer a home is for sale, the lower the home can be bought for, but this isn't always the case.  In a buyers market, the chance that multiple offers will be received is greatly reduced as there are more homes available. If the local real estate market is a sellers market, it's likely that the homes for sale are sold fairly quickly, within the first week of being listed.  Buying a home in a sellers market can be more difficult for many reasons.  A few factors that contribute to the difficulty level of buying a home in a sellers market include low housing inventory, multiple offers, and a greater number of pre-approved buyers. Remember when determining how much to offer for a home that the condition of the local real estate market is vital.  A sellers market will generally demand an asking price or over asking price offer while a buyers market may warrant a significantly lower offer. Find Out How Much The Home Owner Paid Knowing how much the current owner paid previously for their home sometimes has no relation to how much to offer for a home, but, it certainly can.  Once a buyer finds the home they want to make an offer on, they should attempt to find out how much the current owners paid for the home. In some cases, the homeowners could be an original owner that built the house 40 years ago and obviously with inflation and other factors will make the amount they paid an irrelevant number.  The same can be said with newly built homes.  The cost of new construction is generally much higher than the homes value will be in a handful of years, due to the costs of building.  For example, a home that cost $300,000 to build a handful of years ago may only have a market value of $275,000. The opposite can be true for a homeowner who purchased a home in the past 5 or 6 years.  Finding out how much the current owner paid should be relatively easy as the information is still very likely to be in the local multiple listing service (MLS).  If a homeowner purchased a home for $150,000 a few years ago and they are trying to sell if for $200,000 now, it would be helpful to know what improvements they made to warrant a $50,000 increase in the value. Knowing the history of past transactions of a home can be a very helpful piece of information when determining how much to offer for a home. [caption id="attachment_2702" align="alignright" width="450"]When Determining How Much To Offer For A Home, Ask An Expert! When Determining How Much To Offer For A Home, Ask An Expert![/caption] Ask The Professionals Buying a home is an experience that many people are not familiar with.  When buying a home, it's critical that buyers have a top Realtor representing their best interests.  A top Realtor can help a buyer determine how much to offer for a home, which is a quality tip when it comes to determining the amount to offer for a home! One of the most important interview question to consider asking potential buyers agent's is whether they have experience selling homes in the desired neighborhoods.  An experienced Realtor who has sold homes in a specific neighborhood should be able to have a good idea whether a home is priced accurately or not simply by walking through the property. A top Realtor should be honest with their client and inform them if they feel a home is overpriced, priced well, or possibly under priced.  Unfortunately, there are some Realtors who will try and up-sell buyers, in order to make a few additional bucks and not advise the buyer the home maybe overpriced. Ultimately the decision of  how much to offer for a home is the buyers and not the Realtors.  Even though it ultimately is the buyers decision on how much to offer for a home, taking the advice of a top Realtor is high suggested.  Buyers who completely ignore what a Realtor suggests for an offer price is one of the top things home buyers do that real estate agents hate. Request A Comparative Market Analysis Be Completed Another excellent tip to help home buyers determine how much to offer for a home is by requesting a comparative market analysis be completed by their Realtor.  A comparative market analysis, also known as a CMA, is a very popular method Realtors use to determine market values. Having a comparative market analysis completed can be very helpful for a buyer when determining how much to offer for a home for several reasons.  First and foremost, a comparative market analysis is likely the method a listing agent utilized to determine the list price.  If the listing agent has experience selling homes in the area and is one of the top Realtors in the area, the price they listed the home for sale is likely close to the homes true market value. Another benefit to having a comparative market analysis completed prior to making an offer is it can eliminate possible low appraisal problems.  Just because a home is listed at a specific price, does not mean the home is worth that price, even if a buyer agrees to pay the full list price.  A comparative market analysis can help reduce the chances that a buyer overpays for a home and that the bank cannot justify the agreed sale price. A professionally completed comparative market analysis is a tool that can be a huge help when it comes to determining how much to offer for a home.  The value range that a comparative market analysis suggests, if done properly, should be relatively close to what a home sells for. Determine What The Highest Price You Will Pay Is And Stick To It One of the biggest mistakes that buyers make when buying a home is not sticking to their budget.  Once a buyer finds their "perfect home," it's important they set what the highest price they are willing to pay for that specific property is. Buying a home can be an emotional decision.  Without setting a maximum price, it's possible that a buyer will pay more for a home than they can afford.  By setting a maximum price, a buyer knows that if the negotiations push the price above that maximum number, it's time to walk away.  While it's easier said than done to walk away from a "perfect home," determining a maximum price can be a helpful tip to help determine what to offer for a home. Final Thoughts Determining how much to offer for a home is a big decision and can be tricky.  There is no absolute formula or method to help buyers determine what the purchase offer price should be.  The above tips should make deciding what to offer for a home much easier and less stressful.  Ultimately it is the buyers decision, however, by choosing a top Realtor and having the proper tools and information, buyers will be more comfortable with their decision. Other Top Home Buying Resources If you're buying a home in Rochester, NY, these tips to help determine how much to offer for a home will give you a huge advantage over your competition.  A buyer who has the "know-how" when it comes to determining how much to offer for a home will greatly increase their chances of successfully getting their "perfect home!"  If you haven't selected a top Rochester, NY realtor yet, please contact me, and I'd love to share my experience and expertise about buying a home in the local Rochester real estate market!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Tips To Help Determine How Much To Offer For A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Companies That Buy Houses For Cash Reviewed https://www.rochesterrealestateblog.com/companies-buy-houses-for-cash/ Tue, 19 May 2015 11:00:25 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18889 Tips To Help Determine How Much To Offer For A Home[/caption] Finding just the right home for some buyers is a difficult task and can be emotionally and physically draining.  Once a buyer finds their "perfect home," only a small portion of the home buying process has been completed. One of the most important steps in the home buying process is successfully negotiating with the home owner.  There are many things that a buyer must decide on when negotiating with the seller.  What contingencies do they want to include?  When do they want to close on the home?  Do they want to have a home inspection? One of the top frequently asked questions from home buyers relates to price.  What should we offer the sellers?  Ultimately the buyer is the person in charge of making the final decision on what amount they should offer the home owner. There are many ways to help home buyers determine how much to offer for a home.  Here are some of the the best tips, and also things to avoid, when determining how much to offer for a home! What Should You Avoid When Determining How Much To Offer For A Home? Unfortunately there are many home buyers in the market place who have no idea when it comes to determining how much to offer for a home.  There are several things that home buyers need to avoid when figuring out how much to offer for a home, otherwise, the probability their offer is accepted is slim to none! Using Online Home Value Estimates One of the most popular misconceptions when it comes to home buying is that online home value estimates are accurate.  Home buyers who believe this "BS" fact about home buying will be extremely disappointed when offer after offer is rejected. When determining how much to offer for a home, make sure you avoid at all costs, online home value estimates.  Online home value estimates, such as Zillow's "Zestimate," are in many cases very inaccurate.  In a recent study of Rochester, NY homes that recently closed, almost 40% of the homes that closed on a specific date had "Zestimates" which were $15,000-$20,000 lower or higher than the actual sale prices. [caption id="attachment_2698" align="alignleft" width="450"]What Should Home Buyers Avoid When Determining How Much To Offer For A Home What Should Home Buyers Avoid When Determining How Much To Offer For A Home[/caption] A buyer who believes any online home value estimates will put themselves at a huge disadvantage when it comes to buying a home.  It's important to remember when determining how much to offer for a home, these online home value estimates are often generated by a computer formula and can be very inaccurate. Don't Be Fooled By Tax Assessments It's important to understand when buying a home, there is a difference between market value, assessed value, and appraised value.  One of the biggest thing to avoid when determining how much to offer for a home is using a homes assessed value as an offer price. The assessed value of a home is used for one thing, to determine how much the property taxes will be.  Assessed value has no correlation to a homes market value.  There are many real estate markets where the assessed value of homes will be significantly lower or higher than what homes are selling for. For example, a significant percentage of recently sold Webster, NY homes have sold for much higher than their  assessed values.  This is great for the local residents as it helps keep the property taxes lower. What Are The Top Tips To Help Buyers Determine How Much To Offer For A Home? There is no absolute way to determine how much to offer for a home.  Due to the fact that every seller has different reasons and different expectations, as well as the fact that homes are rarely identical, knowing how much to offer for a home can sometimes be tricky.  Here are several top tips to help buyers determine how much to offer for a home. Review The Current State Of The Local Real Estate Market It's important that buyers keep in mind what the current state of their local real estate market is when deciding how much to offer for a home.  Every real estate market is different.  Some real estate markets are neutral, some markets are buyers markets, and some markets are sellers market. If the local real estate market is a buyers market, it's possible that many of the homes for sale have been listed for quite some time.  It's fairly common that the longer a home is for sale, the lower the home can be bought for, but this isn't always the case.  In a buyers market, the chance that multiple offers will be received is greatly reduced as there are more homes available. If the local real estate market is a sellers market, it's likely that the homes for sale are sold fairly quickly, within the first week of being listed.  Buying a home in a sellers market can be more difficult for many reasons.  A few factors that contribute to the difficulty level of buying a home in a sellers market include low housing inventory, multiple offers, and a greater number of pre-approved buyers. Remember when determining how much to offer for a home that the condition of the local real estate market is vital.  A sellers market will generally demand an asking price or over asking price offer while a buyers market may warrant a significantly lower offer. Find Out How Much The Home Owner Paid Knowing how much the current owner paid previously for their home sometimes has no relation to how much to offer for a home, but, it certainly can.  Once a buyer finds the home they want to make an offer on, they should attempt to find out how much the current owners paid for the home. In some cases, the homeowners could be an original owner that built the house 40 years ago and obviously with inflation and other factors will make the amount they paid an irrelevant number.  The same can be said with newly built homes.  The cost of new construction is generally much higher than the homes value will be in a handful of years, due to the costs of building.  For example, a home that cost $300,000 to build a handful of years ago may only have a market value of $275,000. The opposite can be true for a homeowner who purchased a home in the past 5 or 6 years.  Finding out how much the current owner paid should be relatively easy as the information is still very likely to be in the local multiple listing service (MLS).  If a homeowner purchased a home for $150,000 a few years ago and they are trying to sell if for $200,000 now, it would be helpful to know what improvements they made to warrant a $50,000 increase in the value. Knowing the history of past transactions of a home can be a very helpful piece of information when determining how much to offer for a home. [caption id="attachment_2702" align="alignright" width="450"]When Determining How Much To Offer For A Home, Ask An Expert! When Determining How Much To Offer For A Home, Ask An Expert![/caption] Ask The Professionals Buying a home is an experience that many people are not familiar with.  When buying a home, it's critical that buyers have a top Realtor representing their best interests.  A top Realtor can help a buyer determine how much to offer for a home, which is a quality tip when it comes to determining the amount to offer for a home! One of the most important interview question to consider asking potential buyers agent's is whether they have experience selling homes in the desired neighborhoods.  An experienced Realtor who has sold homes in a specific neighborhood should be able to have a good idea whether a home is priced accurately or not simply by walking through the property. A top Realtor should be honest with their client and inform them if they feel a home is overpriced, priced well, or possibly under priced.  Unfortunately, there are some Realtors who will try and up-sell buyers, in order to make a few additional bucks and not advise the buyer the home maybe overpriced. Ultimately the decision of  how much to offer for a home is the buyers and not the Realtors.  Even though it ultimately is the buyers decision on how much to offer for a home, taking the advice of a top Realtor is high suggested.  Buyers who completely ignore what a Realtor suggests for an offer price is one of the top things home buyers do that real estate agents hate. Request A Comparative Market Analysis Be Completed Another excellent tip to help home buyers determine how much to offer for a home is by requesting a comparative market analysis be completed by their Realtor.  A comparative market analysis, also known as a CMA, is a very popular method Realtors use to determine market values. Having a comparative market analysis completed can be very helpful for a buyer when determining how much to offer for a home for several reasons.  First and foremost, a comparative market analysis is likely the method a listing agent utilized to determine the list price.  If the listing agent has experience selling homes in the area and is one of the top Realtors in the area, the price they listed the home for sale is likely close to the homes true market value. Another benefit to having a comparative market analysis completed prior to making an offer is it can eliminate possible low appraisal problems.  Just because a home is listed at a specific price, does not mean the home is worth that price, even if a buyer agrees to pay the full list price.  A comparative market analysis can help reduce the chances that a buyer overpays for a home and that the bank cannot justify the agreed sale price. A professionally completed comparative market analysis is a tool that can be a huge help when it comes to determining how much to offer for a home.  The value range that a comparative market analysis suggests, if done properly, should be relatively close to what a home sells for. Determine What The Highest Price You Will Pay Is And Stick To It One of the biggest mistakes that buyers make when buying a home is not sticking to their budget.  Once a buyer finds their "perfect home," it's important they set what the highest price they are willing to pay for that specific property is. Buying a home can be an emotional decision.  Without setting a maximum price, it's possible that a buyer will pay more for a home than they can afford.  By setting a maximum price, a buyer knows that if the negotiations push the price above that maximum number, it's time to walk away.  While it's easier said than done to walk away from a "perfect home," determining a maximum price can be a helpful tip to help determine what to offer for a home. Final Thoughts Determining how much to offer for a home is a big decision and can be tricky.  There is no absolute formula or method to help buyers determine what the purchase offer price should be.  The above tips should make deciding what to offer for a home much easier and less stressful.  Ultimately it is the buyers decision, however, by choosing a top Realtor and having the proper tools and information, buyers will be more comfortable with their decision. Other Top Home Buying Resources If you're buying a home in Rochester, NY, these tips to help determine how much to offer for a home will give you a huge advantage over your competition.  A buyer who has the "know-how" when it comes to determining how much to offer for a home will greatly increase their chances of successfully getting their "perfect home!"  If you haven't selected a top Rochester, NY realtor yet, please contact me, and I'd love to share my experience and expertise about buying a home in the local Rochester real estate market!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Tips To Help Determine How Much To Offer For A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Does Home Staging Work and What is The Cost? https://www.rochesterrealestateblog.com/does-home-staging-work/ Tue, 19 May 2015 11:00:25 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18814 Tips To Help Determine How Much To Offer For A Home[/caption] Finding just the right home for some buyers is a difficult task and can be emotionally and physically draining.  Once a buyer finds their "perfect home," only a small portion of the home buying process has been completed. One of the most important steps in the home buying process is successfully negotiating with the home owner.  There are many things that a buyer must decide on when negotiating with the seller.  What contingencies do they want to include?  When do they want to close on the home?  Do they want to have a home inspection? One of the top frequently asked questions from home buyers relates to price.  What should we offer the sellers?  Ultimately the buyer is the person in charge of making the final decision on what amount they should offer the home owner. There are many ways to help home buyers determine how much to offer for a home.  Here are some of the the best tips, and also things to avoid, when determining how much to offer for a home! What Should You Avoid When Determining How Much To Offer For A Home? Unfortunately there are many home buyers in the market place who have no idea when it comes to determining how much to offer for a home.  There are several things that home buyers need to avoid when figuring out how much to offer for a home, otherwise, the probability their offer is accepted is slim to none! Using Online Home Value Estimates One of the most popular misconceptions when it comes to home buying is that online home value estimates are accurate.  Home buyers who believe this "BS" fact about home buying will be extremely disappointed when offer after offer is rejected. When determining how much to offer for a home, make sure you avoid at all costs, online home value estimates.  Online home value estimates, such as Zillow's "Zestimate," are in many cases very inaccurate.  In a recent study of Rochester, NY homes that recently closed, almost 40% of the homes that closed on a specific date had "Zestimates" which were $15,000-$20,000 lower or higher than the actual sale prices. [caption id="attachment_2698" align="alignleft" width="450"]What Should Home Buyers Avoid When Determining How Much To Offer For A Home What Should Home Buyers Avoid When Determining How Much To Offer For A Home[/caption] A buyer who believes any online home value estimates will put themselves at a huge disadvantage when it comes to buying a home.  It's important to remember when determining how much to offer for a home, these online home value estimates are often generated by a computer formula and can be very inaccurate. Don't Be Fooled By Tax Assessments It's important to understand when buying a home, there is a difference between market value, assessed value, and appraised value.  One of the biggest thing to avoid when determining how much to offer for a home is using a homes assessed value as an offer price. The assessed value of a home is used for one thing, to determine how much the property taxes will be.  Assessed value has no correlation to a homes market value.  There are many real estate markets where the assessed value of homes will be significantly lower or higher than what homes are selling for. For example, a significant percentage of recently sold Webster, NY homes have sold for much higher than their  assessed values.  This is great for the local residents as it helps keep the property taxes lower. What Are The Top Tips To Help Buyers Determine How Much To Offer For A Home? There is no absolute way to determine how much to offer for a home.  Due to the fact that every seller has different reasons and different expectations, as well as the fact that homes are rarely identical, knowing how much to offer for a home can sometimes be tricky.  Here are several top tips to help buyers determine how much to offer for a home. Review The Current State Of The Local Real Estate Market It's important that buyers keep in mind what the current state of their local real estate market is when deciding how much to offer for a home.  Every real estate market is different.  Some real estate markets are neutral, some markets are buyers markets, and some markets are sellers market. If the local real estate market is a buyers market, it's possible that many of the homes for sale have been listed for quite some time.  It's fairly common that the longer a home is for sale, the lower the home can be bought for, but this isn't always the case.  In a buyers market, the chance that multiple offers will be received is greatly reduced as there are more homes available. If the local real estate market is a sellers market, it's likely that the homes for sale are sold fairly quickly, within the first week of being listed.  Buying a home in a sellers market can be more difficult for many reasons.  A few factors that contribute to the difficulty level of buying a home in a sellers market include low housing inventory, multiple offers, and a greater number of pre-approved buyers. Remember when determining how much to offer for a home that the condition of the local real estate market is vital.  A sellers market will generally demand an asking price or over asking price offer while a buyers market may warrant a significantly lower offer. Find Out How Much The Home Owner Paid Knowing how much the current owner paid previously for their home sometimes has no relation to how much to offer for a home, but, it certainly can.  Once a buyer finds the home they want to make an offer on, they should attempt to find out how much the current owners paid for the home. In some cases, the homeowners could be an original owner that built the house 40 years ago and obviously with inflation and other factors will make the amount they paid an irrelevant number.  The same can be said with newly built homes.  The cost of new construction is generally much higher than the homes value will be in a handful of years, due to the costs of building.  For example, a home that cost $300,000 to build a handful of years ago may only have a market value of $275,000. The opposite can be true for a homeowner who purchased a home in the past 5 or 6 years.  Finding out how much the current owner paid should be relatively easy as the information is still very likely to be in the local multiple listing service (MLS).  If a homeowner purchased a home for $150,000 a few years ago and they are trying to sell if for $200,000 now, it would be helpful to know what improvements they made to warrant a $50,000 increase in the value. Knowing the history of past transactions of a home can be a very helpful piece of information when determining how much to offer for a home. [caption id="attachment_2702" align="alignright" width="450"]When Determining How Much To Offer For A Home, Ask An Expert! When Determining How Much To Offer For A Home, Ask An Expert![/caption] Ask The Professionals Buying a home is an experience that many people are not familiar with.  When buying a home, it's critical that buyers have a top Realtor representing their best interests.  A top Realtor can help a buyer determine how much to offer for a home, which is a quality tip when it comes to determining the amount to offer for a home! One of the most important interview question to consider asking potential buyers agent's is whether they have experience selling homes in the desired neighborhoods.  An experienced Realtor who has sold homes in a specific neighborhood should be able to have a good idea whether a home is priced accurately or not simply by walking through the property. A top Realtor should be honest with their client and inform them if they feel a home is overpriced, priced well, or possibly under priced.  Unfortunately, there are some Realtors who will try and up-sell buyers, in order to make a few additional bucks and not advise the buyer the home maybe overpriced. Ultimately the decision of  how much to offer for a home is the buyers and not the Realtors.  Even though it ultimately is the buyers decision on how much to offer for a home, taking the advice of a top Realtor is high suggested.  Buyers who completely ignore what a Realtor suggests for an offer price is one of the top things home buyers do that real estate agents hate. Request A Comparative Market Analysis Be Completed Another excellent tip to help home buyers determine how much to offer for a home is by requesting a comparative market analysis be completed by their Realtor.  A comparative market analysis, also known as a CMA, is a very popular method Realtors use to determine market values. Having a comparative market analysis completed can be very helpful for a buyer when determining how much to offer for a home for several reasons.  First and foremost, a comparative market analysis is likely the method a listing agent utilized to determine the list price.  If the listing agent has experience selling homes in the area and is one of the top Realtors in the area, the price they listed the home for sale is likely close to the homes true market value. Another benefit to having a comparative market analysis completed prior to making an offer is it can eliminate possible low appraisal problems.  Just because a home is listed at a specific price, does not mean the home is worth that price, even if a buyer agrees to pay the full list price.  A comparative market analysis can help reduce the chances that a buyer overpays for a home and that the bank cannot justify the agreed sale price. A professionally completed comparative market analysis is a tool that can be a huge help when it comes to determining how much to offer for a home.  The value range that a comparative market analysis suggests, if done properly, should be relatively close to what a home sells for. Determine What The Highest Price You Will Pay Is And Stick To It One of the biggest mistakes that buyers make when buying a home is not sticking to their budget.  Once a buyer finds their "perfect home," it's important they set what the highest price they are willing to pay for that specific property is. Buying a home can be an emotional decision.  Without setting a maximum price, it's possible that a buyer will pay more for a home than they can afford.  By setting a maximum price, a buyer knows that if the negotiations push the price above that maximum number, it's time to walk away.  While it's easier said than done to walk away from a "perfect home," determining a maximum price can be a helpful tip to help determine what to offer for a home. Final Thoughts Determining how much to offer for a home is a big decision and can be tricky.  There is no absolute formula or method to help buyers determine what the purchase offer price should be.  The above tips should make deciding what to offer for a home much easier and less stressful.  Ultimately it is the buyers decision, however, by choosing a top Realtor and having the proper tools and information, buyers will be more comfortable with their decision. Other Top Home Buying Resources If you're buying a home in Rochester, NY, these tips to help determine how much to offer for a home will give you a huge advantage over your competition.  A buyer who has the "know-how" when it comes to determining how much to offer for a home will greatly increase their chances of successfully getting their "perfect home!"  If you haven't selected a top Rochester, NY realtor yet, please contact me, and I'd love to share my experience and expertise about buying a home in the local Rochester real estate market!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Tips To Help Determine How Much To Offer For A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> What to Avoid When Getting a Mortgage https://www.rochesterrealestateblog.com/avoid-when-getting-mortgage/ Tue, 19 May 2015 11:00:25 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18797 Tips To Help Determine How Much To Offer For A Home[/caption] Finding just the right home for some buyers is a difficult task and can be emotionally and physically draining.  Once a buyer finds their "perfect home," only a small portion of the home buying process has been completed. One of the most important steps in the home buying process is successfully negotiating with the home owner.  There are many things that a buyer must decide on when negotiating with the seller.  What contingencies do they want to include?  When do they want to close on the home?  Do they want to have a home inspection? One of the top frequently asked questions from home buyers relates to price.  What should we offer the sellers?  Ultimately the buyer is the person in charge of making the final decision on what amount they should offer the home owner. There are many ways to help home buyers determine how much to offer for a home.  Here are some of the the best tips, and also things to avoid, when determining how much to offer for a home! What Should You Avoid When Determining How Much To Offer For A Home? Unfortunately there are many home buyers in the market place who have no idea when it comes to determining how much to offer for a home.  There are several things that home buyers need to avoid when figuring out how much to offer for a home, otherwise, the probability their offer is accepted is slim to none! Using Online Home Value Estimates One of the most popular misconceptions when it comes to home buying is that online home value estimates are accurate.  Home buyers who believe this "BS" fact about home buying will be extremely disappointed when offer after offer is rejected. When determining how much to offer for a home, make sure you avoid at all costs, online home value estimates.  Online home value estimates, such as Zillow's "Zestimate," are in many cases very inaccurate.  In a recent study of Rochester, NY homes that recently closed, almost 40% of the homes that closed on a specific date had "Zestimates" which were $15,000-$20,000 lower or higher than the actual sale prices. [caption id="attachment_2698" align="alignleft" width="450"]What Should Home Buyers Avoid When Determining How Much To Offer For A Home What Should Home Buyers Avoid When Determining How Much To Offer For A Home[/caption] A buyer who believes any online home value estimates will put themselves at a huge disadvantage when it comes to buying a home.  It's important to remember when determining how much to offer for a home, these online home value estimates are often generated by a computer formula and can be very inaccurate. Don't Be Fooled By Tax Assessments It's important to understand when buying a home, there is a difference between market value, assessed value, and appraised value.  One of the biggest thing to avoid when determining how much to offer for a home is using a homes assessed value as an offer price. The assessed value of a home is used for one thing, to determine how much the property taxes will be.  Assessed value has no correlation to a homes market value.  There are many real estate markets where the assessed value of homes will be significantly lower or higher than what homes are selling for. For example, a significant percentage of recently sold Webster, NY homes have sold for much higher than their  assessed values.  This is great for the local residents as it helps keep the property taxes lower. What Are The Top Tips To Help Buyers Determine How Much To Offer For A Home? There is no absolute way to determine how much to offer for a home.  Due to the fact that every seller has different reasons and different expectations, as well as the fact that homes are rarely identical, knowing how much to offer for a home can sometimes be tricky.  Here are several top tips to help buyers determine how much to offer for a home. Review The Current State Of The Local Real Estate Market It's important that buyers keep in mind what the current state of their local real estate market is when deciding how much to offer for a home.  Every real estate market is different.  Some real estate markets are neutral, some markets are buyers markets, and some markets are sellers market. If the local real estate market is a buyers market, it's possible that many of the homes for sale have been listed for quite some time.  It's fairly common that the longer a home is for sale, the lower the home can be bought for, but this isn't always the case.  In a buyers market, the chance that multiple offers will be received is greatly reduced as there are more homes available. If the local real estate market is a sellers market, it's likely that the homes for sale are sold fairly quickly, within the first week of being listed.  Buying a home in a sellers market can be more difficult for many reasons.  A few factors that contribute to the difficulty level of buying a home in a sellers market include low housing inventory, multiple offers, and a greater number of pre-approved buyers. Remember when determining how much to offer for a home that the condition of the local real estate market is vital.  A sellers market will generally demand an asking price or over asking price offer while a buyers market may warrant a significantly lower offer. Find Out How Much The Home Owner Paid Knowing how much the current owner paid previously for their home sometimes has no relation to how much to offer for a home, but, it certainly can.  Once a buyer finds the home they want to make an offer on, they should attempt to find out how much the current owners paid for the home. In some cases, the homeowners could be an original owner that built the house 40 years ago and obviously with inflation and other factors will make the amount they paid an irrelevant number.  The same can be said with newly built homes.  The cost of new construction is generally much higher than the homes value will be in a handful of years, due to the costs of building.  For example, a home that cost $300,000 to build a handful of years ago may only have a market value of $275,000. The opposite can be true for a homeowner who purchased a home in the past 5 or 6 years.  Finding out how much the current owner paid should be relatively easy as the information is still very likely to be in the local multiple listing service (MLS).  If a homeowner purchased a home for $150,000 a few years ago and they are trying to sell if for $200,000 now, it would be helpful to know what improvements they made to warrant a $50,000 increase in the value. Knowing the history of past transactions of a home can be a very helpful piece of information when determining how much to offer for a home. [caption id="attachment_2702" align="alignright" width="450"]When Determining How Much To Offer For A Home, Ask An Expert! When Determining How Much To Offer For A Home, Ask An Expert![/caption] Ask The Professionals Buying a home is an experience that many people are not familiar with.  When buying a home, it's critical that buyers have a top Realtor representing their best interests.  A top Realtor can help a buyer determine how much to offer for a home, which is a quality tip when it comes to determining the amount to offer for a home! One of the most important interview question to consider asking potential buyers agent's is whether they have experience selling homes in the desired neighborhoods.  An experienced Realtor who has sold homes in a specific neighborhood should be able to have a good idea whether a home is priced accurately or not simply by walking through the property. A top Realtor should be honest with their client and inform them if they feel a home is overpriced, priced well, or possibly under priced.  Unfortunately, there are some Realtors who will try and up-sell buyers, in order to make a few additional bucks and not advise the buyer the home maybe overpriced. Ultimately the decision of  how much to offer for a home is the buyers and not the Realtors.  Even though it ultimately is the buyers decision on how much to offer for a home, taking the advice of a top Realtor is high suggested.  Buyers who completely ignore what a Realtor suggests for an offer price is one of the top things home buyers do that real estate agents hate. Request A Comparative Market Analysis Be Completed Another excellent tip to help home buyers determine how much to offer for a home is by requesting a comparative market analysis be completed by their Realtor.  A comparative market analysis, also known as a CMA, is a very popular method Realtors use to determine market values. Having a comparative market analysis completed can be very helpful for a buyer when determining how much to offer for a home for several reasons.  First and foremost, a comparative market analysis is likely the method a listing agent utilized to determine the list price.  If the listing agent has experience selling homes in the area and is one of the top Realtors in the area, the price they listed the home for sale is likely close to the homes true market value. Another benefit to having a comparative market analysis completed prior to making an offer is it can eliminate possible low appraisal problems.  Just because a home is listed at a specific price, does not mean the home is worth that price, even if a buyer agrees to pay the full list price.  A comparative market analysis can help reduce the chances that a buyer overpays for a home and that the bank cannot justify the agreed sale price. A professionally completed comparative market analysis is a tool that can be a huge help when it comes to determining how much to offer for a home.  The value range that a comparative market analysis suggests, if done properly, should be relatively close to what a home sells for. Determine What The Highest Price You Will Pay Is And Stick To It One of the biggest mistakes that buyers make when buying a home is not sticking to their budget.  Once a buyer finds their "perfect home," it's important they set what the highest price they are willing to pay for that specific property is. Buying a home can be an emotional decision.  Without setting a maximum price, it's possible that a buyer will pay more for a home than they can afford.  By setting a maximum price, a buyer knows that if the negotiations push the price above that maximum number, it's time to walk away.  While it's easier said than done to walk away from a "perfect home," determining a maximum price can be a helpful tip to help determine what to offer for a home. Final Thoughts Determining how much to offer for a home is a big decision and can be tricky.  There is no absolute formula or method to help buyers determine what the purchase offer price should be.  The above tips should make deciding what to offer for a home much easier and less stressful.  Ultimately it is the buyers decision, however, by choosing a top Realtor and having the proper tools and information, buyers will be more comfortable with their decision. Other Top Home Buying Resources If you're buying a home in Rochester, NY, these tips to help determine how much to offer for a home will give you a huge advantage over your competition.  A buyer who has the "know-how" when it comes to determining how much to offer for a home will greatly increase their chances of successfully getting their "perfect home!"  If you haven't selected a top Rochester, NY realtor yet, please contact me, and I'd love to share my experience and expertise about buying a home in the local Rochester real estate market!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Tips To Help Determine How Much To Offer For A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> <strong>5 Options For Replacing a Roof Reviewed</strong> https://www.rochesterrealestateblog.com/replacing-roof/ Tue, 19 May 2015 11:00:25 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18771 Tips To Help Determine How Much To Offer For A Home[/caption] Finding just the right home for some buyers is a difficult task and can be emotionally and physically draining.  Once a buyer finds their "perfect home," only a small portion of the home buying process has been completed. One of the most important steps in the home buying process is successfully negotiating with the home owner.  There are many things that a buyer must decide on when negotiating with the seller.  What contingencies do they want to include?  When do they want to close on the home?  Do they want to have a home inspection? One of the top frequently asked questions from home buyers relates to price.  What should we offer the sellers?  Ultimately the buyer is the person in charge of making the final decision on what amount they should offer the home owner. There are many ways to help home buyers determine how much to offer for a home.  Here are some of the the best tips, and also things to avoid, when determining how much to offer for a home! What Should You Avoid When Determining How Much To Offer For A Home? Unfortunately there are many home buyers in the market place who have no idea when it comes to determining how much to offer for a home.  There are several things that home buyers need to avoid when figuring out how much to offer for a home, otherwise, the probability their offer is accepted is slim to none! Using Online Home Value Estimates One of the most popular misconceptions when it comes to home buying is that online home value estimates are accurate.  Home buyers who believe this "BS" fact about home buying will be extremely disappointed when offer after offer is rejected. When determining how much to offer for a home, make sure you avoid at all costs, online home value estimates.  Online home value estimates, such as Zillow's "Zestimate," are in many cases very inaccurate.  In a recent study of Rochester, NY homes that recently closed, almost 40% of the homes that closed on a specific date had "Zestimates" which were $15,000-$20,000 lower or higher than the actual sale prices. [caption id="attachment_2698" align="alignleft" width="450"]What Should Home Buyers Avoid When Determining How Much To Offer For A Home What Should Home Buyers Avoid When Determining How Much To Offer For A Home[/caption] A buyer who believes any online home value estimates will put themselves at a huge disadvantage when it comes to buying a home.  It's important to remember when determining how much to offer for a home, these online home value estimates are often generated by a computer formula and can be very inaccurate. Don't Be Fooled By Tax Assessments It's important to understand when buying a home, there is a difference between market value, assessed value, and appraised value.  One of the biggest thing to avoid when determining how much to offer for a home is using a homes assessed value as an offer price. The assessed value of a home is used for one thing, to determine how much the property taxes will be.  Assessed value has no correlation to a homes market value.  There are many real estate markets where the assessed value of homes will be significantly lower or higher than what homes are selling for. For example, a significant percentage of recently sold Webster, NY homes have sold for much higher than their  assessed values.  This is great for the local residents as it helps keep the property taxes lower. What Are The Top Tips To Help Buyers Determine How Much To Offer For A Home? There is no absolute way to determine how much to offer for a home.  Due to the fact that every seller has different reasons and different expectations, as well as the fact that homes are rarely identical, knowing how much to offer for a home can sometimes be tricky.  Here are several top tips to help buyers determine how much to offer for a home. Review The Current State Of The Local Real Estate Market It's important that buyers keep in mind what the current state of their local real estate market is when deciding how much to offer for a home.  Every real estate market is different.  Some real estate markets are neutral, some markets are buyers markets, and some markets are sellers market. If the local real estate market is a buyers market, it's possible that many of the homes for sale have been listed for quite some time.  It's fairly common that the longer a home is for sale, the lower the home can be bought for, but this isn't always the case.  In a buyers market, the chance that multiple offers will be received is greatly reduced as there are more homes available. If the local real estate market is a sellers market, it's likely that the homes for sale are sold fairly quickly, within the first week of being listed.  Buying a home in a sellers market can be more difficult for many reasons.  A few factors that contribute to the difficulty level of buying a home in a sellers market include low housing inventory, multiple offers, and a greater number of pre-approved buyers. Remember when determining how much to offer for a home that the condition of the local real estate market is vital.  A sellers market will generally demand an asking price or over asking price offer while a buyers market may warrant a significantly lower offer. Find Out How Much The Home Owner Paid Knowing how much the current owner paid previously for their home sometimes has no relation to how much to offer for a home, but, it certainly can.  Once a buyer finds the home they want to make an offer on, they should attempt to find out how much the current owners paid for the home. In some cases, the homeowners could be an original owner that built the house 40 years ago and obviously with inflation and other factors will make the amount they paid an irrelevant number.  The same can be said with newly built homes.  The cost of new construction is generally much higher than the homes value will be in a handful of years, due to the costs of building.  For example, a home that cost $300,000 to build a handful of years ago may only have a market value of $275,000. The opposite can be true for a homeowner who purchased a home in the past 5 or 6 years.  Finding out how much the current owner paid should be relatively easy as the information is still very likely to be in the local multiple listing service (MLS).  If a homeowner purchased a home for $150,000 a few years ago and they are trying to sell if for $200,000 now, it would be helpful to know what improvements they made to warrant a $50,000 increase in the value. Knowing the history of past transactions of a home can be a very helpful piece of information when determining how much to offer for a home. [caption id="attachment_2702" align="alignright" width="450"]When Determining How Much To Offer For A Home, Ask An Expert! When Determining How Much To Offer For A Home, Ask An Expert![/caption] Ask The Professionals Buying a home is an experience that many people are not familiar with.  When buying a home, it's critical that buyers have a top Realtor representing their best interests.  A top Realtor can help a buyer determine how much to offer for a home, which is a quality tip when it comes to determining the amount to offer for a home! One of the most important interview question to consider asking potential buyers agent's is whether they have experience selling homes in the desired neighborhoods.  An experienced Realtor who has sold homes in a specific neighborhood should be able to have a good idea whether a home is priced accurately or not simply by walking through the property. A top Realtor should be honest with their client and inform them if they feel a home is overpriced, priced well, or possibly under priced.  Unfortunately, there are some Realtors who will try and up-sell buyers, in order to make a few additional bucks and not advise the buyer the home maybe overpriced. Ultimately the decision of  how much to offer for a home is the buyers and not the Realtors.  Even though it ultimately is the buyers decision on how much to offer for a home, taking the advice of a top Realtor is high suggested.  Buyers who completely ignore what a Realtor suggests for an offer price is one of the top things home buyers do that real estate agents hate. Request A Comparative Market Analysis Be Completed Another excellent tip to help home buyers determine how much to offer for a home is by requesting a comparative market analysis be completed by their Realtor.  A comparative market analysis, also known as a CMA, is a very popular method Realtors use to determine market values. Having a comparative market analysis completed can be very helpful for a buyer when determining how much to offer for a home for several reasons.  First and foremost, a comparative market analysis is likely the method a listing agent utilized to determine the list price.  If the listing agent has experience selling homes in the area and is one of the top Realtors in the area, the price they listed the home for sale is likely close to the homes true market value. Another benefit to having a comparative market analysis completed prior to making an offer is it can eliminate possible low appraisal problems.  Just because a home is listed at a specific price, does not mean the home is worth that price, even if a buyer agrees to pay the full list price.  A comparative market analysis can help reduce the chances that a buyer overpays for a home and that the bank cannot justify the agreed sale price. A professionally completed comparative market analysis is a tool that can be a huge help when it comes to determining how much to offer for a home.  The value range that a comparative market analysis suggests, if done properly, should be relatively close to what a home sells for. Determine What The Highest Price You Will Pay Is And Stick To It One of the biggest mistakes that buyers make when buying a home is not sticking to their budget.  Once a buyer finds their "perfect home," it's important they set what the highest price they are willing to pay for that specific property is. Buying a home can be an emotional decision.  Without setting a maximum price, it's possible that a buyer will pay more for a home than they can afford.  By setting a maximum price, a buyer knows that if the negotiations push the price above that maximum number, it's time to walk away.  While it's easier said than done to walk away from a "perfect home," determining a maximum price can be a helpful tip to help determine what to offer for a home. Final Thoughts Determining how much to offer for a home is a big decision and can be tricky.  There is no absolute formula or method to help buyers determine what the purchase offer price should be.  The above tips should make deciding what to offer for a home much easier and less stressful.  Ultimately it is the buyers decision, however, by choosing a top Realtor and having the proper tools and information, buyers will be more comfortable with their decision. Other Top Home Buying Resources If you're buying a home in Rochester, NY, these tips to help determine how much to offer for a home will give you a huge advantage over your competition.  A buyer who has the "know-how" when it comes to determining how much to offer for a home will greatly increase their chances of successfully getting their "perfect home!"  If you haven't selected a top Rochester, NY realtor yet, please contact me, and I'd love to share my experience and expertise about buying a home in the local Rochester real estate market!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Tips To Help Determine How Much To Offer For A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> What Are Restrictive Covenants in Real Estate? https://www.rochesterrealestateblog.com/restrictive-covenants/ Tue, 19 May 2015 11:00:25 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18714 Tips To Help Determine How Much To Offer For A Home[/caption] Finding just the right home for some buyers is a difficult task and can be emotionally and physically draining.  Once a buyer finds their "perfect home," only a small portion of the home buying process has been completed. One of the most important steps in the home buying process is successfully negotiating with the home owner.  There are many things that a buyer must decide on when negotiating with the seller.  What contingencies do they want to include?  When do they want to close on the home?  Do they want to have a home inspection? One of the top frequently asked questions from home buyers relates to price.  What should we offer the sellers?  Ultimately the buyer is the person in charge of making the final decision on what amount they should offer the home owner. There are many ways to help home buyers determine how much to offer for a home.  Here are some of the the best tips, and also things to avoid, when determining how much to offer for a home! What Should You Avoid When Determining How Much To Offer For A Home? Unfortunately there are many home buyers in the market place who have no idea when it comes to determining how much to offer for a home.  There are several things that home buyers need to avoid when figuring out how much to offer for a home, otherwise, the probability their offer is accepted is slim to none! Using Online Home Value Estimates One of the most popular misconceptions when it comes to home buying is that online home value estimates are accurate.  Home buyers who believe this "BS" fact about home buying will be extremely disappointed when offer after offer is rejected. When determining how much to offer for a home, make sure you avoid at all costs, online home value estimates.  Online home value estimates, such as Zillow's "Zestimate," are in many cases very inaccurate.  In a recent study of Rochester, NY homes that recently closed, almost 40% of the homes that closed on a specific date had "Zestimates" which were $15,000-$20,000 lower or higher than the actual sale prices. [caption id="attachment_2698" align="alignleft" width="450"]What Should Home Buyers Avoid When Determining How Much To Offer For A Home What Should Home Buyers Avoid When Determining How Much To Offer For A Home[/caption] A buyer who believes any online home value estimates will put themselves at a huge disadvantage when it comes to buying a home.  It's important to remember when determining how much to offer for a home, these online home value estimates are often generated by a computer formula and can be very inaccurate. Don't Be Fooled By Tax Assessments It's important to understand when buying a home, there is a difference between market value, assessed value, and appraised value.  One of the biggest thing to avoid when determining how much to offer for a home is using a homes assessed value as an offer price. The assessed value of a home is used for one thing, to determine how much the property taxes will be.  Assessed value has no correlation to a homes market value.  There are many real estate markets where the assessed value of homes will be significantly lower or higher than what homes are selling for. For example, a significant percentage of recently sold Webster, NY homes have sold for much higher than their  assessed values.  This is great for the local residents as it helps keep the property taxes lower. What Are The Top Tips To Help Buyers Determine How Much To Offer For A Home? There is no absolute way to determine how much to offer for a home.  Due to the fact that every seller has different reasons and different expectations, as well as the fact that homes are rarely identical, knowing how much to offer for a home can sometimes be tricky.  Here are several top tips to help buyers determine how much to offer for a home. Review The Current State Of The Local Real Estate Market It's important that buyers keep in mind what the current state of their local real estate market is when deciding how much to offer for a home.  Every real estate market is different.  Some real estate markets are neutral, some markets are buyers markets, and some markets are sellers market. If the local real estate market is a buyers market, it's possible that many of the homes for sale have been listed for quite some time.  It's fairly common that the longer a home is for sale, the lower the home can be bought for, but this isn't always the case.  In a buyers market, the chance that multiple offers will be received is greatly reduced as there are more homes available. If the local real estate market is a sellers market, it's likely that the homes for sale are sold fairly quickly, within the first week of being listed.  Buying a home in a sellers market can be more difficult for many reasons.  A few factors that contribute to the difficulty level of buying a home in a sellers market include low housing inventory, multiple offers, and a greater number of pre-approved buyers. Remember when determining how much to offer for a home that the condition of the local real estate market is vital.  A sellers market will generally demand an asking price or over asking price offer while a buyers market may warrant a significantly lower offer. Find Out How Much The Home Owner Paid Knowing how much the current owner paid previously for their home sometimes has no relation to how much to offer for a home, but, it certainly can.  Once a buyer finds the home they want to make an offer on, they should attempt to find out how much the current owners paid for the home. In some cases, the homeowners could be an original owner that built the house 40 years ago and obviously with inflation and other factors will make the amount they paid an irrelevant number.  The same can be said with newly built homes.  The cost of new construction is generally much higher than the homes value will be in a handful of years, due to the costs of building.  For example, a home that cost $300,000 to build a handful of years ago may only have a market value of $275,000. The opposite can be true for a homeowner who purchased a home in the past 5 or 6 years.  Finding out how much the current owner paid should be relatively easy as the information is still very likely to be in the local multiple listing service (MLS).  If a homeowner purchased a home for $150,000 a few years ago and they are trying to sell if for $200,000 now, it would be helpful to know what improvements they made to warrant a $50,000 increase in the value. Knowing the history of past transactions of a home can be a very helpful piece of information when determining how much to offer for a home. [caption id="attachment_2702" align="alignright" width="450"]When Determining How Much To Offer For A Home, Ask An Expert! When Determining How Much To Offer For A Home, Ask An Expert![/caption] Ask The Professionals Buying a home is an experience that many people are not familiar with.  When buying a home, it's critical that buyers have a top Realtor representing their best interests.  A top Realtor can help a buyer determine how much to offer for a home, which is a quality tip when it comes to determining the amount to offer for a home! One of the most important interview question to consider asking potential buyers agent's is whether they have experience selling homes in the desired neighborhoods.  An experienced Realtor who has sold homes in a specific neighborhood should be able to have a good idea whether a home is priced accurately or not simply by walking through the property. A top Realtor should be honest with their client and inform them if they feel a home is overpriced, priced well, or possibly under priced.  Unfortunately, there are some Realtors who will try and up-sell buyers, in order to make a few additional bucks and not advise the buyer the home maybe overpriced. Ultimately the decision of  how much to offer for a home is the buyers and not the Realtors.  Even though it ultimately is the buyers decision on how much to offer for a home, taking the advice of a top Realtor is high suggested.  Buyers who completely ignore what a Realtor suggests for an offer price is one of the top things home buyers do that real estate agents hate. Request A Comparative Market Analysis Be Completed Another excellent tip to help home buyers determine how much to offer for a home is by requesting a comparative market analysis be completed by their Realtor.  A comparative market analysis, also known as a CMA, is a very popular method Realtors use to determine market values. Having a comparative market analysis completed can be very helpful for a buyer when determining how much to offer for a home for several reasons.  First and foremost, a comparative market analysis is likely the method a listing agent utilized to determine the list price.  If the listing agent has experience selling homes in the area and is one of the top Realtors in the area, the price they listed the home for sale is likely close to the homes true market value. Another benefit to having a comparative market analysis completed prior to making an offer is it can eliminate possible low appraisal problems.  Just because a home is listed at a specific price, does not mean the home is worth that price, even if a buyer agrees to pay the full list price.  A comparative market analysis can help reduce the chances that a buyer overpays for a home and that the bank cannot justify the agreed sale price. A professionally completed comparative market analysis is a tool that can be a huge help when it comes to determining how much to offer for a home.  The value range that a comparative market analysis suggests, if done properly, should be relatively close to what a home sells for. Determine What The Highest Price You Will Pay Is And Stick To It One of the biggest mistakes that buyers make when buying a home is not sticking to their budget.  Once a buyer finds their "perfect home," it's important they set what the highest price they are willing to pay for that specific property is. Buying a home can be an emotional decision.  Without setting a maximum price, it's possible that a buyer will pay more for a home than they can afford.  By setting a maximum price, a buyer knows that if the negotiations push the price above that maximum number, it's time to walk away.  While it's easier said than done to walk away from a "perfect home," determining a maximum price can be a helpful tip to help determine what to offer for a home. Final Thoughts Determining how much to offer for a home is a big decision and can be tricky.  There is no absolute formula or method to help buyers determine what the purchase offer price should be.  The above tips should make deciding what to offer for a home much easier and less stressful.  Ultimately it is the buyers decision, however, by choosing a top Realtor and having the proper tools and information, buyers will be more comfortable with their decision. Other Top Home Buying Resources If you're buying a home in Rochester, NY, these tips to help determine how much to offer for a home will give you a huge advantage over your competition.  A buyer who has the "know-how" when it comes to determining how much to offer for a home will greatly increase their chances of successfully getting their "perfect home!"  If you haven't selected a top Rochester, NY realtor yet, please contact me, and I'd love to share my experience and expertise about buying a home in the local Rochester real estate market!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Tips To Help Determine How Much To Offer For A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Can The Court Force The Sale of Your House in Divorce? https://www.rochesterrealestateblog.com/court-force-sale-divorce/ Tue, 19 May 2015 11:00:25 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18693 Tips To Help Determine How Much To Offer For A Home[/caption] Finding just the right home for some buyers is a difficult task and can be emotionally and physically draining.  Once a buyer finds their "perfect home," only a small portion of the home buying process has been completed. One of the most important steps in the home buying process is successfully negotiating with the home owner.  There are many things that a buyer must decide on when negotiating with the seller.  What contingencies do they want to include?  When do they want to close on the home?  Do they want to have a home inspection? One of the top frequently asked questions from home buyers relates to price.  What should we offer the sellers?  Ultimately the buyer is the person in charge of making the final decision on what amount they should offer the home owner. There are many ways to help home buyers determine how much to offer for a home.  Here are some of the the best tips, and also things to avoid, when determining how much to offer for a home! What Should You Avoid When Determining How Much To Offer For A Home? Unfortunately there are many home buyers in the market place who have no idea when it comes to determining how much to offer for a home.  There are several things that home buyers need to avoid when figuring out how much to offer for a home, otherwise, the probability their offer is accepted is slim to none! Using Online Home Value Estimates One of the most popular misconceptions when it comes to home buying is that online home value estimates are accurate.  Home buyers who believe this "BS" fact about home buying will be extremely disappointed when offer after offer is rejected. When determining how much to offer for a home, make sure you avoid at all costs, online home value estimates.  Online home value estimates, such as Zillow's "Zestimate," are in many cases very inaccurate.  In a recent study of Rochester, NY homes that recently closed, almost 40% of the homes that closed on a specific date had "Zestimates" which were $15,000-$20,000 lower or higher than the actual sale prices. [caption id="attachment_2698" align="alignleft" width="450"]What Should Home Buyers Avoid When Determining How Much To Offer For A Home What Should Home Buyers Avoid When Determining How Much To Offer For A Home[/caption] A buyer who believes any online home value estimates will put themselves at a huge disadvantage when it comes to buying a home.  It's important to remember when determining how much to offer for a home, these online home value estimates are often generated by a computer formula and can be very inaccurate. Don't Be Fooled By Tax Assessments It's important to understand when buying a home, there is a difference between market value, assessed value, and appraised value.  One of the biggest thing to avoid when determining how much to offer for a home is using a homes assessed value as an offer price. The assessed value of a home is used for one thing, to determine how much the property taxes will be.  Assessed value has no correlation to a homes market value.  There are many real estate markets where the assessed value of homes will be significantly lower or higher than what homes are selling for. For example, a significant percentage of recently sold Webster, NY homes have sold for much higher than their  assessed values.  This is great for the local residents as it helps keep the property taxes lower. What Are The Top Tips To Help Buyers Determine How Much To Offer For A Home? There is no absolute way to determine how much to offer for a home.  Due to the fact that every seller has different reasons and different expectations, as well as the fact that homes are rarely identical, knowing how much to offer for a home can sometimes be tricky.  Here are several top tips to help buyers determine how much to offer for a home. Review The Current State Of The Local Real Estate Market It's important that buyers keep in mind what the current state of their local real estate market is when deciding how much to offer for a home.  Every real estate market is different.  Some real estate markets are neutral, some markets are buyers markets, and some markets are sellers market. If the local real estate market is a buyers market, it's possible that many of the homes for sale have been listed for quite some time.  It's fairly common that the longer a home is for sale, the lower the home can be bought for, but this isn't always the case.  In a buyers market, the chance that multiple offers will be received is greatly reduced as there are more homes available. If the local real estate market is a sellers market, it's likely that the homes for sale are sold fairly quickly, within the first week of being listed.  Buying a home in a sellers market can be more difficult for many reasons.  A few factors that contribute to the difficulty level of buying a home in a sellers market include low housing inventory, multiple offers, and a greater number of pre-approved buyers. Remember when determining how much to offer for a home that the condition of the local real estate market is vital.  A sellers market will generally demand an asking price or over asking price offer while a buyers market may warrant a significantly lower offer. Find Out How Much The Home Owner Paid Knowing how much the current owner paid previously for their home sometimes has no relation to how much to offer for a home, but, it certainly can.  Once a buyer finds the home they want to make an offer on, they should attempt to find out how much the current owners paid for the home. In some cases, the homeowners could be an original owner that built the house 40 years ago and obviously with inflation and other factors will make the amount they paid an irrelevant number.  The same can be said with newly built homes.  The cost of new construction is generally much higher than the homes value will be in a handful of years, due to the costs of building.  For example, a home that cost $300,000 to build a handful of years ago may only have a market value of $275,000. The opposite can be true for a homeowner who purchased a home in the past 5 or 6 years.  Finding out how much the current owner paid should be relatively easy as the information is still very likely to be in the local multiple listing service (MLS).  If a homeowner purchased a home for $150,000 a few years ago and they are trying to sell if for $200,000 now, it would be helpful to know what improvements they made to warrant a $50,000 increase in the value. Knowing the history of past transactions of a home can be a very helpful piece of information when determining how much to offer for a home. [caption id="attachment_2702" align="alignright" width="450"]When Determining How Much To Offer For A Home, Ask An Expert! When Determining How Much To Offer For A Home, Ask An Expert![/caption] Ask The Professionals Buying a home is an experience that many people are not familiar with.  When buying a home, it's critical that buyers have a top Realtor representing their best interests.  A top Realtor can help a buyer determine how much to offer for a home, which is a quality tip when it comes to determining the amount to offer for a home! One of the most important interview question to consider asking potential buyers agent's is whether they have experience selling homes in the desired neighborhoods.  An experienced Realtor who has sold homes in a specific neighborhood should be able to have a good idea whether a home is priced accurately or not simply by walking through the property. A top Realtor should be honest with their client and inform them if they feel a home is overpriced, priced well, or possibly under priced.  Unfortunately, there are some Realtors who will try and up-sell buyers, in order to make a few additional bucks and not advise the buyer the home maybe overpriced. Ultimately the decision of  how much to offer for a home is the buyers and not the Realtors.  Even though it ultimately is the buyers decision on how much to offer for a home, taking the advice of a top Realtor is high suggested.  Buyers who completely ignore what a Realtor suggests for an offer price is one of the top things home buyers do that real estate agents hate. Request A Comparative Market Analysis Be Completed Another excellent tip to help home buyers determine how much to offer for a home is by requesting a comparative market analysis be completed by their Realtor.  A comparative market analysis, also known as a CMA, is a very popular method Realtors use to determine market values. Having a comparative market analysis completed can be very helpful for a buyer when determining how much to offer for a home for several reasons.  First and foremost, a comparative market analysis is likely the method a listing agent utilized to determine the list price.  If the listing agent has experience selling homes in the area and is one of the top Realtors in the area, the price they listed the home for sale is likely close to the homes true market value. Another benefit to having a comparative market analysis completed prior to making an offer is it can eliminate possible low appraisal problems.  Just because a home is listed at a specific price, does not mean the home is worth that price, even if a buyer agrees to pay the full list price.  A comparative market analysis can help reduce the chances that a buyer overpays for a home and that the bank cannot justify the agreed sale price. A professionally completed comparative market analysis is a tool that can be a huge help when it comes to determining how much to offer for a home.  The value range that a comparative market analysis suggests, if done properly, should be relatively close to what a home sells for. Determine What The Highest Price You Will Pay Is And Stick To It One of the biggest mistakes that buyers make when buying a home is not sticking to their budget.  Once a buyer finds their "perfect home," it's important they set what the highest price they are willing to pay for that specific property is. Buying a home can be an emotional decision.  Without setting a maximum price, it's possible that a buyer will pay more for a home than they can afford.  By setting a maximum price, a buyer knows that if the negotiations push the price above that maximum number, it's time to walk away.  While it's easier said than done to walk away from a "perfect home," determining a maximum price can be a helpful tip to help determine what to offer for a home. Final Thoughts Determining how much to offer for a home is a big decision and can be tricky.  There is no absolute formula or method to help buyers determine what the purchase offer price should be.  The above tips should make deciding what to offer for a home much easier and less stressful.  Ultimately it is the buyers decision, however, by choosing a top Realtor and having the proper tools and information, buyers will be more comfortable with their decision. Other Top Home Buying Resources If you're buying a home in Rochester, NY, these tips to help determine how much to offer for a home will give you a huge advantage over your competition.  A buyer who has the "know-how" when it comes to determining how much to offer for a home will greatly increase their chances of successfully getting their "perfect home!"  If you haven't selected a top Rochester, NY realtor yet, please contact me, and I'd love to share my experience and expertise about buying a home in the local Rochester real estate market!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Tips To Help Determine How Much To Offer For A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Real Estate Agent vs. Broker: What&#8217;s The Difference? https://www.rochesterrealestateblog.com/real-estate-agent-vs-broker/ Tue, 19 May 2015 11:00:25 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18650 Tips To Help Determine How Much To Offer For A Home[/caption] Finding just the right home for some buyers is a difficult task and can be emotionally and physically draining.  Once a buyer finds their "perfect home," only a small portion of the home buying process has been completed. One of the most important steps in the home buying process is successfully negotiating with the home owner.  There are many things that a buyer must decide on when negotiating with the seller.  What contingencies do they want to include?  When do they want to close on the home?  Do they want to have a home inspection? One of the top frequently asked questions from home buyers relates to price.  What should we offer the sellers?  Ultimately the buyer is the person in charge of making the final decision on what amount they should offer the home owner. There are many ways to help home buyers determine how much to offer for a home.  Here are some of the the best tips, and also things to avoid, when determining how much to offer for a home! What Should You Avoid When Determining How Much To Offer For A Home? Unfortunately there are many home buyers in the market place who have no idea when it comes to determining how much to offer for a home.  There are several things that home buyers need to avoid when figuring out how much to offer for a home, otherwise, the probability their offer is accepted is slim to none! Using Online Home Value Estimates One of the most popular misconceptions when it comes to home buying is that online home value estimates are accurate.  Home buyers who believe this "BS" fact about home buying will be extremely disappointed when offer after offer is rejected. When determining how much to offer for a home, make sure you avoid at all costs, online home value estimates.  Online home value estimates, such as Zillow's "Zestimate," are in many cases very inaccurate.  In a recent study of Rochester, NY homes that recently closed, almost 40% of the homes that closed on a specific date had "Zestimates" which were $15,000-$20,000 lower or higher than the actual sale prices. [caption id="attachment_2698" align="alignleft" width="450"]What Should Home Buyers Avoid When Determining How Much To Offer For A Home What Should Home Buyers Avoid When Determining How Much To Offer For A Home[/caption] A buyer who believes any online home value estimates will put themselves at a huge disadvantage when it comes to buying a home.  It's important to remember when determining how much to offer for a home, these online home value estimates are often generated by a computer formula and can be very inaccurate. Don't Be Fooled By Tax Assessments It's important to understand when buying a home, there is a difference between market value, assessed value, and appraised value.  One of the biggest thing to avoid when determining how much to offer for a home is using a homes assessed value as an offer price. The assessed value of a home is used for one thing, to determine how much the property taxes will be.  Assessed value has no correlation to a homes market value.  There are many real estate markets where the assessed value of homes will be significantly lower or higher than what homes are selling for. For example, a significant percentage of recently sold Webster, NY homes have sold for much higher than their  assessed values.  This is great for the local residents as it helps keep the property taxes lower. What Are The Top Tips To Help Buyers Determine How Much To Offer For A Home? There is no absolute way to determine how much to offer for a home.  Due to the fact that every seller has different reasons and different expectations, as well as the fact that homes are rarely identical, knowing how much to offer for a home can sometimes be tricky.  Here are several top tips to help buyers determine how much to offer for a home. Review The Current State Of The Local Real Estate Market It's important that buyers keep in mind what the current state of their local real estate market is when deciding how much to offer for a home.  Every real estate market is different.  Some real estate markets are neutral, some markets are buyers markets, and some markets are sellers market. If the local real estate market is a buyers market, it's possible that many of the homes for sale have been listed for quite some time.  It's fairly common that the longer a home is for sale, the lower the home can be bought for, but this isn't always the case.  In a buyers market, the chance that multiple offers will be received is greatly reduced as there are more homes available. If the local real estate market is a sellers market, it's likely that the homes for sale are sold fairly quickly, within the first week of being listed.  Buying a home in a sellers market can be more difficult for many reasons.  A few factors that contribute to the difficulty level of buying a home in a sellers market include low housing inventory, multiple offers, and a greater number of pre-approved buyers. Remember when determining how much to offer for a home that the condition of the local real estate market is vital.  A sellers market will generally demand an asking price or over asking price offer while a buyers market may warrant a significantly lower offer. Find Out How Much The Home Owner Paid Knowing how much the current owner paid previously for their home sometimes has no relation to how much to offer for a home, but, it certainly can.  Once a buyer finds the home they want to make an offer on, they should attempt to find out how much the current owners paid for the home. In some cases, the homeowners could be an original owner that built the house 40 years ago and obviously with inflation and other factors will make the amount they paid an irrelevant number.  The same can be said with newly built homes.  The cost of new construction is generally much higher than the homes value will be in a handful of years, due to the costs of building.  For example, a home that cost $300,000 to build a handful of years ago may only have a market value of $275,000. The opposite can be true for a homeowner who purchased a home in the past 5 or 6 years.  Finding out how much the current owner paid should be relatively easy as the information is still very likely to be in the local multiple listing service (MLS).  If a homeowner purchased a home for $150,000 a few years ago and they are trying to sell if for $200,000 now, it would be helpful to know what improvements they made to warrant a $50,000 increase in the value. Knowing the history of past transactions of a home can be a very helpful piece of information when determining how much to offer for a home. [caption id="attachment_2702" align="alignright" width="450"]When Determining How Much To Offer For A Home, Ask An Expert! When Determining How Much To Offer For A Home, Ask An Expert![/caption] Ask The Professionals Buying a home is an experience that many people are not familiar with.  When buying a home, it's critical that buyers have a top Realtor representing their best interests.  A top Realtor can help a buyer determine how much to offer for a home, which is a quality tip when it comes to determining the amount to offer for a home! One of the most important interview question to consider asking potential buyers agent's is whether they have experience selling homes in the desired neighborhoods.  An experienced Realtor who has sold homes in a specific neighborhood should be able to have a good idea whether a home is priced accurately or not simply by walking through the property. A top Realtor should be honest with their client and inform them if they feel a home is overpriced, priced well, or possibly under priced.  Unfortunately, there are some Realtors who will try and up-sell buyers, in order to make a few additional bucks and not advise the buyer the home maybe overpriced. Ultimately the decision of  how much to offer for a home is the buyers and not the Realtors.  Even though it ultimately is the buyers decision on how much to offer for a home, taking the advice of a top Realtor is high suggested.  Buyers who completely ignore what a Realtor suggests for an offer price is one of the top things home buyers do that real estate agents hate. Request A Comparative Market Analysis Be Completed Another excellent tip to help home buyers determine how much to offer for a home is by requesting a comparative market analysis be completed by their Realtor.  A comparative market analysis, also known as a CMA, is a very popular method Realtors use to determine market values. Having a comparative market analysis completed can be very helpful for a buyer when determining how much to offer for a home for several reasons.  First and foremost, a comparative market analysis is likely the method a listing agent utilized to determine the list price.  If the listing agent has experience selling homes in the area and is one of the top Realtors in the area, the price they listed the home for sale is likely close to the homes true market value. Another benefit to having a comparative market analysis completed prior to making an offer is it can eliminate possible low appraisal problems.  Just because a home is listed at a specific price, does not mean the home is worth that price, even if a buyer agrees to pay the full list price.  A comparative market analysis can help reduce the chances that a buyer overpays for a home and that the bank cannot justify the agreed sale price. A professionally completed comparative market analysis is a tool that can be a huge help when it comes to determining how much to offer for a home.  The value range that a comparative market analysis suggests, if done properly, should be relatively close to what a home sells for. Determine What The Highest Price You Will Pay Is And Stick To It One of the biggest mistakes that buyers make when buying a home is not sticking to their budget.  Once a buyer finds their "perfect home," it's important they set what the highest price they are willing to pay for that specific property is. Buying a home can be an emotional decision.  Without setting a maximum price, it's possible that a buyer will pay more for a home than they can afford.  By setting a maximum price, a buyer knows that if the negotiations push the price above that maximum number, it's time to walk away.  While it's easier said than done to walk away from a "perfect home," determining a maximum price can be a helpful tip to help determine what to offer for a home. Final Thoughts Determining how much to offer for a home is a big decision and can be tricky.  There is no absolute formula or method to help buyers determine what the purchase offer price should be.  The above tips should make deciding what to offer for a home much easier and less stressful.  Ultimately it is the buyers decision, however, by choosing a top Realtor and having the proper tools and information, buyers will be more comfortable with their decision. Other Top Home Buying Resources If you're buying a home in Rochester, NY, these tips to help determine how much to offer for a home will give you a huge advantage over your competition.  A buyer who has the "know-how" when it comes to determining how much to offer for a home will greatly increase their chances of successfully getting their "perfect home!"  If you haven't selected a top Rochester, NY realtor yet, please contact me, and I'd love to share my experience and expertise about buying a home in the local Rochester real estate market!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Tips To Help Determine How Much To Offer For A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> How To Determine Square Feet In Your House For More Accurate Property Estimates https://www.rochesterrealestateblog.com/determine-square-feet/ Tue, 19 May 2015 11:00:25 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18167 Tips To Help Determine How Much To Offer For A Home[/caption] Finding just the right home for some buyers is a difficult task and can be emotionally and physically draining.  Once a buyer finds their "perfect home," only a small portion of the home buying process has been completed. One of the most important steps in the home buying process is successfully negotiating with the home owner.  There are many things that a buyer must decide on when negotiating with the seller.  What contingencies do they want to include?  When do they want to close on the home?  Do they want to have a home inspection? One of the top frequently asked questions from home buyers relates to price.  What should we offer the sellers?  Ultimately the buyer is the person in charge of making the final decision on what amount they should offer the home owner. There are many ways to help home buyers determine how much to offer for a home.  Here are some of the the best tips, and also things to avoid, when determining how much to offer for a home! What Should You Avoid When Determining How Much To Offer For A Home? Unfortunately there are many home buyers in the market place who have no idea when it comes to determining how much to offer for a home.  There are several things that home buyers need to avoid when figuring out how much to offer for a home, otherwise, the probability their offer is accepted is slim to none! Using Online Home Value Estimates One of the most popular misconceptions when it comes to home buying is that online home value estimates are accurate.  Home buyers who believe this "BS" fact about home buying will be extremely disappointed when offer after offer is rejected. When determining how much to offer for a home, make sure you avoid at all costs, online home value estimates.  Online home value estimates, such as Zillow's "Zestimate," are in many cases very inaccurate.  In a recent study of Rochester, NY homes that recently closed, almost 40% of the homes that closed on a specific date had "Zestimates" which were $15,000-$20,000 lower or higher than the actual sale prices. [caption id="attachment_2698" align="alignleft" width="450"]What Should Home Buyers Avoid When Determining How Much To Offer For A Home What Should Home Buyers Avoid When Determining How Much To Offer For A Home[/caption] A buyer who believes any online home value estimates will put themselves at a huge disadvantage when it comes to buying a home.  It's important to remember when determining how much to offer for a home, these online home value estimates are often generated by a computer formula and can be very inaccurate. Don't Be Fooled By Tax Assessments It's important to understand when buying a home, there is a difference between market value, assessed value, and appraised value.  One of the biggest thing to avoid when determining how much to offer for a home is using a homes assessed value as an offer price. The assessed value of a home is used for one thing, to determine how much the property taxes will be.  Assessed value has no correlation to a homes market value.  There are many real estate markets where the assessed value of homes will be significantly lower or higher than what homes are selling for. For example, a significant percentage of recently sold Webster, NY homes have sold for much higher than their  assessed values.  This is great for the local residents as it helps keep the property taxes lower. What Are The Top Tips To Help Buyers Determine How Much To Offer For A Home? There is no absolute way to determine how much to offer for a home.  Due to the fact that every seller has different reasons and different expectations, as well as the fact that homes are rarely identical, knowing how much to offer for a home can sometimes be tricky.  Here are several top tips to help buyers determine how much to offer for a home. Review The Current State Of The Local Real Estate Market It's important that buyers keep in mind what the current state of their local real estate market is when deciding how much to offer for a home.  Every real estate market is different.  Some real estate markets are neutral, some markets are buyers markets, and some markets are sellers market. If the local real estate market is a buyers market, it's possible that many of the homes for sale have been listed for quite some time.  It's fairly common that the longer a home is for sale, the lower the home can be bought for, but this isn't always the case.  In a buyers market, the chance that multiple offers will be received is greatly reduced as there are more homes available. If the local real estate market is a sellers market, it's likely that the homes for sale are sold fairly quickly, within the first week of being listed.  Buying a home in a sellers market can be more difficult for many reasons.  A few factors that contribute to the difficulty level of buying a home in a sellers market include low housing inventory, multiple offers, and a greater number of pre-approved buyers. Remember when determining how much to offer for a home that the condition of the local real estate market is vital.  A sellers market will generally demand an asking price or over asking price offer while a buyers market may warrant a significantly lower offer. Find Out How Much The Home Owner Paid Knowing how much the current owner paid previously for their home sometimes has no relation to how much to offer for a home, but, it certainly can.  Once a buyer finds the home they want to make an offer on, they should attempt to find out how much the current owners paid for the home. In some cases, the homeowners could be an original owner that built the house 40 years ago and obviously with inflation and other factors will make the amount they paid an irrelevant number.  The same can be said with newly built homes.  The cost of new construction is generally much higher than the homes value will be in a handful of years, due to the costs of building.  For example, a home that cost $300,000 to build a handful of years ago may only have a market value of $275,000. The opposite can be true for a homeowner who purchased a home in the past 5 or 6 years.  Finding out how much the current owner paid should be relatively easy as the information is still very likely to be in the local multiple listing service (MLS).  If a homeowner purchased a home for $150,000 a few years ago and they are trying to sell if for $200,000 now, it would be helpful to know what improvements they made to warrant a $50,000 increase in the value. Knowing the history of past transactions of a home can be a very helpful piece of information when determining how much to offer for a home. [caption id="attachment_2702" align="alignright" width="450"]When Determining How Much To Offer For A Home, Ask An Expert! When Determining How Much To Offer For A Home, Ask An Expert![/caption] Ask The Professionals Buying a home is an experience that many people are not familiar with.  When buying a home, it's critical that buyers have a top Realtor representing their best interests.  A top Realtor can help a buyer determine how much to offer for a home, which is a quality tip when it comes to determining the amount to offer for a home! One of the most important interview question to consider asking potential buyers agent's is whether they have experience selling homes in the desired neighborhoods.  An experienced Realtor who has sold homes in a specific neighborhood should be able to have a good idea whether a home is priced accurately or not simply by walking through the property. A top Realtor should be honest with their client and inform them if they feel a home is overpriced, priced well, or possibly under priced.  Unfortunately, there are some Realtors who will try and up-sell buyers, in order to make a few additional bucks and not advise the buyer the home maybe overpriced. Ultimately the decision of  how much to offer for a home is the buyers and not the Realtors.  Even though it ultimately is the buyers decision on how much to offer for a home, taking the advice of a top Realtor is high suggested.  Buyers who completely ignore what a Realtor suggests for an offer price is one of the top things home buyers do that real estate agents hate. Request A Comparative Market Analysis Be Completed Another excellent tip to help home buyers determine how much to offer for a home is by requesting a comparative market analysis be completed by their Realtor.  A comparative market analysis, also known as a CMA, is a very popular method Realtors use to determine market values. Having a comparative market analysis completed can be very helpful for a buyer when determining how much to offer for a home for several reasons.  First and foremost, a comparative market analysis is likely the method a listing agent utilized to determine the list price.  If the listing agent has experience selling homes in the area and is one of the top Realtors in the area, the price they listed the home for sale is likely close to the homes true market value. Another benefit to having a comparative market analysis completed prior to making an offer is it can eliminate possible low appraisal problems.  Just because a home is listed at a specific price, does not mean the home is worth that price, even if a buyer agrees to pay the full list price.  A comparative market analysis can help reduce the chances that a buyer overpays for a home and that the bank cannot justify the agreed sale price. A professionally completed comparative market analysis is a tool that can be a huge help when it comes to determining how much to offer for a home.  The value range that a comparative market analysis suggests, if done properly, should be relatively close to what a home sells for. Determine What The Highest Price You Will Pay Is And Stick To It One of the biggest mistakes that buyers make when buying a home is not sticking to their budget.  Once a buyer finds their "perfect home," it's important they set what the highest price they are willing to pay for that specific property is. Buying a home can be an emotional decision.  Without setting a maximum price, it's possible that a buyer will pay more for a home than they can afford.  By setting a maximum price, a buyer knows that if the negotiations push the price above that maximum number, it's time to walk away.  While it's easier said than done to walk away from a "perfect home," determining a maximum price can be a helpful tip to help determine what to offer for a home. Final Thoughts Determining how much to offer for a home is a big decision and can be tricky.  There is no absolute formula or method to help buyers determine what the purchase offer price should be.  The above tips should make deciding what to offer for a home much easier and less stressful.  Ultimately it is the buyers decision, however, by choosing a top Realtor and having the proper tools and information, buyers will be more comfortable with their decision. Other Top Home Buying Resources If you're buying a home in Rochester, NY, these tips to help determine how much to offer for a home will give you a huge advantage over your competition.  A buyer who has the "know-how" when it comes to determining how much to offer for a home will greatly increase their chances of successfully getting their "perfect home!"  If you haven't selected a top Rochester, NY realtor yet, please contact me, and I'd love to share my experience and expertise about buying a home in the local Rochester real estate market!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Tips To Help Determine How Much To Offer For A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> 3 Things That Often Results in a Real Estate Agent Getting Sued https://www.rochesterrealestateblog.com/real-estate-agent-sued/ Tue, 19 May 2015 11:00:25 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18133 Tips To Help Determine How Much To Offer For A Home[/caption] Finding just the right home for some buyers is a difficult task and can be emotionally and physically draining.  Once a buyer finds their "perfect home," only a small portion of the home buying process has been completed. One of the most important steps in the home buying process is successfully negotiating with the home owner.  There are many things that a buyer must decide on when negotiating with the seller.  What contingencies do they want to include?  When do they want to close on the home?  Do they want to have a home inspection? One of the top frequently asked questions from home buyers relates to price.  What should we offer the sellers?  Ultimately the buyer is the person in charge of making the final decision on what amount they should offer the home owner. There are many ways to help home buyers determine how much to offer for a home.  Here are some of the the best tips, and also things to avoid, when determining how much to offer for a home! What Should You Avoid When Determining How Much To Offer For A Home? Unfortunately there are many home buyers in the market place who have no idea when it comes to determining how much to offer for a home.  There are several things that home buyers need to avoid when figuring out how much to offer for a home, otherwise, the probability their offer is accepted is slim to none! Using Online Home Value Estimates One of the most popular misconceptions when it comes to home buying is that online home value estimates are accurate.  Home buyers who believe this "BS" fact about home buying will be extremely disappointed when offer after offer is rejected. When determining how much to offer for a home, make sure you avoid at all costs, online home value estimates.  Online home value estimates, such as Zillow's "Zestimate," are in many cases very inaccurate.  In a recent study of Rochester, NY homes that recently closed, almost 40% of the homes that closed on a specific date had "Zestimates" which were $15,000-$20,000 lower or higher than the actual sale prices. [caption id="attachment_2698" align="alignleft" width="450"]What Should Home Buyers Avoid When Determining How Much To Offer For A Home What Should Home Buyers Avoid When Determining How Much To Offer For A Home[/caption] A buyer who believes any online home value estimates will put themselves at a huge disadvantage when it comes to buying a home.  It's important to remember when determining how much to offer for a home, these online home value estimates are often generated by a computer formula and can be very inaccurate. Don't Be Fooled By Tax Assessments It's important to understand when buying a home, there is a difference between market value, assessed value, and appraised value.  One of the biggest thing to avoid when determining how much to offer for a home is using a homes assessed value as an offer price. The assessed value of a home is used for one thing, to determine how much the property taxes will be.  Assessed value has no correlation to a homes market value.  There are many real estate markets where the assessed value of homes will be significantly lower or higher than what homes are selling for. For example, a significant percentage of recently sold Webster, NY homes have sold for much higher than their  assessed values.  This is great for the local residents as it helps keep the property taxes lower. What Are The Top Tips To Help Buyers Determine How Much To Offer For A Home? There is no absolute way to determine how much to offer for a home.  Due to the fact that every seller has different reasons and different expectations, as well as the fact that homes are rarely identical, knowing how much to offer for a home can sometimes be tricky.  Here are several top tips to help buyers determine how much to offer for a home. Review The Current State Of The Local Real Estate Market It's important that buyers keep in mind what the current state of their local real estate market is when deciding how much to offer for a home.  Every real estate market is different.  Some real estate markets are neutral, some markets are buyers markets, and some markets are sellers market. If the local real estate market is a buyers market, it's possible that many of the homes for sale have been listed for quite some time.  It's fairly common that the longer a home is for sale, the lower the home can be bought for, but this isn't always the case.  In a buyers market, the chance that multiple offers will be received is greatly reduced as there are more homes available. If the local real estate market is a sellers market, it's likely that the homes for sale are sold fairly quickly, within the first week of being listed.  Buying a home in a sellers market can be more difficult for many reasons.  A few factors that contribute to the difficulty level of buying a home in a sellers market include low housing inventory, multiple offers, and a greater number of pre-approved buyers. Remember when determining how much to offer for a home that the condition of the local real estate market is vital.  A sellers market will generally demand an asking price or over asking price offer while a buyers market may warrant a significantly lower offer. Find Out How Much The Home Owner Paid Knowing how much the current owner paid previously for their home sometimes has no relation to how much to offer for a home, but, it certainly can.  Once a buyer finds the home they want to make an offer on, they should attempt to find out how much the current owners paid for the home. In some cases, the homeowners could be an original owner that built the house 40 years ago and obviously with inflation and other factors will make the amount they paid an irrelevant number.  The same can be said with newly built homes.  The cost of new construction is generally much higher than the homes value will be in a handful of years, due to the costs of building.  For example, a home that cost $300,000 to build a handful of years ago may only have a market value of $275,000. The opposite can be true for a homeowner who purchased a home in the past 5 or 6 years.  Finding out how much the current owner paid should be relatively easy as the information is still very likely to be in the local multiple listing service (MLS).  If a homeowner purchased a home for $150,000 a few years ago and they are trying to sell if for $200,000 now, it would be helpful to know what improvements they made to warrant a $50,000 increase in the value. Knowing the history of past transactions of a home can be a very helpful piece of information when determining how much to offer for a home. [caption id="attachment_2702" align="alignright" width="450"]When Determining How Much To Offer For A Home, Ask An Expert! When Determining How Much To Offer For A Home, Ask An Expert![/caption] Ask The Professionals Buying a home is an experience that many people are not familiar with.  When buying a home, it's critical that buyers have a top Realtor representing their best interests.  A top Realtor can help a buyer determine how much to offer for a home, which is a quality tip when it comes to determining the amount to offer for a home! One of the most important interview question to consider asking potential buyers agent's is whether they have experience selling homes in the desired neighborhoods.  An experienced Realtor who has sold homes in a specific neighborhood should be able to have a good idea whether a home is priced accurately or not simply by walking through the property. A top Realtor should be honest with their client and inform them if they feel a home is overpriced, priced well, or possibly under priced.  Unfortunately, there are some Realtors who will try and up-sell buyers, in order to make a few additional bucks and not advise the buyer the home maybe overpriced. Ultimately the decision of  how much to offer for a home is the buyers and not the Realtors.  Even though it ultimately is the buyers decision on how much to offer for a home, taking the advice of a top Realtor is high suggested.  Buyers who completely ignore what a Realtor suggests for an offer price is one of the top things home buyers do that real estate agents hate. Request A Comparative Market Analysis Be Completed Another excellent tip to help home buyers determine how much to offer for a home is by requesting a comparative market analysis be completed by their Realtor.  A comparative market analysis, also known as a CMA, is a very popular method Realtors use to determine market values. Having a comparative market analysis completed can be very helpful for a buyer when determining how much to offer for a home for several reasons.  First and foremost, a comparative market analysis is likely the method a listing agent utilized to determine the list price.  If the listing agent has experience selling homes in the area and is one of the top Realtors in the area, the price they listed the home for sale is likely close to the homes true market value. Another benefit to having a comparative market analysis completed prior to making an offer is it can eliminate possible low appraisal problems.  Just because a home is listed at a specific price, does not mean the home is worth that price, even if a buyer agrees to pay the full list price.  A comparative market analysis can help reduce the chances that a buyer overpays for a home and that the bank cannot justify the agreed sale price. A professionally completed comparative market analysis is a tool that can be a huge help when it comes to determining how much to offer for a home.  The value range that a comparative market analysis suggests, if done properly, should be relatively close to what a home sells for. Determine What The Highest Price You Will Pay Is And Stick To It One of the biggest mistakes that buyers make when buying a home is not sticking to their budget.  Once a buyer finds their "perfect home," it's important they set what the highest price they are willing to pay for that specific property is. Buying a home can be an emotional decision.  Without setting a maximum price, it's possible that a buyer will pay more for a home than they can afford.  By setting a maximum price, a buyer knows that if the negotiations push the price above that maximum number, it's time to walk away.  While it's easier said than done to walk away from a "perfect home," determining a maximum price can be a helpful tip to help determine what to offer for a home. Final Thoughts Determining how much to offer for a home is a big decision and can be tricky.  There is no absolute formula or method to help buyers determine what the purchase offer price should be.  The above tips should make deciding what to offer for a home much easier and less stressful.  Ultimately it is the buyers decision, however, by choosing a top Realtor and having the proper tools and information, buyers will be more comfortable with their decision. Other Top Home Buying Resources If you're buying a home in Rochester, NY, these tips to help determine how much to offer for a home will give you a huge advantage over your competition.  A buyer who has the "know-how" when it comes to determining how much to offer for a home will greatly increase their chances of successfully getting their "perfect home!"  If you haven't selected a top Rochester, NY realtor yet, please contact me, and I'd love to share my experience and expertise about buying a home in the local Rochester real estate market!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Tips To Help Determine How Much To Offer For A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> The Top 5 Types Of Home Inspections Buyers Should Consider https://www.rochesterrealestateblog.com/5-types-home-inspections/ Tue, 19 May 2015 11:00:25 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18119 Tips To Help Determine How Much To Offer For A Home[/caption] Finding just the right home for some buyers is a difficult task and can be emotionally and physically draining.  Once a buyer finds their "perfect home," only a small portion of the home buying process has been completed. One of the most important steps in the home buying process is successfully negotiating with the home owner.  There are many things that a buyer must decide on when negotiating with the seller.  What contingencies do they want to include?  When do they want to close on the home?  Do they want to have a home inspection? One of the top frequently asked questions from home buyers relates to price.  What should we offer the sellers?  Ultimately the buyer is the person in charge of making the final decision on what amount they should offer the home owner. There are many ways to help home buyers determine how much to offer for a home.  Here are some of the the best tips, and also things to avoid, when determining how much to offer for a home! What Should You Avoid When Determining How Much To Offer For A Home? Unfortunately there are many home buyers in the market place who have no idea when it comes to determining how much to offer for a home.  There are several things that home buyers need to avoid when figuring out how much to offer for a home, otherwise, the probability their offer is accepted is slim to none! Using Online Home Value Estimates One of the most popular misconceptions when it comes to home buying is that online home value estimates are accurate.  Home buyers who believe this "BS" fact about home buying will be extremely disappointed when offer after offer is rejected. When determining how much to offer for a home, make sure you avoid at all costs, online home value estimates.  Online home value estimates, such as Zillow's "Zestimate," are in many cases very inaccurate.  In a recent study of Rochester, NY homes that recently closed, almost 40% of the homes that closed on a specific date had "Zestimates" which were $15,000-$20,000 lower or higher than the actual sale prices. [caption id="attachment_2698" align="alignleft" width="450"]What Should Home Buyers Avoid When Determining How Much To Offer For A Home What Should Home Buyers Avoid When Determining How Much To Offer For A Home[/caption] A buyer who believes any online home value estimates will put themselves at a huge disadvantage when it comes to buying a home.  It's important to remember when determining how much to offer for a home, these online home value estimates are often generated by a computer formula and can be very inaccurate. Don't Be Fooled By Tax Assessments It's important to understand when buying a home, there is a difference between market value, assessed value, and appraised value.  One of the biggest thing to avoid when determining how much to offer for a home is using a homes assessed value as an offer price. The assessed value of a home is used for one thing, to determine how much the property taxes will be.  Assessed value has no correlation to a homes market value.  There are many real estate markets where the assessed value of homes will be significantly lower or higher than what homes are selling for. For example, a significant percentage of recently sold Webster, NY homes have sold for much higher than their  assessed values.  This is great for the local residents as it helps keep the property taxes lower. What Are The Top Tips To Help Buyers Determine How Much To Offer For A Home? There is no absolute way to determine how much to offer for a home.  Due to the fact that every seller has different reasons and different expectations, as well as the fact that homes are rarely identical, knowing how much to offer for a home can sometimes be tricky.  Here are several top tips to help buyers determine how much to offer for a home. Review The Current State Of The Local Real Estate Market It's important that buyers keep in mind what the current state of their local real estate market is when deciding how much to offer for a home.  Every real estate market is different.  Some real estate markets are neutral, some markets are buyers markets, and some markets are sellers market. If the local real estate market is a buyers market, it's possible that many of the homes for sale have been listed for quite some time.  It's fairly common that the longer a home is for sale, the lower the home can be bought for, but this isn't always the case.  In a buyers market, the chance that multiple offers will be received is greatly reduced as there are more homes available. If the local real estate market is a sellers market, it's likely that the homes for sale are sold fairly quickly, within the first week of being listed.  Buying a home in a sellers market can be more difficult for many reasons.  A few factors that contribute to the difficulty level of buying a home in a sellers market include low housing inventory, multiple offers, and a greater number of pre-approved buyers. Remember when determining how much to offer for a home that the condition of the local real estate market is vital.  A sellers market will generally demand an asking price or over asking price offer while a buyers market may warrant a significantly lower offer. Find Out How Much The Home Owner Paid Knowing how much the current owner paid previously for their home sometimes has no relation to how much to offer for a home, but, it certainly can.  Once a buyer finds the home they want to make an offer on, they should attempt to find out how much the current owners paid for the home. In some cases, the homeowners could be an original owner that built the house 40 years ago and obviously with inflation and other factors will make the amount they paid an irrelevant number.  The same can be said with newly built homes.  The cost of new construction is generally much higher than the homes value will be in a handful of years, due to the costs of building.  For example, a home that cost $300,000 to build a handful of years ago may only have a market value of $275,000. The opposite can be true for a homeowner who purchased a home in the past 5 or 6 years.  Finding out how much the current owner paid should be relatively easy as the information is still very likely to be in the local multiple listing service (MLS).  If a homeowner purchased a home for $150,000 a few years ago and they are trying to sell if for $200,000 now, it would be helpful to know what improvements they made to warrant a $50,000 increase in the value. Knowing the history of past transactions of a home can be a very helpful piece of information when determining how much to offer for a home. [caption id="attachment_2702" align="alignright" width="450"]When Determining How Much To Offer For A Home, Ask An Expert! When Determining How Much To Offer For A Home, Ask An Expert![/caption] Ask The Professionals Buying a home is an experience that many people are not familiar with.  When buying a home, it's critical that buyers have a top Realtor representing their best interests.  A top Realtor can help a buyer determine how much to offer for a home, which is a quality tip when it comes to determining the amount to offer for a home! One of the most important interview question to consider asking potential buyers agent's is whether they have experience selling homes in the desired neighborhoods.  An experienced Realtor who has sold homes in a specific neighborhood should be able to have a good idea whether a home is priced accurately or not simply by walking through the property. A top Realtor should be honest with their client and inform them if they feel a home is overpriced, priced well, or possibly under priced.  Unfortunately, there are some Realtors who will try and up-sell buyers, in order to make a few additional bucks and not advise the buyer the home maybe overpriced. Ultimately the decision of  how much to offer for a home is the buyers and not the Realtors.  Even though it ultimately is the buyers decision on how much to offer for a home, taking the advice of a top Realtor is high suggested.  Buyers who completely ignore what a Realtor suggests for an offer price is one of the top things home buyers do that real estate agents hate. Request A Comparative Market Analysis Be Completed Another excellent tip to help home buyers determine how much to offer for a home is by requesting a comparative market analysis be completed by their Realtor.  A comparative market analysis, also known as a CMA, is a very popular method Realtors use to determine market values. Having a comparative market analysis completed can be very helpful for a buyer when determining how much to offer for a home for several reasons.  First and foremost, a comparative market analysis is likely the method a listing agent utilized to determine the list price.  If the listing agent has experience selling homes in the area and is one of the top Realtors in the area, the price they listed the home for sale is likely close to the homes true market value. Another benefit to having a comparative market analysis completed prior to making an offer is it can eliminate possible low appraisal problems.  Just because a home is listed at a specific price, does not mean the home is worth that price, even if a buyer agrees to pay the full list price.  A comparative market analysis can help reduce the chances that a buyer overpays for a home and that the bank cannot justify the agreed sale price. A professionally completed comparative market analysis is a tool that can be a huge help when it comes to determining how much to offer for a home.  The value range that a comparative market analysis suggests, if done properly, should be relatively close to what a home sells for. Determine What The Highest Price You Will Pay Is And Stick To It One of the biggest mistakes that buyers make when buying a home is not sticking to their budget.  Once a buyer finds their "perfect home," it's important they set what the highest price they are willing to pay for that specific property is. Buying a home can be an emotional decision.  Without setting a maximum price, it's possible that a buyer will pay more for a home than they can afford.  By setting a maximum price, a buyer knows that if the negotiations push the price above that maximum number, it's time to walk away.  While it's easier said than done to walk away from a "perfect home," determining a maximum price can be a helpful tip to help determine what to offer for a home. Final Thoughts Determining how much to offer for a home is a big decision and can be tricky.  There is no absolute formula or method to help buyers determine what the purchase offer price should be.  The above tips should make deciding what to offer for a home much easier and less stressful.  Ultimately it is the buyers decision, however, by choosing a top Realtor and having the proper tools and information, buyers will be more comfortable with their decision. Other Top Home Buying Resources If you're buying a home in Rochester, NY, these tips to help determine how much to offer for a home will give you a huge advantage over your competition.  A buyer who has the "know-how" when it comes to determining how much to offer for a home will greatly increase their chances of successfully getting their "perfect home!"  If you haven't selected a top Rochester, NY realtor yet, please contact me, and I'd love to share my experience and expertise about buying a home in the local Rochester real estate market!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Tips To Help Determine How Much To Offer For A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> The Pros And Cons Of Rent To Own Homes: What You Need To Know https://www.rochesterrealestateblog.com/pros-cons-rent-own-homes/ Tue, 19 May 2015 11:00:25 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18104 Tips To Help Determine How Much To Offer For A Home[/caption] Finding just the right home for some buyers is a difficult task and can be emotionally and physically draining.  Once a buyer finds their "perfect home," only a small portion of the home buying process has been completed. One of the most important steps in the home buying process is successfully negotiating with the home owner.  There are many things that a buyer must decide on when negotiating with the seller.  What contingencies do they want to include?  When do they want to close on the home?  Do they want to have a home inspection? One of the top frequently asked questions from home buyers relates to price.  What should we offer the sellers?  Ultimately the buyer is the person in charge of making the final decision on what amount they should offer the home owner. There are many ways to help home buyers determine how much to offer for a home.  Here are some of the the best tips, and also things to avoid, when determining how much to offer for a home! What Should You Avoid When Determining How Much To Offer For A Home? Unfortunately there are many home buyers in the market place who have no idea when it comes to determining how much to offer for a home.  There are several things that home buyers need to avoid when figuring out how much to offer for a home, otherwise, the probability their offer is accepted is slim to none! Using Online Home Value Estimates One of the most popular misconceptions when it comes to home buying is that online home value estimates are accurate.  Home buyers who believe this "BS" fact about home buying will be extremely disappointed when offer after offer is rejected. When determining how much to offer for a home, make sure you avoid at all costs, online home value estimates.  Online home value estimates, such as Zillow's "Zestimate," are in many cases very inaccurate.  In a recent study of Rochester, NY homes that recently closed, almost 40% of the homes that closed on a specific date had "Zestimates" which were $15,000-$20,000 lower or higher than the actual sale prices. [caption id="attachment_2698" align="alignleft" width="450"]What Should Home Buyers Avoid When Determining How Much To Offer For A Home What Should Home Buyers Avoid When Determining How Much To Offer For A Home[/caption] A buyer who believes any online home value estimates will put themselves at a huge disadvantage when it comes to buying a home.  It's important to remember when determining how much to offer for a home, these online home value estimates are often generated by a computer formula and can be very inaccurate. Don't Be Fooled By Tax Assessments It's important to understand when buying a home, there is a difference between market value, assessed value, and appraised value.  One of the biggest thing to avoid when determining how much to offer for a home is using a homes assessed value as an offer price. The assessed value of a home is used for one thing, to determine how much the property taxes will be.  Assessed value has no correlation to a homes market value.  There are many real estate markets where the assessed value of homes will be significantly lower or higher than what homes are selling for. For example, a significant percentage of recently sold Webster, NY homes have sold for much higher than their  assessed values.  This is great for the local residents as it helps keep the property taxes lower. What Are The Top Tips To Help Buyers Determine How Much To Offer For A Home? There is no absolute way to determine how much to offer for a home.  Due to the fact that every seller has different reasons and different expectations, as well as the fact that homes are rarely identical, knowing how much to offer for a home can sometimes be tricky.  Here are several top tips to help buyers determine how much to offer for a home. Review The Current State Of The Local Real Estate Market It's important that buyers keep in mind what the current state of their local real estate market is when deciding how much to offer for a home.  Every real estate market is different.  Some real estate markets are neutral, some markets are buyers markets, and some markets are sellers market. If the local real estate market is a buyers market, it's possible that many of the homes for sale have been listed for quite some time.  It's fairly common that the longer a home is for sale, the lower the home can be bought for, but this isn't always the case.  In a buyers market, the chance that multiple offers will be received is greatly reduced as there are more homes available. If the local real estate market is a sellers market, it's likely that the homes for sale are sold fairly quickly, within the first week of being listed.  Buying a home in a sellers market can be more difficult for many reasons.  A few factors that contribute to the difficulty level of buying a home in a sellers market include low housing inventory, multiple offers, and a greater number of pre-approved buyers. Remember when determining how much to offer for a home that the condition of the local real estate market is vital.  A sellers market will generally demand an asking price or over asking price offer while a buyers market may warrant a significantly lower offer. Find Out How Much The Home Owner Paid Knowing how much the current owner paid previously for their home sometimes has no relation to how much to offer for a home, but, it certainly can.  Once a buyer finds the home they want to make an offer on, they should attempt to find out how much the current owners paid for the home. In some cases, the homeowners could be an original owner that built the house 40 years ago and obviously with inflation and other factors will make the amount they paid an irrelevant number.  The same can be said with newly built homes.  The cost of new construction is generally much higher than the homes value will be in a handful of years, due to the costs of building.  For example, a home that cost $300,000 to build a handful of years ago may only have a market value of $275,000. The opposite can be true for a homeowner who purchased a home in the past 5 or 6 years.  Finding out how much the current owner paid should be relatively easy as the information is still very likely to be in the local multiple listing service (MLS).  If a homeowner purchased a home for $150,000 a few years ago and they are trying to sell if for $200,000 now, it would be helpful to know what improvements they made to warrant a $50,000 increase in the value. Knowing the history of past transactions of a home can be a very helpful piece of information when determining how much to offer for a home. [caption id="attachment_2702" align="alignright" width="450"]When Determining How Much To Offer For A Home, Ask An Expert! When Determining How Much To Offer For A Home, Ask An Expert![/caption] Ask The Professionals Buying a home is an experience that many people are not familiar with.  When buying a home, it's critical that buyers have a top Realtor representing their best interests.  A top Realtor can help a buyer determine how much to offer for a home, which is a quality tip when it comes to determining the amount to offer for a home! One of the most important interview question to consider asking potential buyers agent's is whether they have experience selling homes in the desired neighborhoods.  An experienced Realtor who has sold homes in a specific neighborhood should be able to have a good idea whether a home is priced accurately or not simply by walking through the property. A top Realtor should be honest with their client and inform them if they feel a home is overpriced, priced well, or possibly under priced.  Unfortunately, there are some Realtors who will try and up-sell buyers, in order to make a few additional bucks and not advise the buyer the home maybe overpriced. Ultimately the decision of  how much to offer for a home is the buyers and not the Realtors.  Even though it ultimately is the buyers decision on how much to offer for a home, taking the advice of a top Realtor is high suggested.  Buyers who completely ignore what a Realtor suggests for an offer price is one of the top things home buyers do that real estate agents hate. Request A Comparative Market Analysis Be Completed Another excellent tip to help home buyers determine how much to offer for a home is by requesting a comparative market analysis be completed by their Realtor.  A comparative market analysis, also known as a CMA, is a very popular method Realtors use to determine market values. Having a comparative market analysis completed can be very helpful for a buyer when determining how much to offer for a home for several reasons.  First and foremost, a comparative market analysis is likely the method a listing agent utilized to determine the list price.  If the listing agent has experience selling homes in the area and is one of the top Realtors in the area, the price they listed the home for sale is likely close to the homes true market value. Another benefit to having a comparative market analysis completed prior to making an offer is it can eliminate possible low appraisal problems.  Just because a home is listed at a specific price, does not mean the home is worth that price, even if a buyer agrees to pay the full list price.  A comparative market analysis can help reduce the chances that a buyer overpays for a home and that the bank cannot justify the agreed sale price. A professionally completed comparative market analysis is a tool that can be a huge help when it comes to determining how much to offer for a home.  The value range that a comparative market analysis suggests, if done properly, should be relatively close to what a home sells for. Determine What The Highest Price You Will Pay Is And Stick To It One of the biggest mistakes that buyers make when buying a home is not sticking to their budget.  Once a buyer finds their "perfect home," it's important they set what the highest price they are willing to pay for that specific property is. Buying a home can be an emotional decision.  Without setting a maximum price, it's possible that a buyer will pay more for a home than they can afford.  By setting a maximum price, a buyer knows that if the negotiations push the price above that maximum number, it's time to walk away.  While it's easier said than done to walk away from a "perfect home," determining a maximum price can be a helpful tip to help determine what to offer for a home. Final Thoughts Determining how much to offer for a home is a big decision and can be tricky.  There is no absolute formula or method to help buyers determine what the purchase offer price should be.  The above tips should make deciding what to offer for a home much easier and less stressful.  Ultimately it is the buyers decision, however, by choosing a top Realtor and having the proper tools and information, buyers will be more comfortable with their decision. Other Top Home Buying Resources If you're buying a home in Rochester, NY, these tips to help determine how much to offer for a home will give you a huge advantage over your competition.  A buyer who has the "know-how" when it comes to determining how much to offer for a home will greatly increase their chances of successfully getting their "perfect home!"  If you haven't selected a top Rochester, NY realtor yet, please contact me, and I'd love to share my experience and expertise about buying a home in the local Rochester real estate market!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Tips To Help Determine How Much To Offer For A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> 5 Smart Things To Do Before Moving That Will Help Ease Your Transition https://www.rochesterrealestateblog.com/things-before-moving/ Tue, 19 May 2015 11:00:25 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18084 Tips To Help Determine How Much To Offer For A Home[/caption] Finding just the right home for some buyers is a difficult task and can be emotionally and physically draining.  Once a buyer finds their "perfect home," only a small portion of the home buying process has been completed. One of the most important steps in the home buying process is successfully negotiating with the home owner.  There are many things that a buyer must decide on when negotiating with the seller.  What contingencies do they want to include?  When do they want to close on the home?  Do they want to have a home inspection? One of the top frequently asked questions from home buyers relates to price.  What should we offer the sellers?  Ultimately the buyer is the person in charge of making the final decision on what amount they should offer the home owner. There are many ways to help home buyers determine how much to offer for a home.  Here are some of the the best tips, and also things to avoid, when determining how much to offer for a home! What Should You Avoid When Determining How Much To Offer For A Home? Unfortunately there are many home buyers in the market place who have no idea when it comes to determining how much to offer for a home.  There are several things that home buyers need to avoid when figuring out how much to offer for a home, otherwise, the probability their offer is accepted is slim to none! Using Online Home Value Estimates One of the most popular misconceptions when it comes to home buying is that online home value estimates are accurate.  Home buyers who believe this "BS" fact about home buying will be extremely disappointed when offer after offer is rejected. When determining how much to offer for a home, make sure you avoid at all costs, online home value estimates.  Online home value estimates, such as Zillow's "Zestimate," are in many cases very inaccurate.  In a recent study of Rochester, NY homes that recently closed, almost 40% of the homes that closed on a specific date had "Zestimates" which were $15,000-$20,000 lower or higher than the actual sale prices. [caption id="attachment_2698" align="alignleft" width="450"]What Should Home Buyers Avoid When Determining How Much To Offer For A Home What Should Home Buyers Avoid When Determining How Much To Offer For A Home[/caption] A buyer who believes any online home value estimates will put themselves at a huge disadvantage when it comes to buying a home.  It's important to remember when determining how much to offer for a home, these online home value estimates are often generated by a computer formula and can be very inaccurate. Don't Be Fooled By Tax Assessments It's important to understand when buying a home, there is a difference between market value, assessed value, and appraised value.  One of the biggest thing to avoid when determining how much to offer for a home is using a homes assessed value as an offer price. The assessed value of a home is used for one thing, to determine how much the property taxes will be.  Assessed value has no correlation to a homes market value.  There are many real estate markets where the assessed value of homes will be significantly lower or higher than what homes are selling for. For example, a significant percentage of recently sold Webster, NY homes have sold for much higher than their  assessed values.  This is great for the local residents as it helps keep the property taxes lower. What Are The Top Tips To Help Buyers Determine How Much To Offer For A Home? There is no absolute way to determine how much to offer for a home.  Due to the fact that every seller has different reasons and different expectations, as well as the fact that homes are rarely identical, knowing how much to offer for a home can sometimes be tricky.  Here are several top tips to help buyers determine how much to offer for a home. Review The Current State Of The Local Real Estate Market It's important that buyers keep in mind what the current state of their local real estate market is when deciding how much to offer for a home.  Every real estate market is different.  Some real estate markets are neutral, some markets are buyers markets, and some markets are sellers market. If the local real estate market is a buyers market, it's possible that many of the homes for sale have been listed for quite some time.  It's fairly common that the longer a home is for sale, the lower the home can be bought for, but this isn't always the case.  In a buyers market, the chance that multiple offers will be received is greatly reduced as there are more homes available. If the local real estate market is a sellers market, it's likely that the homes for sale are sold fairly quickly, within the first week of being listed.  Buying a home in a sellers market can be more difficult for many reasons.  A few factors that contribute to the difficulty level of buying a home in a sellers market include low housing inventory, multiple offers, and a greater number of pre-approved buyers. Remember when determining how much to offer for a home that the condition of the local real estate market is vital.  A sellers market will generally demand an asking price or over asking price offer while a buyers market may warrant a significantly lower offer. Find Out How Much The Home Owner Paid Knowing how much the current owner paid previously for their home sometimes has no relation to how much to offer for a home, but, it certainly can.  Once a buyer finds the home they want to make an offer on, they should attempt to find out how much the current owners paid for the home. In some cases, the homeowners could be an original owner that built the house 40 years ago and obviously with inflation and other factors will make the amount they paid an irrelevant number.  The same can be said with newly built homes.  The cost of new construction is generally much higher than the homes value will be in a handful of years, due to the costs of building.  For example, a home that cost $300,000 to build a handful of years ago may only have a market value of $275,000. The opposite can be true for a homeowner who purchased a home in the past 5 or 6 years.  Finding out how much the current owner paid should be relatively easy as the information is still very likely to be in the local multiple listing service (MLS).  If a homeowner purchased a home for $150,000 a few years ago and they are trying to sell if for $200,000 now, it would be helpful to know what improvements they made to warrant a $50,000 increase in the value. Knowing the history of past transactions of a home can be a very helpful piece of information when determining how much to offer for a home. [caption id="attachment_2702" align="alignright" width="450"]When Determining How Much To Offer For A Home, Ask An Expert! When Determining How Much To Offer For A Home, Ask An Expert![/caption] Ask The Professionals Buying a home is an experience that many people are not familiar with.  When buying a home, it's critical that buyers have a top Realtor representing their best interests.  A top Realtor can help a buyer determine how much to offer for a home, which is a quality tip when it comes to determining the amount to offer for a home! One of the most important interview question to consider asking potential buyers agent's is whether they have experience selling homes in the desired neighborhoods.  An experienced Realtor who has sold homes in a specific neighborhood should be able to have a good idea whether a home is priced accurately or not simply by walking through the property. A top Realtor should be honest with their client and inform them if they feel a home is overpriced, priced well, or possibly under priced.  Unfortunately, there are some Realtors who will try and up-sell buyers, in order to make a few additional bucks and not advise the buyer the home maybe overpriced. Ultimately the decision of  how much to offer for a home is the buyers and not the Realtors.  Even though it ultimately is the buyers decision on how much to offer for a home, taking the advice of a top Realtor is high suggested.  Buyers who completely ignore what a Realtor suggests for an offer price is one of the top things home buyers do that real estate agents hate. Request A Comparative Market Analysis Be Completed Another excellent tip to help home buyers determine how much to offer for a home is by requesting a comparative market analysis be completed by their Realtor.  A comparative market analysis, also known as a CMA, is a very popular method Realtors use to determine market values. Having a comparative market analysis completed can be very helpful for a buyer when determining how much to offer for a home for several reasons.  First and foremost, a comparative market analysis is likely the method a listing agent utilized to determine the list price.  If the listing agent has experience selling homes in the area and is one of the top Realtors in the area, the price they listed the home for sale is likely close to the homes true market value. Another benefit to having a comparative market analysis completed prior to making an offer is it can eliminate possible low appraisal problems.  Just because a home is listed at a specific price, does not mean the home is worth that price, even if a buyer agrees to pay the full list price.  A comparative market analysis can help reduce the chances that a buyer overpays for a home and that the bank cannot justify the agreed sale price. A professionally completed comparative market analysis is a tool that can be a huge help when it comes to determining how much to offer for a home.  The value range that a comparative market analysis suggests, if done properly, should be relatively close to what a home sells for. Determine What The Highest Price You Will Pay Is And Stick To It One of the biggest mistakes that buyers make when buying a home is not sticking to their budget.  Once a buyer finds their "perfect home," it's important they set what the highest price they are willing to pay for that specific property is. Buying a home can be an emotional decision.  Without setting a maximum price, it's possible that a buyer will pay more for a home than they can afford.  By setting a maximum price, a buyer knows that if the negotiations push the price above that maximum number, it's time to walk away.  While it's easier said than done to walk away from a "perfect home," determining a maximum price can be a helpful tip to help determine what to offer for a home. Final Thoughts Determining how much to offer for a home is a big decision and can be tricky.  There is no absolute formula or method to help buyers determine what the purchase offer price should be.  The above tips should make deciding what to offer for a home much easier and less stressful.  Ultimately it is the buyers decision, however, by choosing a top Realtor and having the proper tools and information, buyers will be more comfortable with their decision. Other Top Home Buying Resources If you're buying a home in Rochester, NY, these tips to help determine how much to offer for a home will give you a huge advantage over your competition.  A buyer who has the "know-how" when it comes to determining how much to offer for a home will greatly increase their chances of successfully getting their "perfect home!"  If you haven't selected a top Rochester, NY realtor yet, please contact me, and I'd love to share my experience and expertise about buying a home in the local Rochester real estate market!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Tips To Help Determine How Much To Offer For A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> How to Become a Real Estate Agent https://www.rochesterrealestateblog.com/become-real-estate-agent/ Tue, 19 May 2015 11:00:25 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=18071 Tips To Help Determine How Much To Offer For A Home[/caption] Finding just the right home for some buyers is a difficult task and can be emotionally and physically draining.  Once a buyer finds their "perfect home," only a small portion of the home buying process has been completed. One of the most important steps in the home buying process is successfully negotiating with the home owner.  There are many things that a buyer must decide on when negotiating with the seller.  What contingencies do they want to include?  When do they want to close on the home?  Do they want to have a home inspection? One of the top frequently asked questions from home buyers relates to price.  What should we offer the sellers?  Ultimately the buyer is the person in charge of making the final decision on what amount they should offer the home owner. There are many ways to help home buyers determine how much to offer for a home.  Here are some of the the best tips, and also things to avoid, when determining how much to offer for a home! What Should You Avoid When Determining How Much To Offer For A Home? Unfortunately there are many home buyers in the market place who have no idea when it comes to determining how much to offer for a home.  There are several things that home buyers need to avoid when figuring out how much to offer for a home, otherwise, the probability their offer is accepted is slim to none! Using Online Home Value Estimates One of the most popular misconceptions when it comes to home buying is that online home value estimates are accurate.  Home buyers who believe this "BS" fact about home buying will be extremely disappointed when offer after offer is rejected. When determining how much to offer for a home, make sure you avoid at all costs, online home value estimates.  Online home value estimates, such as Zillow's "Zestimate," are in many cases very inaccurate.  In a recent study of Rochester, NY homes that recently closed, almost 40% of the homes that closed on a specific date had "Zestimates" which were $15,000-$20,000 lower or higher than the actual sale prices. [caption id="attachment_2698" align="alignleft" width="450"]What Should Home Buyers Avoid When Determining How Much To Offer For A Home What Should Home Buyers Avoid When Determining How Much To Offer For A Home[/caption] A buyer who believes any online home value estimates will put themselves at a huge disadvantage when it comes to buying a home.  It's important to remember when determining how much to offer for a home, these online home value estimates are often generated by a computer formula and can be very inaccurate. Don't Be Fooled By Tax Assessments It's important to understand when buying a home, there is a difference between market value, assessed value, and appraised value.  One of the biggest thing to avoid when determining how much to offer for a home is using a homes assessed value as an offer price. The assessed value of a home is used for one thing, to determine how much the property taxes will be.  Assessed value has no correlation to a homes market value.  There are many real estate markets where the assessed value of homes will be significantly lower or higher than what homes are selling for. For example, a significant percentage of recently sold Webster, NY homes have sold for much higher than their  assessed values.  This is great for the local residents as it helps keep the property taxes lower. What Are The Top Tips To Help Buyers Determine How Much To Offer For A Home? There is no absolute way to determine how much to offer for a home.  Due to the fact that every seller has different reasons and different expectations, as well as the fact that homes are rarely identical, knowing how much to offer for a home can sometimes be tricky.  Here are several top tips to help buyers determine how much to offer for a home. Review The Current State Of The Local Real Estate Market It's important that buyers keep in mind what the current state of their local real estate market is when deciding how much to offer for a home.  Every real estate market is different.  Some real estate markets are neutral, some markets are buyers markets, and some markets are sellers market. If the local real estate market is a buyers market, it's possible that many of the homes for sale have been listed for quite some time.  It's fairly common that the longer a home is for sale, the lower the home can be bought for, but this isn't always the case.  In a buyers market, the chance that multiple offers will be received is greatly reduced as there are more homes available. If the local real estate market is a sellers market, it's likely that the homes for sale are sold fairly quickly, within the first week of being listed.  Buying a home in a sellers market can be more difficult for many reasons.  A few factors that contribute to the difficulty level of buying a home in a sellers market include low housing inventory, multiple offers, and a greater number of pre-approved buyers. Remember when determining how much to offer for a home that the condition of the local real estate market is vital.  A sellers market will generally demand an asking price or over asking price offer while a buyers market may warrant a significantly lower offer. Find Out How Much The Home Owner Paid Knowing how much the current owner paid previously for their home sometimes has no relation to how much to offer for a home, but, it certainly can.  Once a buyer finds the home they want to make an offer on, they should attempt to find out how much the current owners paid for the home. In some cases, the homeowners could be an original owner that built the house 40 years ago and obviously with inflation and other factors will make the amount they paid an irrelevant number.  The same can be said with newly built homes.  The cost of new construction is generally much higher than the homes value will be in a handful of years, due to the costs of building.  For example, a home that cost $300,000 to build a handful of years ago may only have a market value of $275,000. The opposite can be true for a homeowner who purchased a home in the past 5 or 6 years.  Finding out how much the current owner paid should be relatively easy as the information is still very likely to be in the local multiple listing service (MLS).  If a homeowner purchased a home for $150,000 a few years ago and they are trying to sell if for $200,000 now, it would be helpful to know what improvements they made to warrant a $50,000 increase in the value. Knowing the history of past transactions of a home can be a very helpful piece of information when determining how much to offer for a home. [caption id="attachment_2702" align="alignright" width="450"]When Determining How Much To Offer For A Home, Ask An Expert! When Determining How Much To Offer For A Home, Ask An Expert![/caption] Ask The Professionals Buying a home is an experience that many people are not familiar with.  When buying a home, it's critical that buyers have a top Realtor representing their best interests.  A top Realtor can help a buyer determine how much to offer for a home, which is a quality tip when it comes to determining the amount to offer for a home! One of the most important interview question to consider asking potential buyers agent's is whether they have experience selling homes in the desired neighborhoods.  An experienced Realtor who has sold homes in a specific neighborhood should be able to have a good idea whether a home is priced accurately or not simply by walking through the property. A top Realtor should be honest with their client and inform them if they feel a home is overpriced, priced well, or possibly under priced.  Unfortunately, there are some Realtors who will try and up-sell buyers, in order to make a few additional bucks and not advise the buyer the home maybe overpriced. Ultimately the decision of  how much to offer for a home is the buyers and not the Realtors.  Even though it ultimately is the buyers decision on how much to offer for a home, taking the advice of a top Realtor is high suggested.  Buyers who completely ignore what a Realtor suggests for an offer price is one of the top things home buyers do that real estate agents hate. Request A Comparative Market Analysis Be Completed Another excellent tip to help home buyers determine how much to offer for a home is by requesting a comparative market analysis be completed by their Realtor.  A comparative market analysis, also known as a CMA, is a very popular method Realtors use to determine market values. Having a comparative market analysis completed can be very helpful for a buyer when determining how much to offer for a home for several reasons.  First and foremost, a comparative market analysis is likely the method a listing agent utilized to determine the list price.  If the listing agent has experience selling homes in the area and is one of the top Realtors in the area, the price they listed the home for sale is likely close to the homes true market value. Another benefit to having a comparative market analysis completed prior to making an offer is it can eliminate possible low appraisal problems.  Just because a home is listed at a specific price, does not mean the home is worth that price, even if a buyer agrees to pay the full list price.  A comparative market analysis can help reduce the chances that a buyer overpays for a home and that the bank cannot justify the agreed sale price. A professionally completed comparative market analysis is a tool that can be a huge help when it comes to determining how much to offer for a home.  The value range that a comparative market analysis suggests, if done properly, should be relatively close to what a home sells for. Determine What The Highest Price You Will Pay Is And Stick To It One of the biggest mistakes that buyers make when buying a home is not sticking to their budget.  Once a buyer finds their "perfect home," it's important they set what the highest price they are willing to pay for that specific property is. Buying a home can be an emotional decision.  Without setting a maximum price, it's possible that a buyer will pay more for a home than they can afford.  By setting a maximum price, a buyer knows that if the negotiations push the price above that maximum number, it's time to walk away.  While it's easier said than done to walk away from a "perfect home," determining a maximum price can be a helpful tip to help determine what to offer for a home. Final Thoughts Determining how much to offer for a home is a big decision and can be tricky.  There is no absolute formula or method to help buyers determine what the purchase offer price should be.  The above tips should make deciding what to offer for a home much easier and less stressful.  Ultimately it is the buyers decision, however, by choosing a top Realtor and having the proper tools and information, buyers will be more comfortable with their decision. Other Top Home Buying Resources If you're buying a home in Rochester, NY, these tips to help determine how much to offer for a home will give you a huge advantage over your competition.  A buyer who has the "know-how" when it comes to determining how much to offer for a home will greatly increase their chances of successfully getting their "perfect home!"  If you haven't selected a top Rochester, NY realtor yet, please contact me, and I'd love to share my experience and expertise about buying a home in the local Rochester real estate market!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Tips To Help Determine How Much To Offer For A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Renting A House Or An Apartment: Which Is The Better Option https://www.rochesterrealestateblog.com/renting-house-apartment/ Tue, 19 May 2015 11:00:25 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=17871 Tips To Help Determine How Much To Offer For A Home[/caption] Finding just the right home for some buyers is a difficult task and can be emotionally and physically draining.  Once a buyer finds their "perfect home," only a small portion of the home buying process has been completed. One of the most important steps in the home buying process is successfully negotiating with the home owner.  There are many things that a buyer must decide on when negotiating with the seller.  What contingencies do they want to include?  When do they want to close on the home?  Do they want to have a home inspection? One of the top frequently asked questions from home buyers relates to price.  What should we offer the sellers?  Ultimately the buyer is the person in charge of making the final decision on what amount they should offer the home owner. There are many ways to help home buyers determine how much to offer for a home.  Here are some of the the best tips, and also things to avoid, when determining how much to offer for a home! What Should You Avoid When Determining How Much To Offer For A Home? Unfortunately there are many home buyers in the market place who have no idea when it comes to determining how much to offer for a home.  There are several things that home buyers need to avoid when figuring out how much to offer for a home, otherwise, the probability their offer is accepted is slim to none! Using Online Home Value Estimates One of the most popular misconceptions when it comes to home buying is that online home value estimates are accurate.  Home buyers who believe this "BS" fact about home buying will be extremely disappointed when offer after offer is rejected. When determining how much to offer for a home, make sure you avoid at all costs, online home value estimates.  Online home value estimates, such as Zillow's "Zestimate," are in many cases very inaccurate.  In a recent study of Rochester, NY homes that recently closed, almost 40% of the homes that closed on a specific date had "Zestimates" which were $15,000-$20,000 lower or higher than the actual sale prices. [caption id="attachment_2698" align="alignleft" width="450"]What Should Home Buyers Avoid When Determining How Much To Offer For A Home What Should Home Buyers Avoid When Determining How Much To Offer For A Home[/caption] A buyer who believes any online home value estimates will put themselves at a huge disadvantage when it comes to buying a home.  It's important to remember when determining how much to offer for a home, these online home value estimates are often generated by a computer formula and can be very inaccurate. Don't Be Fooled By Tax Assessments It's important to understand when buying a home, there is a difference between market value, assessed value, and appraised value.  One of the biggest thing to avoid when determining how much to offer for a home is using a homes assessed value as an offer price. The assessed value of a home is used for one thing, to determine how much the property taxes will be.  Assessed value has no correlation to a homes market value.  There are many real estate markets where the assessed value of homes will be significantly lower or higher than what homes are selling for. For example, a significant percentage of recently sold Webster, NY homes have sold for much higher than their  assessed values.  This is great for the local residents as it helps keep the property taxes lower. What Are The Top Tips To Help Buyers Determine How Much To Offer For A Home? There is no absolute way to determine how much to offer for a home.  Due to the fact that every seller has different reasons and different expectations, as well as the fact that homes are rarely identical, knowing how much to offer for a home can sometimes be tricky.  Here are several top tips to help buyers determine how much to offer for a home. Review The Current State Of The Local Real Estate Market It's important that buyers keep in mind what the current state of their local real estate market is when deciding how much to offer for a home.  Every real estate market is different.  Some real estate markets are neutral, some markets are buyers markets, and some markets are sellers market. If the local real estate market is a buyers market, it's possible that many of the homes for sale have been listed for quite some time.  It's fairly common that the longer a home is for sale, the lower the home can be bought for, but this isn't always the case.  In a buyers market, the chance that multiple offers will be received is greatly reduced as there are more homes available. If the local real estate market is a sellers market, it's likely that the homes for sale are sold fairly quickly, within the first week of being listed.  Buying a home in a sellers market can be more difficult for many reasons.  A few factors that contribute to the difficulty level of buying a home in a sellers market include low housing inventory, multiple offers, and a greater number of pre-approved buyers. Remember when determining how much to offer for a home that the condition of the local real estate market is vital.  A sellers market will generally demand an asking price or over asking price offer while a buyers market may warrant a significantly lower offer. Find Out How Much The Home Owner Paid Knowing how much the current owner paid previously for their home sometimes has no relation to how much to offer for a home, but, it certainly can.  Once a buyer finds the home they want to make an offer on, they should attempt to find out how much the current owners paid for the home. In some cases, the homeowners could be an original owner that built the house 40 years ago and obviously with inflation and other factors will make the amount they paid an irrelevant number.  The same can be said with newly built homes.  The cost of new construction is generally much higher than the homes value will be in a handful of years, due to the costs of building.  For example, a home that cost $300,000 to build a handful of years ago may only have a market value of $275,000. The opposite can be true for a homeowner who purchased a home in the past 5 or 6 years.  Finding out how much the current owner paid should be relatively easy as the information is still very likely to be in the local multiple listing service (MLS).  If a homeowner purchased a home for $150,000 a few years ago and they are trying to sell if for $200,000 now, it would be helpful to know what improvements they made to warrant a $50,000 increase in the value. Knowing the history of past transactions of a home can be a very helpful piece of information when determining how much to offer for a home. [caption id="attachment_2702" align="alignright" width="450"]When Determining How Much To Offer For A Home, Ask An Expert! When Determining How Much To Offer For A Home, Ask An Expert![/caption] Ask The Professionals Buying a home is an experience that many people are not familiar with.  When buying a home, it's critical that buyers have a top Realtor representing their best interests.  A top Realtor can help a buyer determine how much to offer for a home, which is a quality tip when it comes to determining the amount to offer for a home! One of the most important interview question to consider asking potential buyers agent's is whether they have experience selling homes in the desired neighborhoods.  An experienced Realtor who has sold homes in a specific neighborhood should be able to have a good idea whether a home is priced accurately or not simply by walking through the property. A top Realtor should be honest with their client and inform them if they feel a home is overpriced, priced well, or possibly under priced.  Unfortunately, there are some Realtors who will try and up-sell buyers, in order to make a few additional bucks and not advise the buyer the home maybe overpriced. Ultimately the decision of  how much to offer for a home is the buyers and not the Realtors.  Even though it ultimately is the buyers decision on how much to offer for a home, taking the advice of a top Realtor is high suggested.  Buyers who completely ignore what a Realtor suggests for an offer price is one of the top things home buyers do that real estate agents hate. Request A Comparative Market Analysis Be Completed Another excellent tip to help home buyers determine how much to offer for a home is by requesting a comparative market analysis be completed by their Realtor.  A comparative market analysis, also known as a CMA, is a very popular method Realtors use to determine market values. Having a comparative market analysis completed can be very helpful for a buyer when determining how much to offer for a home for several reasons.  First and foremost, a comparative market analysis is likely the method a listing agent utilized to determine the list price.  If the listing agent has experience selling homes in the area and is one of the top Realtors in the area, the price they listed the home for sale is likely close to the homes true market value. Another benefit to having a comparative market analysis completed prior to making an offer is it can eliminate possible low appraisal problems.  Just because a home is listed at a specific price, does not mean the home is worth that price, even if a buyer agrees to pay the full list price.  A comparative market analysis can help reduce the chances that a buyer overpays for a home and that the bank cannot justify the agreed sale price. A professionally completed comparative market analysis is a tool that can be a huge help when it comes to determining how much to offer for a home.  The value range that a comparative market analysis suggests, if done properly, should be relatively close to what a home sells for. Determine What The Highest Price You Will Pay Is And Stick To It One of the biggest mistakes that buyers make when buying a home is not sticking to their budget.  Once a buyer finds their "perfect home," it's important they set what the highest price they are willing to pay for that specific property is. Buying a home can be an emotional decision.  Without setting a maximum price, it's possible that a buyer will pay more for a home than they can afford.  By setting a maximum price, a buyer knows that if the negotiations push the price above that maximum number, it's time to walk away.  While it's easier said than done to walk away from a "perfect home," determining a maximum price can be a helpful tip to help determine what to offer for a home. Final Thoughts Determining how much to offer for a home is a big decision and can be tricky.  There is no absolute formula or method to help buyers determine what the purchase offer price should be.  The above tips should make deciding what to offer for a home much easier and less stressful.  Ultimately it is the buyers decision, however, by choosing a top Realtor and having the proper tools and information, buyers will be more comfortable with their decision. Other Top Home Buying Resources If you're buying a home in Rochester, NY, these tips to help determine how much to offer for a home will give you a huge advantage over your competition.  A buyer who has the "know-how" when it comes to determining how much to offer for a home will greatly increase their chances of successfully getting their "perfect home!"  If you haven't selected a top Rochester, NY realtor yet, please contact me, and I'd love to share my experience and expertise about buying a home in the local Rochester real estate market!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Tips To Help Determine How Much To Offer For A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> The 5 Most Important Factors To Consider When Buying A House https://www.rochesterrealestateblog.com/5-factors-buying-house/ Tue, 19 May 2015 11:00:25 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=17851 Tips To Help Determine How Much To Offer For A Home[/caption] Finding just the right home for some buyers is a difficult task and can be emotionally and physically draining.  Once a buyer finds their "perfect home," only a small portion of the home buying process has been completed. One of the most important steps in the home buying process is successfully negotiating with the home owner.  There are many things that a buyer must decide on when negotiating with the seller.  What contingencies do they want to include?  When do they want to close on the home?  Do they want to have a home inspection? One of the top frequently asked questions from home buyers relates to price.  What should we offer the sellers?  Ultimately the buyer is the person in charge of making the final decision on what amount they should offer the home owner. There are many ways to help home buyers determine how much to offer for a home.  Here are some of the the best tips, and also things to avoid, when determining how much to offer for a home! What Should You Avoid When Determining How Much To Offer For A Home? Unfortunately there are many home buyers in the market place who have no idea when it comes to determining how much to offer for a home.  There are several things that home buyers need to avoid when figuring out how much to offer for a home, otherwise, the probability their offer is accepted is slim to none! Using Online Home Value Estimates One of the most popular misconceptions when it comes to home buying is that online home value estimates are accurate.  Home buyers who believe this "BS" fact about home buying will be extremely disappointed when offer after offer is rejected. When determining how much to offer for a home, make sure you avoid at all costs, online home value estimates.  Online home value estimates, such as Zillow's "Zestimate," are in many cases very inaccurate.  In a recent study of Rochester, NY homes that recently closed, almost 40% of the homes that closed on a specific date had "Zestimates" which were $15,000-$20,000 lower or higher than the actual sale prices. [caption id="attachment_2698" align="alignleft" width="450"]What Should Home Buyers Avoid When Determining How Much To Offer For A Home What Should Home Buyers Avoid When Determining How Much To Offer For A Home[/caption] A buyer who believes any online home value estimates will put themselves at a huge disadvantage when it comes to buying a home.  It's important to remember when determining how much to offer for a home, these online home value estimates are often generated by a computer formula and can be very inaccurate. Don't Be Fooled By Tax Assessments It's important to understand when buying a home, there is a difference between market value, assessed value, and appraised value.  One of the biggest thing to avoid when determining how much to offer for a home is using a homes assessed value as an offer price. The assessed value of a home is used for one thing, to determine how much the property taxes will be.  Assessed value has no correlation to a homes market value.  There are many real estate markets where the assessed value of homes will be significantly lower or higher than what homes are selling for. For example, a significant percentage of recently sold Webster, NY homes have sold for much higher than their  assessed values.  This is great for the local residents as it helps keep the property taxes lower. What Are The Top Tips To Help Buyers Determine How Much To Offer For A Home? There is no absolute way to determine how much to offer for a home.  Due to the fact that every seller has different reasons and different expectations, as well as the fact that homes are rarely identical, knowing how much to offer for a home can sometimes be tricky.  Here are several top tips to help buyers determine how much to offer for a home. Review The Current State Of The Local Real Estate Market It's important that buyers keep in mind what the current state of their local real estate market is when deciding how much to offer for a home.  Every real estate market is different.  Some real estate markets are neutral, some markets are buyers markets, and some markets are sellers market. If the local real estate market is a buyers market, it's possible that many of the homes for sale have been listed for quite some time.  It's fairly common that the longer a home is for sale, the lower the home can be bought for, but this isn't always the case.  In a buyers market, the chance that multiple offers will be received is greatly reduced as there are more homes available. If the local real estate market is a sellers market, it's likely that the homes for sale are sold fairly quickly, within the first week of being listed.  Buying a home in a sellers market can be more difficult for many reasons.  A few factors that contribute to the difficulty level of buying a home in a sellers market include low housing inventory, multiple offers, and a greater number of pre-approved buyers. Remember when determining how much to offer for a home that the condition of the local real estate market is vital.  A sellers market will generally demand an asking price or over asking price offer while a buyers market may warrant a significantly lower offer. Find Out How Much The Home Owner Paid Knowing how much the current owner paid previously for their home sometimes has no relation to how much to offer for a home, but, it certainly can.  Once a buyer finds the home they want to make an offer on, they should attempt to find out how much the current owners paid for the home. In some cases, the homeowners could be an original owner that built the house 40 years ago and obviously with inflation and other factors will make the amount they paid an irrelevant number.  The same can be said with newly built homes.  The cost of new construction is generally much higher than the homes value will be in a handful of years, due to the costs of building.  For example, a home that cost $300,000 to build a handful of years ago may only have a market value of $275,000. The opposite can be true for a homeowner who purchased a home in the past 5 or 6 years.  Finding out how much the current owner paid should be relatively easy as the information is still very likely to be in the local multiple listing service (MLS).  If a homeowner purchased a home for $150,000 a few years ago and they are trying to sell if for $200,000 now, it would be helpful to know what improvements they made to warrant a $50,000 increase in the value. Knowing the history of past transactions of a home can be a very helpful piece of information when determining how much to offer for a home. [caption id="attachment_2702" align="alignright" width="450"]When Determining How Much To Offer For A Home, Ask An Expert! When Determining How Much To Offer For A Home, Ask An Expert![/caption] Ask The Professionals Buying a home is an experience that many people are not familiar with.  When buying a home, it's critical that buyers have a top Realtor representing their best interests.  A top Realtor can help a buyer determine how much to offer for a home, which is a quality tip when it comes to determining the amount to offer for a home! One of the most important interview question to consider asking potential buyers agent's is whether they have experience selling homes in the desired neighborhoods.  An experienced Realtor who has sold homes in a specific neighborhood should be able to have a good idea whether a home is priced accurately or not simply by walking through the property. A top Realtor should be honest with their client and inform them if they feel a home is overpriced, priced well, or possibly under priced.  Unfortunately, there are some Realtors who will try and up-sell buyers, in order to make a few additional bucks and not advise the buyer the home maybe overpriced. Ultimately the decision of  how much to offer for a home is the buyers and not the Realtors.  Even though it ultimately is the buyers decision on how much to offer for a home, taking the advice of a top Realtor is high suggested.  Buyers who completely ignore what a Realtor suggests for an offer price is one of the top things home buyers do that real estate agents hate. Request A Comparative Market Analysis Be Completed Another excellent tip to help home buyers determine how much to offer for a home is by requesting a comparative market analysis be completed by their Realtor.  A comparative market analysis, also known as a CMA, is a very popular method Realtors use to determine market values. Having a comparative market analysis completed can be very helpful for a buyer when determining how much to offer for a home for several reasons.  First and foremost, a comparative market analysis is likely the method a listing agent utilized to determine the list price.  If the listing agent has experience selling homes in the area and is one of the top Realtors in the area, the price they listed the home for sale is likely close to the homes true market value. Another benefit to having a comparative market analysis completed prior to making an offer is it can eliminate possible low appraisal problems.  Just because a home is listed at a specific price, does not mean the home is worth that price, even if a buyer agrees to pay the full list price.  A comparative market analysis can help reduce the chances that a buyer overpays for a home and that the bank cannot justify the agreed sale price. A professionally completed comparative market analysis is a tool that can be a huge help when it comes to determining how much to offer for a home.  The value range that a comparative market analysis suggests, if done properly, should be relatively close to what a home sells for. Determine What The Highest Price You Will Pay Is And Stick To It One of the biggest mistakes that buyers make when buying a home is not sticking to their budget.  Once a buyer finds their "perfect home," it's important they set what the highest price they are willing to pay for that specific property is. Buying a home can be an emotional decision.  Without setting a maximum price, it's possible that a buyer will pay more for a home than they can afford.  By setting a maximum price, a buyer knows that if the negotiations push the price above that maximum number, it's time to walk away.  While it's easier said than done to walk away from a "perfect home," determining a maximum price can be a helpful tip to help determine what to offer for a home. Final Thoughts Determining how much to offer for a home is a big decision and can be tricky.  There is no absolute formula or method to help buyers determine what the purchase offer price should be.  The above tips should make deciding what to offer for a home much easier and less stressful.  Ultimately it is the buyers decision, however, by choosing a top Realtor and having the proper tools and information, buyers will be more comfortable with their decision. Other Top Home Buying Resources If you're buying a home in Rochester, NY, these tips to help determine how much to offer for a home will give you a huge advantage over your competition.  A buyer who has the "know-how" when it comes to determining how much to offer for a home will greatly increase their chances of successfully getting their "perfect home!"  If you haven't selected a top Rochester, NY realtor yet, please contact me, and I'd love to share my experience and expertise about buying a home in the local Rochester real estate market!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Tips To Help Determine How Much To Offer For A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> What Buyers And Sellers Need To Know About An Appraisal Gap https://www.rochesterrealestateblog.com/appraisal-gap/ Tue, 19 May 2015 11:00:25 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=17827 Tips To Help Determine How Much To Offer For A Home[/caption] Finding just the right home for some buyers is a difficult task and can be emotionally and physically draining.  Once a buyer finds their "perfect home," only a small portion of the home buying process has been completed. One of the most important steps in the home buying process is successfully negotiating with the home owner.  There are many things that a buyer must decide on when negotiating with the seller.  What contingencies do they want to include?  When do they want to close on the home?  Do they want to have a home inspection? One of the top frequently asked questions from home buyers relates to price.  What should we offer the sellers?  Ultimately the buyer is the person in charge of making the final decision on what amount they should offer the home owner. There are many ways to help home buyers determine how much to offer for a home.  Here are some of the the best tips, and also things to avoid, when determining how much to offer for a home! What Should You Avoid When Determining How Much To Offer For A Home? Unfortunately there are many home buyers in the market place who have no idea when it comes to determining how much to offer for a home.  There are several things that home buyers need to avoid when figuring out how much to offer for a home, otherwise, the probability their offer is accepted is slim to none! Using Online Home Value Estimates One of the most popular misconceptions when it comes to home buying is that online home value estimates are accurate.  Home buyers who believe this "BS" fact about home buying will be extremely disappointed when offer after offer is rejected. When determining how much to offer for a home, make sure you avoid at all costs, online home value estimates.  Online home value estimates, such as Zillow's "Zestimate," are in many cases very inaccurate.  In a recent study of Rochester, NY homes that recently closed, almost 40% of the homes that closed on a specific date had "Zestimates" which were $15,000-$20,000 lower or higher than the actual sale prices. [caption id="attachment_2698" align="alignleft" width="450"]What Should Home Buyers Avoid When Determining How Much To Offer For A Home What Should Home Buyers Avoid When Determining How Much To Offer For A Home[/caption] A buyer who believes any online home value estimates will put themselves at a huge disadvantage when it comes to buying a home.  It's important to remember when determining how much to offer for a home, these online home value estimates are often generated by a computer formula and can be very inaccurate. Don't Be Fooled By Tax Assessments It's important to understand when buying a home, there is a difference between market value, assessed value, and appraised value.  One of the biggest thing to avoid when determining how much to offer for a home is using a homes assessed value as an offer price. The assessed value of a home is used for one thing, to determine how much the property taxes will be.  Assessed value has no correlation to a homes market value.  There are many real estate markets where the assessed value of homes will be significantly lower or higher than what homes are selling for. For example, a significant percentage of recently sold Webster, NY homes have sold for much higher than their  assessed values.  This is great for the local residents as it helps keep the property taxes lower. What Are The Top Tips To Help Buyers Determine How Much To Offer For A Home? There is no absolute way to determine how much to offer for a home.  Due to the fact that every seller has different reasons and different expectations, as well as the fact that homes are rarely identical, knowing how much to offer for a home can sometimes be tricky.  Here are several top tips to help buyers determine how much to offer for a home. Review The Current State Of The Local Real Estate Market It's important that buyers keep in mind what the current state of their local real estate market is when deciding how much to offer for a home.  Every real estate market is different.  Some real estate markets are neutral, some markets are buyers markets, and some markets are sellers market. If the local real estate market is a buyers market, it's possible that many of the homes for sale have been listed for quite some time.  It's fairly common that the longer a home is for sale, the lower the home can be bought for, but this isn't always the case.  In a buyers market, the chance that multiple offers will be received is greatly reduced as there are more homes available. If the local real estate market is a sellers market, it's likely that the homes for sale are sold fairly quickly, within the first week of being listed.  Buying a home in a sellers market can be more difficult for many reasons.  A few factors that contribute to the difficulty level of buying a home in a sellers market include low housing inventory, multiple offers, and a greater number of pre-approved buyers. Remember when determining how much to offer for a home that the condition of the local real estate market is vital.  A sellers market will generally demand an asking price or over asking price offer while a buyers market may warrant a significantly lower offer. Find Out How Much The Home Owner Paid Knowing how much the current owner paid previously for their home sometimes has no relation to how much to offer for a home, but, it certainly can.  Once a buyer finds the home they want to make an offer on, they should attempt to find out how much the current owners paid for the home. In some cases, the homeowners could be an original owner that built the house 40 years ago and obviously with inflation and other factors will make the amount they paid an irrelevant number.  The same can be said with newly built homes.  The cost of new construction is generally much higher than the homes value will be in a handful of years, due to the costs of building.  For example, a home that cost $300,000 to build a handful of years ago may only have a market value of $275,000. The opposite can be true for a homeowner who purchased a home in the past 5 or 6 years.  Finding out how much the current owner paid should be relatively easy as the information is still very likely to be in the local multiple listing service (MLS).  If a homeowner purchased a home for $150,000 a few years ago and they are trying to sell if for $200,000 now, it would be helpful to know what improvements they made to warrant a $50,000 increase in the value. Knowing the history of past transactions of a home can be a very helpful piece of information when determining how much to offer for a home. [caption id="attachment_2702" align="alignright" width="450"]When Determining How Much To Offer For A Home, Ask An Expert! When Determining How Much To Offer For A Home, Ask An Expert![/caption] Ask The Professionals Buying a home is an experience that many people are not familiar with.  When buying a home, it's critical that buyers have a top Realtor representing their best interests.  A top Realtor can help a buyer determine how much to offer for a home, which is a quality tip when it comes to determining the amount to offer for a home! One of the most important interview question to consider asking potential buyers agent's is whether they have experience selling homes in the desired neighborhoods.  An experienced Realtor who has sold homes in a specific neighborhood should be able to have a good idea whether a home is priced accurately or not simply by walking through the property. A top Realtor should be honest with their client and inform them if they feel a home is overpriced, priced well, or possibly under priced.  Unfortunately, there are some Realtors who will try and up-sell buyers, in order to make a few additional bucks and not advise the buyer the home maybe overpriced. Ultimately the decision of  how much to offer for a home is the buyers and not the Realtors.  Even though it ultimately is the buyers decision on how much to offer for a home, taking the advice of a top Realtor is high suggested.  Buyers who completely ignore what a Realtor suggests for an offer price is one of the top things home buyers do that real estate agents hate. Request A Comparative Market Analysis Be Completed Another excellent tip to help home buyers determine how much to offer for a home is by requesting a comparative market analysis be completed by their Realtor.  A comparative market analysis, also known as a CMA, is a very popular method Realtors use to determine market values. Having a comparative market analysis completed can be very helpful for a buyer when determining how much to offer for a home for several reasons.  First and foremost, a comparative market analysis is likely the method a listing agent utilized to determine the list price.  If the listing agent has experience selling homes in the area and is one of the top Realtors in the area, the price they listed the home for sale is likely close to the homes true market value. Another benefit to having a comparative market analysis completed prior to making an offer is it can eliminate possible low appraisal problems.  Just because a home is listed at a specific price, does not mean the home is worth that price, even if a buyer agrees to pay the full list price.  A comparative market analysis can help reduce the chances that a buyer overpays for a home and that the bank cannot justify the agreed sale price. A professionally completed comparative market analysis is a tool that can be a huge help when it comes to determining how much to offer for a home.  The value range that a comparative market analysis suggests, if done properly, should be relatively close to what a home sells for. Determine What The Highest Price You Will Pay Is And Stick To It One of the biggest mistakes that buyers make when buying a home is not sticking to their budget.  Once a buyer finds their "perfect home," it's important they set what the highest price they are willing to pay for that specific property is. Buying a home can be an emotional decision.  Without setting a maximum price, it's possible that a buyer will pay more for a home than they can afford.  By setting a maximum price, a buyer knows that if the negotiations push the price above that maximum number, it's time to walk away.  While it's easier said than done to walk away from a "perfect home," determining a maximum price can be a helpful tip to help determine what to offer for a home. Final Thoughts Determining how much to offer for a home is a big decision and can be tricky.  There is no absolute formula or method to help buyers determine what the purchase offer price should be.  The above tips should make deciding what to offer for a home much easier and less stressful.  Ultimately it is the buyers decision, however, by choosing a top Realtor and having the proper tools and information, buyers will be more comfortable with their decision. Other Top Home Buying Resources If you're buying a home in Rochester, NY, these tips to help determine how much to offer for a home will give you a huge advantage over your competition.  A buyer who has the "know-how" when it comes to determining how much to offer for a home will greatly increase their chances of successfully getting their "perfect home!"  If you haven't selected a top Rochester, NY realtor yet, please contact me, and I'd love to share my experience and expertise about buying a home in the local Rochester real estate market!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Tips To Help Determine How Much To Offer For A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Pros And Cons Of Renting With Roommates – What You Need To Know https://www.rochesterrealestateblog.com/renting-with-roommates/ Tue, 19 May 2015 11:00:25 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=17794 Tips To Help Determine How Much To Offer For A Home[/caption] Finding just the right home for some buyers is a difficult task and can be emotionally and physically draining.  Once a buyer finds their "perfect home," only a small portion of the home buying process has been completed. One of the most important steps in the home buying process is successfully negotiating with the home owner.  There are many things that a buyer must decide on when negotiating with the seller.  What contingencies do they want to include?  When do they want to close on the home?  Do they want to have a home inspection? One of the top frequently asked questions from home buyers relates to price.  What should we offer the sellers?  Ultimately the buyer is the person in charge of making the final decision on what amount they should offer the home owner. There are many ways to help home buyers determine how much to offer for a home.  Here are some of the the best tips, and also things to avoid, when determining how much to offer for a home! What Should You Avoid When Determining How Much To Offer For A Home? Unfortunately there are many home buyers in the market place who have no idea when it comes to determining how much to offer for a home.  There are several things that home buyers need to avoid when figuring out how much to offer for a home, otherwise, the probability their offer is accepted is slim to none! Using Online Home Value Estimates One of the most popular misconceptions when it comes to home buying is that online home value estimates are accurate.  Home buyers who believe this "BS" fact about home buying will be extremely disappointed when offer after offer is rejected. When determining how much to offer for a home, make sure you avoid at all costs, online home value estimates.  Online home value estimates, such as Zillow's "Zestimate," are in many cases very inaccurate.  In a recent study of Rochester, NY homes that recently closed, almost 40% of the homes that closed on a specific date had "Zestimates" which were $15,000-$20,000 lower or higher than the actual sale prices. [caption id="attachment_2698" align="alignleft" width="450"]What Should Home Buyers Avoid When Determining How Much To Offer For A Home What Should Home Buyers Avoid When Determining How Much To Offer For A Home[/caption] A buyer who believes any online home value estimates will put themselves at a huge disadvantage when it comes to buying a home.  It's important to remember when determining how much to offer for a home, these online home value estimates are often generated by a computer formula and can be very inaccurate. Don't Be Fooled By Tax Assessments It's important to understand when buying a home, there is a difference between market value, assessed value, and appraised value.  One of the biggest thing to avoid when determining how much to offer for a home is using a homes assessed value as an offer price. The assessed value of a home is used for one thing, to determine how much the property taxes will be.  Assessed value has no correlation to a homes market value.  There are many real estate markets where the assessed value of homes will be significantly lower or higher than what homes are selling for. For example, a significant percentage of recently sold Webster, NY homes have sold for much higher than their  assessed values.  This is great for the local residents as it helps keep the property taxes lower. What Are The Top Tips To Help Buyers Determine How Much To Offer For A Home? There is no absolute way to determine how much to offer for a home.  Due to the fact that every seller has different reasons and different expectations, as well as the fact that homes are rarely identical, knowing how much to offer for a home can sometimes be tricky.  Here are several top tips to help buyers determine how much to offer for a home. Review The Current State Of The Local Real Estate Market It's important that buyers keep in mind what the current state of their local real estate market is when deciding how much to offer for a home.  Every real estate market is different.  Some real estate markets are neutral, some markets are buyers markets, and some markets are sellers market. If the local real estate market is a buyers market, it's possible that many of the homes for sale have been listed for quite some time.  It's fairly common that the longer a home is for sale, the lower the home can be bought for, but this isn't always the case.  In a buyers market, the chance that multiple offers will be received is greatly reduced as there are more homes available. If the local real estate market is a sellers market, it's likely that the homes for sale are sold fairly quickly, within the first week of being listed.  Buying a home in a sellers market can be more difficult for many reasons.  A few factors that contribute to the difficulty level of buying a home in a sellers market include low housing inventory, multiple offers, and a greater number of pre-approved buyers. Remember when determining how much to offer for a home that the condition of the local real estate market is vital.  A sellers market will generally demand an asking price or over asking price offer while a buyers market may warrant a significantly lower offer. Find Out How Much The Home Owner Paid Knowing how much the current owner paid previously for their home sometimes has no relation to how much to offer for a home, but, it certainly can.  Once a buyer finds the home they want to make an offer on, they should attempt to find out how much the current owners paid for the home. In some cases, the homeowners could be an original owner that built the house 40 years ago and obviously with inflation and other factors will make the amount they paid an irrelevant number.  The same can be said with newly built homes.  The cost of new construction is generally much higher than the homes value will be in a handful of years, due to the costs of building.  For example, a home that cost $300,000 to build a handful of years ago may only have a market value of $275,000. The opposite can be true for a homeowner who purchased a home in the past 5 or 6 years.  Finding out how much the current owner paid should be relatively easy as the information is still very likely to be in the local multiple listing service (MLS).  If a homeowner purchased a home for $150,000 a few years ago and they are trying to sell if for $200,000 now, it would be helpful to know what improvements they made to warrant a $50,000 increase in the value. Knowing the history of past transactions of a home can be a very helpful piece of information when determining how much to offer for a home. [caption id="attachment_2702" align="alignright" width="450"]When Determining How Much To Offer For A Home, Ask An Expert! When Determining How Much To Offer For A Home, Ask An Expert![/caption] Ask The Professionals Buying a home is an experience that many people are not familiar with.  When buying a home, it's critical that buyers have a top Realtor representing their best interests.  A top Realtor can help a buyer determine how much to offer for a home, which is a quality tip when it comes to determining the amount to offer for a home! One of the most important interview question to consider asking potential buyers agent's is whether they have experience selling homes in the desired neighborhoods.  An experienced Realtor who has sold homes in a specific neighborhood should be able to have a good idea whether a home is priced accurately or not simply by walking through the property. A top Realtor should be honest with their client and inform them if they feel a home is overpriced, priced well, or possibly under priced.  Unfortunately, there are some Realtors who will try and up-sell buyers, in order to make a few additional bucks and not advise the buyer the home maybe overpriced. Ultimately the decision of  how much to offer for a home is the buyers and not the Realtors.  Even though it ultimately is the buyers decision on how much to offer for a home, taking the advice of a top Realtor is high suggested.  Buyers who completely ignore what a Realtor suggests for an offer price is one of the top things home buyers do that real estate agents hate. Request A Comparative Market Analysis Be Completed Another excellent tip to help home buyers determine how much to offer for a home is by requesting a comparative market analysis be completed by their Realtor.  A comparative market analysis, also known as a CMA, is a very popular method Realtors use to determine market values. Having a comparative market analysis completed can be very helpful for a buyer when determining how much to offer for a home for several reasons.  First and foremost, a comparative market analysis is likely the method a listing agent utilized to determine the list price.  If the listing agent has experience selling homes in the area and is one of the top Realtors in the area, the price they listed the home for sale is likely close to the homes true market value. Another benefit to having a comparative market analysis completed prior to making an offer is it can eliminate possible low appraisal problems.  Just because a home is listed at a specific price, does not mean the home is worth that price, even if a buyer agrees to pay the full list price.  A comparative market analysis can help reduce the chances that a buyer overpays for a home and that the bank cannot justify the agreed sale price. A professionally completed comparative market analysis is a tool that can be a huge help when it comes to determining how much to offer for a home.  The value range that a comparative market analysis suggests, if done properly, should be relatively close to what a home sells for. Determine What The Highest Price You Will Pay Is And Stick To It One of the biggest mistakes that buyers make when buying a home is not sticking to their budget.  Once a buyer finds their "perfect home," it's important they set what the highest price they are willing to pay for that specific property is. Buying a home can be an emotional decision.  Without setting a maximum price, it's possible that a buyer will pay more for a home than they can afford.  By setting a maximum price, a buyer knows that if the negotiations push the price above that maximum number, it's time to walk away.  While it's easier said than done to walk away from a "perfect home," determining a maximum price can be a helpful tip to help determine what to offer for a home. Final Thoughts Determining how much to offer for a home is a big decision and can be tricky.  There is no absolute formula or method to help buyers determine what the purchase offer price should be.  The above tips should make deciding what to offer for a home much easier and less stressful.  Ultimately it is the buyers decision, however, by choosing a top Realtor and having the proper tools and information, buyers will be more comfortable with their decision. Other Top Home Buying Resources If you're buying a home in Rochester, NY, these tips to help determine how much to offer for a home will give you a huge advantage over your competition.  A buyer who has the "know-how" when it comes to determining how much to offer for a home will greatly increase their chances of successfully getting their "perfect home!"  If you haven't selected a top Rochester, NY realtor yet, please contact me, and I'd love to share my experience and expertise about buying a home in the local Rochester real estate market!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Tips To Help Determine How Much To Offer For A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> 6 Things You Should Know About Buying Land https://www.rochesterrealestateblog.com/things-know-buying-land/ Tue, 19 May 2015 11:00:25 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=17773 Tips To Help Determine How Much To Offer For A Home[/caption] Finding just the right home for some buyers is a difficult task and can be emotionally and physically draining.  Once a buyer finds their "perfect home," only a small portion of the home buying process has been completed. One of the most important steps in the home buying process is successfully negotiating with the home owner.  There are many things that a buyer must decide on when negotiating with the seller.  What contingencies do they want to include?  When do they want to close on the home?  Do they want to have a home inspection? One of the top frequently asked questions from home buyers relates to price.  What should we offer the sellers?  Ultimately the buyer is the person in charge of making the final decision on what amount they should offer the home owner. There are many ways to help home buyers determine how much to offer for a home.  Here are some of the the best tips, and also things to avoid, when determining how much to offer for a home! What Should You Avoid When Determining How Much To Offer For A Home? Unfortunately there are many home buyers in the market place who have no idea when it comes to determining how much to offer for a home.  There are several things that home buyers need to avoid when figuring out how much to offer for a home, otherwise, the probability their offer is accepted is slim to none! Using Online Home Value Estimates One of the most popular misconceptions when it comes to home buying is that online home value estimates are accurate.  Home buyers who believe this "BS" fact about home buying will be extremely disappointed when offer after offer is rejected. When determining how much to offer for a home, make sure you avoid at all costs, online home value estimates.  Online home value estimates, such as Zillow's "Zestimate," are in many cases very inaccurate.  In a recent study of Rochester, NY homes that recently closed, almost 40% of the homes that closed on a specific date had "Zestimates" which were $15,000-$20,000 lower or higher than the actual sale prices. [caption id="attachment_2698" align="alignleft" width="450"]What Should Home Buyers Avoid When Determining How Much To Offer For A Home What Should Home Buyers Avoid When Determining How Much To Offer For A Home[/caption] A buyer who believes any online home value estimates will put themselves at a huge disadvantage when it comes to buying a home.  It's important to remember when determining how much to offer for a home, these online home value estimates are often generated by a computer formula and can be very inaccurate. Don't Be Fooled By Tax Assessments It's important to understand when buying a home, there is a difference between market value, assessed value, and appraised value.  One of the biggest thing to avoid when determining how much to offer for a home is using a homes assessed value as an offer price. The assessed value of a home is used for one thing, to determine how much the property taxes will be.  Assessed value has no correlation to a homes market value.  There are many real estate markets where the assessed value of homes will be significantly lower or higher than what homes are selling for. For example, a significant percentage of recently sold Webster, NY homes have sold for much higher than their  assessed values.  This is great for the local residents as it helps keep the property taxes lower. What Are The Top Tips To Help Buyers Determine How Much To Offer For A Home? There is no absolute way to determine how much to offer for a home.  Due to the fact that every seller has different reasons and different expectations, as well as the fact that homes are rarely identical, knowing how much to offer for a home can sometimes be tricky.  Here are several top tips to help buyers determine how much to offer for a home. Review The Current State Of The Local Real Estate Market It's important that buyers keep in mind what the current state of their local real estate market is when deciding how much to offer for a home.  Every real estate market is different.  Some real estate markets are neutral, some markets are buyers markets, and some markets are sellers market. If the local real estate market is a buyers market, it's possible that many of the homes for sale have been listed for quite some time.  It's fairly common that the longer a home is for sale, the lower the home can be bought for, but this isn't always the case.  In a buyers market, the chance that multiple offers will be received is greatly reduced as there are more homes available. If the local real estate market is a sellers market, it's likely that the homes for sale are sold fairly quickly, within the first week of being listed.  Buying a home in a sellers market can be more difficult for many reasons.  A few factors that contribute to the difficulty level of buying a home in a sellers market include low housing inventory, multiple offers, and a greater number of pre-approved buyers. Remember when determining how much to offer for a home that the condition of the local real estate market is vital.  A sellers market will generally demand an asking price or over asking price offer while a buyers market may warrant a significantly lower offer. Find Out How Much The Home Owner Paid Knowing how much the current owner paid previously for their home sometimes has no relation to how much to offer for a home, but, it certainly can.  Once a buyer finds the home they want to make an offer on, they should attempt to find out how much the current owners paid for the home. In some cases, the homeowners could be an original owner that built the house 40 years ago and obviously with inflation and other factors will make the amount they paid an irrelevant number.  The same can be said with newly built homes.  The cost of new construction is generally much higher than the homes value will be in a handful of years, due to the costs of building.  For example, a home that cost $300,000 to build a handful of years ago may only have a market value of $275,000. The opposite can be true for a homeowner who purchased a home in the past 5 or 6 years.  Finding out how much the current owner paid should be relatively easy as the information is still very likely to be in the local multiple listing service (MLS).  If a homeowner purchased a home for $150,000 a few years ago and they are trying to sell if for $200,000 now, it would be helpful to know what improvements they made to warrant a $50,000 increase in the value. Knowing the history of past transactions of a home can be a very helpful piece of information when determining how much to offer for a home. [caption id="attachment_2702" align="alignright" width="450"]When Determining How Much To Offer For A Home, Ask An Expert! When Determining How Much To Offer For A Home, Ask An Expert![/caption] Ask The Professionals Buying a home is an experience that many people are not familiar with.  When buying a home, it's critical that buyers have a top Realtor representing their best interests.  A top Realtor can help a buyer determine how much to offer for a home, which is a quality tip when it comes to determining the amount to offer for a home! One of the most important interview question to consider asking potential buyers agent's is whether they have experience selling homes in the desired neighborhoods.  An experienced Realtor who has sold homes in a specific neighborhood should be able to have a good idea whether a home is priced accurately or not simply by walking through the property. A top Realtor should be honest with their client and inform them if they feel a home is overpriced, priced well, or possibly under priced.  Unfortunately, there are some Realtors who will try and up-sell buyers, in order to make a few additional bucks and not advise the buyer the home maybe overpriced. Ultimately the decision of  how much to offer for a home is the buyers and not the Realtors.  Even though it ultimately is the buyers decision on how much to offer for a home, taking the advice of a top Realtor is high suggested.  Buyers who completely ignore what a Realtor suggests for an offer price is one of the top things home buyers do that real estate agents hate. Request A Comparative Market Analysis Be Completed Another excellent tip to help home buyers determine how much to offer for a home is by requesting a comparative market analysis be completed by their Realtor.  A comparative market analysis, also known as a CMA, is a very popular method Realtors use to determine market values. Having a comparative market analysis completed can be very helpful for a buyer when determining how much to offer for a home for several reasons.  First and foremost, a comparative market analysis is likely the method a listing agent utilized to determine the list price.  If the listing agent has experience selling homes in the area and is one of the top Realtors in the area, the price they listed the home for sale is likely close to the homes true market value. Another benefit to having a comparative market analysis completed prior to making an offer is it can eliminate possible low appraisal problems.  Just because a home is listed at a specific price, does not mean the home is worth that price, even if a buyer agrees to pay the full list price.  A comparative market analysis can help reduce the chances that a buyer overpays for a home and that the bank cannot justify the agreed sale price. A professionally completed comparative market analysis is a tool that can be a huge help when it comes to determining how much to offer for a home.  The value range that a comparative market analysis suggests, if done properly, should be relatively close to what a home sells for. Determine What The Highest Price You Will Pay Is And Stick To It One of the biggest mistakes that buyers make when buying a home is not sticking to their budget.  Once a buyer finds their "perfect home," it's important they set what the highest price they are willing to pay for that specific property is. Buying a home can be an emotional decision.  Without setting a maximum price, it's possible that a buyer will pay more for a home than they can afford.  By setting a maximum price, a buyer knows that if the negotiations push the price above that maximum number, it's time to walk away.  While it's easier said than done to walk away from a "perfect home," determining a maximum price can be a helpful tip to help determine what to offer for a home. Final Thoughts Determining how much to offer for a home is a big decision and can be tricky.  There is no absolute formula or method to help buyers determine what the purchase offer price should be.  The above tips should make deciding what to offer for a home much easier and less stressful.  Ultimately it is the buyers decision, however, by choosing a top Realtor and having the proper tools and information, buyers will be more comfortable with their decision. Other Top Home Buying Resources If you're buying a home in Rochester, NY, these tips to help determine how much to offer for a home will give you a huge advantage over your competition.  A buyer who has the "know-how" when it comes to determining how much to offer for a home will greatly increase their chances of successfully getting their "perfect home!"  If you haven't selected a top Rochester, NY realtor yet, please contact me, and I'd love to share my experience and expertise about buying a home in the local Rochester real estate market!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Tips To Help Determine How Much To Offer For A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> How Long Should Home Sellers Wait To Respond To An Offer On Their Home? https://www.rochesterrealestateblog.com/home-sellers-wait-respond-offer/ Tue, 19 May 2015 11:00:25 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=17745 Tips To Help Determine How Much To Offer For A Home[/caption] Finding just the right home for some buyers is a difficult task and can be emotionally and physically draining.  Once a buyer finds their "perfect home," only a small portion of the home buying process has been completed. One of the most important steps in the home buying process is successfully negotiating with the home owner.  There are many things that a buyer must decide on when negotiating with the seller.  What contingencies do they want to include?  When do they want to close on the home?  Do they want to have a home inspection? One of the top frequently asked questions from home buyers relates to price.  What should we offer the sellers?  Ultimately the buyer is the person in charge of making the final decision on what amount they should offer the home owner. There are many ways to help home buyers determine how much to offer for a home.  Here are some of the the best tips, and also things to avoid, when determining how much to offer for a home! What Should You Avoid When Determining How Much To Offer For A Home? Unfortunately there are many home buyers in the market place who have no idea when it comes to determining how much to offer for a home.  There are several things that home buyers need to avoid when figuring out how much to offer for a home, otherwise, the probability their offer is accepted is slim to none! Using Online Home Value Estimates One of the most popular misconceptions when it comes to home buying is that online home value estimates are accurate.  Home buyers who believe this "BS" fact about home buying will be extremely disappointed when offer after offer is rejected. When determining how much to offer for a home, make sure you avoid at all costs, online home value estimates.  Online home value estimates, such as Zillow's "Zestimate," are in many cases very inaccurate.  In a recent study of Rochester, NY homes that recently closed, almost 40% of the homes that closed on a specific date had "Zestimates" which were $15,000-$20,000 lower or higher than the actual sale prices. [caption id="attachment_2698" align="alignleft" width="450"]What Should Home Buyers Avoid When Determining How Much To Offer For A Home What Should Home Buyers Avoid When Determining How Much To Offer For A Home[/caption] A buyer who believes any online home value estimates will put themselves at a huge disadvantage when it comes to buying a home.  It's important to remember when determining how much to offer for a home, these online home value estimates are often generated by a computer formula and can be very inaccurate. Don't Be Fooled By Tax Assessments It's important to understand when buying a home, there is a difference between market value, assessed value, and appraised value.  One of the biggest thing to avoid when determining how much to offer for a home is using a homes assessed value as an offer price. The assessed value of a home is used for one thing, to determine how much the property taxes will be.  Assessed value has no correlation to a homes market value.  There are many real estate markets where the assessed value of homes will be significantly lower or higher than what homes are selling for. For example, a significant percentage of recently sold Webster, NY homes have sold for much higher than their  assessed values.  This is great for the local residents as it helps keep the property taxes lower. What Are The Top Tips To Help Buyers Determine How Much To Offer For A Home? There is no absolute way to determine how much to offer for a home.  Due to the fact that every seller has different reasons and different expectations, as well as the fact that homes are rarely identical, knowing how much to offer for a home can sometimes be tricky.  Here are several top tips to help buyers determine how much to offer for a home. Review The Current State Of The Local Real Estate Market It's important that buyers keep in mind what the current state of their local real estate market is when deciding how much to offer for a home.  Every real estate market is different.  Some real estate markets are neutral, some markets are buyers markets, and some markets are sellers market. If the local real estate market is a buyers market, it's possible that many of the homes for sale have been listed for quite some time.  It's fairly common that the longer a home is for sale, the lower the home can be bought for, but this isn't always the case.  In a buyers market, the chance that multiple offers will be received is greatly reduced as there are more homes available. If the local real estate market is a sellers market, it's likely that the homes for sale are sold fairly quickly, within the first week of being listed.  Buying a home in a sellers market can be more difficult for many reasons.  A few factors that contribute to the difficulty level of buying a home in a sellers market include low housing inventory, multiple offers, and a greater number of pre-approved buyers. Remember when determining how much to offer for a home that the condition of the local real estate market is vital.  A sellers market will generally demand an asking price or over asking price offer while a buyers market may warrant a significantly lower offer. Find Out How Much The Home Owner Paid Knowing how much the current owner paid previously for their home sometimes has no relation to how much to offer for a home, but, it certainly can.  Once a buyer finds the home they want to make an offer on, they should attempt to find out how much the current owners paid for the home. In some cases, the homeowners could be an original owner that built the house 40 years ago and obviously with inflation and other factors will make the amount they paid an irrelevant number.  The same can be said with newly built homes.  The cost of new construction is generally much higher than the homes value will be in a handful of years, due to the costs of building.  For example, a home that cost $300,000 to build a handful of years ago may only have a market value of $275,000. The opposite can be true for a homeowner who purchased a home in the past 5 or 6 years.  Finding out how much the current owner paid should be relatively easy as the information is still very likely to be in the local multiple listing service (MLS).  If a homeowner purchased a home for $150,000 a few years ago and they are trying to sell if for $200,000 now, it would be helpful to know what improvements they made to warrant a $50,000 increase in the value. Knowing the history of past transactions of a home can be a very helpful piece of information when determining how much to offer for a home. [caption id="attachment_2702" align="alignright" width="450"]When Determining How Much To Offer For A Home, Ask An Expert! When Determining How Much To Offer For A Home, Ask An Expert![/caption] Ask The Professionals Buying a home is an experience that many people are not familiar with.  When buying a home, it's critical that buyers have a top Realtor representing their best interests.  A top Realtor can help a buyer determine how much to offer for a home, which is a quality tip when it comes to determining the amount to offer for a home! One of the most important interview question to consider asking potential buyers agent's is whether they have experience selling homes in the desired neighborhoods.  An experienced Realtor who has sold homes in a specific neighborhood should be able to have a good idea whether a home is priced accurately or not simply by walking through the property. A top Realtor should be honest with their client and inform them if they feel a home is overpriced, priced well, or possibly under priced.  Unfortunately, there are some Realtors who will try and up-sell buyers, in order to make a few additional bucks and not advise the buyer the home maybe overpriced. Ultimately the decision of  how much to offer for a home is the buyers and not the Realtors.  Even though it ultimately is the buyers decision on how much to offer for a home, taking the advice of a top Realtor is high suggested.  Buyers who completely ignore what a Realtor suggests for an offer price is one of the top things home buyers do that real estate agents hate. Request A Comparative Market Analysis Be Completed Another excellent tip to help home buyers determine how much to offer for a home is by requesting a comparative market analysis be completed by their Realtor.  A comparative market analysis, also known as a CMA, is a very popular method Realtors use to determine market values. Having a comparative market analysis completed can be very helpful for a buyer when determining how much to offer for a home for several reasons.  First and foremost, a comparative market analysis is likely the method a listing agent utilized to determine the list price.  If the listing agent has experience selling homes in the area and is one of the top Realtors in the area, the price they listed the home for sale is likely close to the homes true market value. Another benefit to having a comparative market analysis completed prior to making an offer is it can eliminate possible low appraisal problems.  Just because a home is listed at a specific price, does not mean the home is worth that price, even if a buyer agrees to pay the full list price.  A comparative market analysis can help reduce the chances that a buyer overpays for a home and that the bank cannot justify the agreed sale price. A professionally completed comparative market analysis is a tool that can be a huge help when it comes to determining how much to offer for a home.  The value range that a comparative market analysis suggests, if done properly, should be relatively close to what a home sells for. Determine What The Highest Price You Will Pay Is And Stick To It One of the biggest mistakes that buyers make when buying a home is not sticking to their budget.  Once a buyer finds their "perfect home," it's important they set what the highest price they are willing to pay for that specific property is. Buying a home can be an emotional decision.  Without setting a maximum price, it's possible that a buyer will pay more for a home than they can afford.  By setting a maximum price, a buyer knows that if the negotiations push the price above that maximum number, it's time to walk away.  While it's easier said than done to walk away from a "perfect home," determining a maximum price can be a helpful tip to help determine what to offer for a home. Final Thoughts Determining how much to offer for a home is a big decision and can be tricky.  There is no absolute formula or method to help buyers determine what the purchase offer price should be.  The above tips should make deciding what to offer for a home much easier and less stressful.  Ultimately it is the buyers decision, however, by choosing a top Realtor and having the proper tools and information, buyers will be more comfortable with their decision. Other Top Home Buying Resources If you're buying a home in Rochester, NY, these tips to help determine how much to offer for a home will give you a huge advantage over your competition.  A buyer who has the "know-how" when it comes to determining how much to offer for a home will greatly increase their chances of successfully getting their "perfect home!"  If you haven't selected a top Rochester, NY realtor yet, please contact me, and I'd love to share my experience and expertise about buying a home in the local Rochester real estate market!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Tips To Help Determine How Much To Offer For A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> How To Buy A House With A Low Credit Score https://www.rochesterrealestateblog.com/how-to-buy-a-house-with-a-low-credit-score/ Tue, 19 May 2015 11:00:25 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=16819 Tips To Help Determine How Much To Offer For A Home[/caption] Finding just the right home for some buyers is a difficult task and can be emotionally and physically draining.  Once a buyer finds their "perfect home," only a small portion of the home buying process has been completed. One of the most important steps in the home buying process is successfully negotiating with the home owner.  There are many things that a buyer must decide on when negotiating with the seller.  What contingencies do they want to include?  When do they want to close on the home?  Do they want to have a home inspection? One of the top frequently asked questions from home buyers relates to price.  What should we offer the sellers?  Ultimately the buyer is the person in charge of making the final decision on what amount they should offer the home owner. There are many ways to help home buyers determine how much to offer for a home.  Here are some of the the best tips, and also things to avoid, when determining how much to offer for a home! What Should You Avoid When Determining How Much To Offer For A Home? Unfortunately there are many home buyers in the market place who have no idea when it comes to determining how much to offer for a home.  There are several things that home buyers need to avoid when figuring out how much to offer for a home, otherwise, the probability their offer is accepted is slim to none! Using Online Home Value Estimates One of the most popular misconceptions when it comes to home buying is that online home value estimates are accurate.  Home buyers who believe this "BS" fact about home buying will be extremely disappointed when offer after offer is rejected. When determining how much to offer for a home, make sure you avoid at all costs, online home value estimates.  Online home value estimates, such as Zillow's "Zestimate," are in many cases very inaccurate.  In a recent study of Rochester, NY homes that recently closed, almost 40% of the homes that closed on a specific date had "Zestimates" which were $15,000-$20,000 lower or higher than the actual sale prices. [caption id="attachment_2698" align="alignleft" width="450"]What Should Home Buyers Avoid When Determining How Much To Offer For A Home What Should Home Buyers Avoid When Determining How Much To Offer For A Home[/caption] A buyer who believes any online home value estimates will put themselves at a huge disadvantage when it comes to buying a home.  It's important to remember when determining how much to offer for a home, these online home value estimates are often generated by a computer formula and can be very inaccurate. Don't Be Fooled By Tax Assessments It's important to understand when buying a home, there is a difference between market value, assessed value, and appraised value.  One of the biggest thing to avoid when determining how much to offer for a home is using a homes assessed value as an offer price. The assessed value of a home is used for one thing, to determine how much the property taxes will be.  Assessed value has no correlation to a homes market value.  There are many real estate markets where the assessed value of homes will be significantly lower or higher than what homes are selling for. For example, a significant percentage of recently sold Webster, NY homes have sold for much higher than their  assessed values.  This is great for the local residents as it helps keep the property taxes lower. What Are The Top Tips To Help Buyers Determine How Much To Offer For A Home? There is no absolute way to determine how much to offer for a home.  Due to the fact that every seller has different reasons and different expectations, as well as the fact that homes are rarely identical, knowing how much to offer for a home can sometimes be tricky.  Here are several top tips to help buyers determine how much to offer for a home. Review The Current State Of The Local Real Estate Market It's important that buyers keep in mind what the current state of their local real estate market is when deciding how much to offer for a home.  Every real estate market is different.  Some real estate markets are neutral, some markets are buyers markets, and some markets are sellers market. If the local real estate market is a buyers market, it's possible that many of the homes for sale have been listed for quite some time.  It's fairly common that the longer a home is for sale, the lower the home can be bought for, but this isn't always the case.  In a buyers market, the chance that multiple offers will be received is greatly reduced as there are more homes available. If the local real estate market is a sellers market, it's likely that the homes for sale are sold fairly quickly, within the first week of being listed.  Buying a home in a sellers market can be more difficult for many reasons.  A few factors that contribute to the difficulty level of buying a home in a sellers market include low housing inventory, multiple offers, and a greater number of pre-approved buyers. Remember when determining how much to offer for a home that the condition of the local real estate market is vital.  A sellers market will generally demand an asking price or over asking price offer while a buyers market may warrant a significantly lower offer. Find Out How Much The Home Owner Paid Knowing how much the current owner paid previously for their home sometimes has no relation to how much to offer for a home, but, it certainly can.  Once a buyer finds the home they want to make an offer on, they should attempt to find out how much the current owners paid for the home. In some cases, the homeowners could be an original owner that built the house 40 years ago and obviously with inflation and other factors will make the amount they paid an irrelevant number.  The same can be said with newly built homes.  The cost of new construction is generally much higher than the homes value will be in a handful of years, due to the costs of building.  For example, a home that cost $300,000 to build a handful of years ago may only have a market value of $275,000. The opposite can be true for a homeowner who purchased a home in the past 5 or 6 years.  Finding out how much the current owner paid should be relatively easy as the information is still very likely to be in the local multiple listing service (MLS).  If a homeowner purchased a home for $150,000 a few years ago and they are trying to sell if for $200,000 now, it would be helpful to know what improvements they made to warrant a $50,000 increase in the value. Knowing the history of past transactions of a home can be a very helpful piece of information when determining how much to offer for a home. [caption id="attachment_2702" align="alignright" width="450"]When Determining How Much To Offer For A Home, Ask An Expert! When Determining How Much To Offer For A Home, Ask An Expert![/caption] Ask The Professionals Buying a home is an experience that many people are not familiar with.  When buying a home, it's critical that buyers have a top Realtor representing their best interests.  A top Realtor can help a buyer determine how much to offer for a home, which is a quality tip when it comes to determining the amount to offer for a home! One of the most important interview question to consider asking potential buyers agent's is whether they have experience selling homes in the desired neighborhoods.  An experienced Realtor who has sold homes in a specific neighborhood should be able to have a good idea whether a home is priced accurately or not simply by walking through the property. A top Realtor should be honest with their client and inform them if they feel a home is overpriced, priced well, or possibly under priced.  Unfortunately, there are some Realtors who will try and up-sell buyers, in order to make a few additional bucks and not advise the buyer the home maybe overpriced. Ultimately the decision of  how much to offer for a home is the buyers and not the Realtors.  Even though it ultimately is the buyers decision on how much to offer for a home, taking the advice of a top Realtor is high suggested.  Buyers who completely ignore what a Realtor suggests for an offer price is one of the top things home buyers do that real estate agents hate. Request A Comparative Market Analysis Be Completed Another excellent tip to help home buyers determine how much to offer for a home is by requesting a comparative market analysis be completed by their Realtor.  A comparative market analysis, also known as a CMA, is a very popular method Realtors use to determine market values. Having a comparative market analysis completed can be very helpful for a buyer when determining how much to offer for a home for several reasons.  First and foremost, a comparative market analysis is likely the method a listing agent utilized to determine the list price.  If the listing agent has experience selling homes in the area and is one of the top Realtors in the area, the price they listed the home for sale is likely close to the homes true market value. Another benefit to having a comparative market analysis completed prior to making an offer is it can eliminate possible low appraisal problems.  Just because a home is listed at a specific price, does not mean the home is worth that price, even if a buyer agrees to pay the full list price.  A comparative market analysis can help reduce the chances that a buyer overpays for a home and that the bank cannot justify the agreed sale price. A professionally completed comparative market analysis is a tool that can be a huge help when it comes to determining how much to offer for a home.  The value range that a comparative market analysis suggests, if done properly, should be relatively close to what a home sells for. Determine What The Highest Price You Will Pay Is And Stick To It One of the biggest mistakes that buyers make when buying a home is not sticking to their budget.  Once a buyer finds their "perfect home," it's important they set what the highest price they are willing to pay for that specific property is. Buying a home can be an emotional decision.  Without setting a maximum price, it's possible that a buyer will pay more for a home than they can afford.  By setting a maximum price, a buyer knows that if the negotiations push the price above that maximum number, it's time to walk away.  While it's easier said than done to walk away from a "perfect home," determining a maximum price can be a helpful tip to help determine what to offer for a home. Final Thoughts Determining how much to offer for a home is a big decision and can be tricky.  There is no absolute formula or method to help buyers determine what the purchase offer price should be.  The above tips should make deciding what to offer for a home much easier and less stressful.  Ultimately it is the buyers decision, however, by choosing a top Realtor and having the proper tools and information, buyers will be more comfortable with their decision. Other Top Home Buying Resources If you're buying a home in Rochester, NY, these tips to help determine how much to offer for a home will give you a huge advantage over your competition.  A buyer who has the "know-how" when it comes to determining how much to offer for a home will greatly increase their chances of successfully getting their "perfect home!"  If you haven't selected a top Rochester, NY realtor yet, please contact me, and I'd love to share my experience and expertise about buying a home in the local Rochester real estate market!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Tips To Help Determine How Much To Offer For A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Things To Consider When Shipping A Car https://www.rochesterrealestateblog.com/things-to-consider-when-shipping-a-car/ Tue, 19 May 2015 11:00:25 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=16248 Tips To Help Determine How Much To Offer For A Home[/caption] Finding just the right home for some buyers is a difficult task and can be emotionally and physically draining.  Once a buyer finds their "perfect home," only a small portion of the home buying process has been completed. One of the most important steps in the home buying process is successfully negotiating with the home owner.  There are many things that a buyer must decide on when negotiating with the seller.  What contingencies do they want to include?  When do they want to close on the home?  Do they want to have a home inspection? One of the top frequently asked questions from home buyers relates to price.  What should we offer the sellers?  Ultimately the buyer is the person in charge of making the final decision on what amount they should offer the home owner. There are many ways to help home buyers determine how much to offer for a home.  Here are some of the the best tips, and also things to avoid, when determining how much to offer for a home! What Should You Avoid When Determining How Much To Offer For A Home? Unfortunately there are many home buyers in the market place who have no idea when it comes to determining how much to offer for a home.  There are several things that home buyers need to avoid when figuring out how much to offer for a home, otherwise, the probability their offer is accepted is slim to none! Using Online Home Value Estimates One of the most popular misconceptions when it comes to home buying is that online home value estimates are accurate.  Home buyers who believe this "BS" fact about home buying will be extremely disappointed when offer after offer is rejected. When determining how much to offer for a home, make sure you avoid at all costs, online home value estimates.  Online home value estimates, such as Zillow's "Zestimate," are in many cases very inaccurate.  In a recent study of Rochester, NY homes that recently closed, almost 40% of the homes that closed on a specific date had "Zestimates" which were $15,000-$20,000 lower or higher than the actual sale prices. [caption id="attachment_2698" align="alignleft" width="450"]What Should Home Buyers Avoid When Determining How Much To Offer For A Home What Should Home Buyers Avoid When Determining How Much To Offer For A Home[/caption] A buyer who believes any online home value estimates will put themselves at a huge disadvantage when it comes to buying a home.  It's important to remember when determining how much to offer for a home, these online home value estimates are often generated by a computer formula and can be very inaccurate. Don't Be Fooled By Tax Assessments It's important to understand when buying a home, there is a difference between market value, assessed value, and appraised value.  One of the biggest thing to avoid when determining how much to offer for a home is using a homes assessed value as an offer price. The assessed value of a home is used for one thing, to determine how much the property taxes will be.  Assessed value has no correlation to a homes market value.  There are many real estate markets where the assessed value of homes will be significantly lower or higher than what homes are selling for. For example, a significant percentage of recently sold Webster, NY homes have sold for much higher than their  assessed values.  This is great for the local residents as it helps keep the property taxes lower. What Are The Top Tips To Help Buyers Determine How Much To Offer For A Home? There is no absolute way to determine how much to offer for a home.  Due to the fact that every seller has different reasons and different expectations, as well as the fact that homes are rarely identical, knowing how much to offer for a home can sometimes be tricky.  Here are several top tips to help buyers determine how much to offer for a home. Review The Current State Of The Local Real Estate Market It's important that buyers keep in mind what the current state of their local real estate market is when deciding how much to offer for a home.  Every real estate market is different.  Some real estate markets are neutral, some markets are buyers markets, and some markets are sellers market. If the local real estate market is a buyers market, it's possible that many of the homes for sale have been listed for quite some time.  It's fairly common that the longer a home is for sale, the lower the home can be bought for, but this isn't always the case.  In a buyers market, the chance that multiple offers will be received is greatly reduced as there are more homes available. If the local real estate market is a sellers market, it's likely that the homes for sale are sold fairly quickly, within the first week of being listed.  Buying a home in a sellers market can be more difficult for many reasons.  A few factors that contribute to the difficulty level of buying a home in a sellers market include low housing inventory, multiple offers, and a greater number of pre-approved buyers. Remember when determining how much to offer for a home that the condition of the local real estate market is vital.  A sellers market will generally demand an asking price or over asking price offer while a buyers market may warrant a significantly lower offer. Find Out How Much The Home Owner Paid Knowing how much the current owner paid previously for their home sometimes has no relation to how much to offer for a home, but, it certainly can.  Once a buyer finds the home they want to make an offer on, they should attempt to find out how much the current owners paid for the home. In some cases, the homeowners could be an original owner that built the house 40 years ago and obviously with inflation and other factors will make the amount they paid an irrelevant number.  The same can be said with newly built homes.  The cost of new construction is generally much higher than the homes value will be in a handful of years, due to the costs of building.  For example, a home that cost $300,000 to build a handful of years ago may only have a market value of $275,000. The opposite can be true for a homeowner who purchased a home in the past 5 or 6 years.  Finding out how much the current owner paid should be relatively easy as the information is still very likely to be in the local multiple listing service (MLS).  If a homeowner purchased a home for $150,000 a few years ago and they are trying to sell if for $200,000 now, it would be helpful to know what improvements they made to warrant a $50,000 increase in the value. Knowing the history of past transactions of a home can be a very helpful piece of information when determining how much to offer for a home. [caption id="attachment_2702" align="alignright" width="450"]When Determining How Much To Offer For A Home, Ask An Expert! When Determining How Much To Offer For A Home, Ask An Expert![/caption] Ask The Professionals Buying a home is an experience that many people are not familiar with.  When buying a home, it's critical that buyers have a top Realtor representing their best interests.  A top Realtor can help a buyer determine how much to offer for a home, which is a quality tip when it comes to determining the amount to offer for a home! One of the most important interview question to consider asking potential buyers agent's is whether they have experience selling homes in the desired neighborhoods.  An experienced Realtor who has sold homes in a specific neighborhood should be able to have a good idea whether a home is priced accurately or not simply by walking through the property. A top Realtor should be honest with their client and inform them if they feel a home is overpriced, priced well, or possibly under priced.  Unfortunately, there are some Realtors who will try and up-sell buyers, in order to make a few additional bucks and not advise the buyer the home maybe overpriced. Ultimately the decision of  how much to offer for a home is the buyers and not the Realtors.  Even though it ultimately is the buyers decision on how much to offer for a home, taking the advice of a top Realtor is high suggested.  Buyers who completely ignore what a Realtor suggests for an offer price is one of the top things home buyers do that real estate agents hate. Request A Comparative Market Analysis Be Completed Another excellent tip to help home buyers determine how much to offer for a home is by requesting a comparative market analysis be completed by their Realtor.  A comparative market analysis, also known as a CMA, is a very popular method Realtors use to determine market values. Having a comparative market analysis completed can be very helpful for a buyer when determining how much to offer for a home for several reasons.  First and foremost, a comparative market analysis is likely the method a listing agent utilized to determine the list price.  If the listing agent has experience selling homes in the area and is one of the top Realtors in the area, the price they listed the home for sale is likely close to the homes true market value. Another benefit to having a comparative market analysis completed prior to making an offer is it can eliminate possible low appraisal problems.  Just because a home is listed at a specific price, does not mean the home is worth that price, even if a buyer agrees to pay the full list price.  A comparative market analysis can help reduce the chances that a buyer overpays for a home and that the bank cannot justify the agreed sale price. A professionally completed comparative market analysis is a tool that can be a huge help when it comes to determining how much to offer for a home.  The value range that a comparative market analysis suggests, if done properly, should be relatively close to what a home sells for. Determine What The Highest Price You Will Pay Is And Stick To It One of the biggest mistakes that buyers make when buying a home is not sticking to their budget.  Once a buyer finds their "perfect home," it's important they set what the highest price they are willing to pay for that specific property is. Buying a home can be an emotional decision.  Without setting a maximum price, it's possible that a buyer will pay more for a home than they can afford.  By setting a maximum price, a buyer knows that if the negotiations push the price above that maximum number, it's time to walk away.  While it's easier said than done to walk away from a "perfect home," determining a maximum price can be a helpful tip to help determine what to offer for a home. Final Thoughts Determining how much to offer for a home is a big decision and can be tricky.  There is no absolute formula or method to help buyers determine what the purchase offer price should be.  The above tips should make deciding what to offer for a home much easier and less stressful.  Ultimately it is the buyers decision, however, by choosing a top Realtor and having the proper tools and information, buyers will be more comfortable with their decision. Other Top Home Buying Resources If you're buying a home in Rochester, NY, these tips to help determine how much to offer for a home will give you a huge advantage over your competition.  A buyer who has the "know-how" when it comes to determining how much to offer for a home will greatly increase their chances of successfully getting their "perfect home!"  If you haven't selected a top Rochester, NY realtor yet, please contact me, and I'd love to share my experience and expertise about buying a home in the local Rochester real estate market!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Tips To Help Determine How Much To Offer For A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Home Depot Truck Rentals: What to Know Including Pricing https://www.rochesterrealestateblog.com/home-depot-truck-rentals-what-to-know-including-pricing/ Tue, 19 May 2015 11:00:25 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=16156 Tips To Help Determine How Much To Offer For A Home[/caption] Finding just the right home for some buyers is a difficult task and can be emotionally and physically draining.  Once a buyer finds their "perfect home," only a small portion of the home buying process has been completed. One of the most important steps in the home buying process is successfully negotiating with the home owner.  There are many things that a buyer must decide on when negotiating with the seller.  What contingencies do they want to include?  When do they want to close on the home?  Do they want to have a home inspection? One of the top frequently asked questions from home buyers relates to price.  What should we offer the sellers?  Ultimately the buyer is the person in charge of making the final decision on what amount they should offer the home owner. There are many ways to help home buyers determine how much to offer for a home.  Here are some of the the best tips, and also things to avoid, when determining how much to offer for a home! What Should You Avoid When Determining How Much To Offer For A Home? Unfortunately there are many home buyers in the market place who have no idea when it comes to determining how much to offer for a home.  There are several things that home buyers need to avoid when figuring out how much to offer for a home, otherwise, the probability their offer is accepted is slim to none! Using Online Home Value Estimates One of the most popular misconceptions when it comes to home buying is that online home value estimates are accurate.  Home buyers who believe this "BS" fact about home buying will be extremely disappointed when offer after offer is rejected. When determining how much to offer for a home, make sure you avoid at all costs, online home value estimates.  Online home value estimates, such as Zillow's "Zestimate," are in many cases very inaccurate.  In a recent study of Rochester, NY homes that recently closed, almost 40% of the homes that closed on a specific date had "Zestimates" which were $15,000-$20,000 lower or higher than the actual sale prices. [caption id="attachment_2698" align="alignleft" width="450"]What Should Home Buyers Avoid When Determining How Much To Offer For A Home What Should Home Buyers Avoid When Determining How Much To Offer For A Home[/caption] A buyer who believes any online home value estimates will put themselves at a huge disadvantage when it comes to buying a home.  It's important to remember when determining how much to offer for a home, these online home value estimates are often generated by a computer formula and can be very inaccurate. Don't Be Fooled By Tax Assessments It's important to understand when buying a home, there is a difference between market value, assessed value, and appraised value.  One of the biggest thing to avoid when determining how much to offer for a home is using a homes assessed value as an offer price. The assessed value of a home is used for one thing, to determine how much the property taxes will be.  Assessed value has no correlation to a homes market value.  There are many real estate markets where the assessed value of homes will be significantly lower or higher than what homes are selling for. For example, a significant percentage of recently sold Webster, NY homes have sold for much higher than their  assessed values.  This is great for the local residents as it helps keep the property taxes lower. What Are The Top Tips To Help Buyers Determine How Much To Offer For A Home? There is no absolute way to determine how much to offer for a home.  Due to the fact that every seller has different reasons and different expectations, as well as the fact that homes are rarely identical, knowing how much to offer for a home can sometimes be tricky.  Here are several top tips to help buyers determine how much to offer for a home. Review The Current State Of The Local Real Estate Market It's important that buyers keep in mind what the current state of their local real estate market is when deciding how much to offer for a home.  Every real estate market is different.  Some real estate markets are neutral, some markets are buyers markets, and some markets are sellers market. If the local real estate market is a buyers market, it's possible that many of the homes for sale have been listed for quite some time.  It's fairly common that the longer a home is for sale, the lower the home can be bought for, but this isn't always the case.  In a buyers market, the chance that multiple offers will be received is greatly reduced as there are more homes available. If the local real estate market is a sellers market, it's likely that the homes for sale are sold fairly quickly, within the first week of being listed.  Buying a home in a sellers market can be more difficult for many reasons.  A few factors that contribute to the difficulty level of buying a home in a sellers market include low housing inventory, multiple offers, and a greater number of pre-approved buyers. Remember when determining how much to offer for a home that the condition of the local real estate market is vital.  A sellers market will generally demand an asking price or over asking price offer while a buyers market may warrant a significantly lower offer. Find Out How Much The Home Owner Paid Knowing how much the current owner paid previously for their home sometimes has no relation to how much to offer for a home, but, it certainly can.  Once a buyer finds the home they want to make an offer on, they should attempt to find out how much the current owners paid for the home. In some cases, the homeowners could be an original owner that built the house 40 years ago and obviously with inflation and other factors will make the amount they paid an irrelevant number.  The same can be said with newly built homes.  The cost of new construction is generally much higher than the homes value will be in a handful of years, due to the costs of building.  For example, a home that cost $300,000 to build a handful of years ago may only have a market value of $275,000. The opposite can be true for a homeowner who purchased a home in the past 5 or 6 years.  Finding out how much the current owner paid should be relatively easy as the information is still very likely to be in the local multiple listing service (MLS).  If a homeowner purchased a home for $150,000 a few years ago and they are trying to sell if for $200,000 now, it would be helpful to know what improvements they made to warrant a $50,000 increase in the value. Knowing the history of past transactions of a home can be a very helpful piece of information when determining how much to offer for a home. [caption id="attachment_2702" align="alignright" width="450"]When Determining How Much To Offer For A Home, Ask An Expert! When Determining How Much To Offer For A Home, Ask An Expert![/caption] Ask The Professionals Buying a home is an experience that many people are not familiar with.  When buying a home, it's critical that buyers have a top Realtor representing their best interests.  A top Realtor can help a buyer determine how much to offer for a home, which is a quality tip when it comes to determining the amount to offer for a home! One of the most important interview question to consider asking potential buyers agent's is whether they have experience selling homes in the desired neighborhoods.  An experienced Realtor who has sold homes in a specific neighborhood should be able to have a good idea whether a home is priced accurately or not simply by walking through the property. A top Realtor should be honest with their client and inform them if they feel a home is overpriced, priced well, or possibly under priced.  Unfortunately, there are some Realtors who will try and up-sell buyers, in order to make a few additional bucks and not advise the buyer the home maybe overpriced. Ultimately the decision of  how much to offer for a home is the buyers and not the Realtors.  Even though it ultimately is the buyers decision on how much to offer for a home, taking the advice of a top Realtor is high suggested.  Buyers who completely ignore what a Realtor suggests for an offer price is one of the top things home buyers do that real estate agents hate. Request A Comparative Market Analysis Be Completed Another excellent tip to help home buyers determine how much to offer for a home is by requesting a comparative market analysis be completed by their Realtor.  A comparative market analysis, also known as a CMA, is a very popular method Realtors use to determine market values. Having a comparative market analysis completed can be very helpful for a buyer when determining how much to offer for a home for several reasons.  First and foremost, a comparative market analysis is likely the method a listing agent utilized to determine the list price.  If the listing agent has experience selling homes in the area and is one of the top Realtors in the area, the price they listed the home for sale is likely close to the homes true market value. Another benefit to having a comparative market analysis completed prior to making an offer is it can eliminate possible low appraisal problems.  Just because a home is listed at a specific price, does not mean the home is worth that price, even if a buyer agrees to pay the full list price.  A comparative market analysis can help reduce the chances that a buyer overpays for a home and that the bank cannot justify the agreed sale price. A professionally completed comparative market analysis is a tool that can be a huge help when it comes to determining how much to offer for a home.  The value range that a comparative market analysis suggests, if done properly, should be relatively close to what a home sells for. Determine What The Highest Price You Will Pay Is And Stick To It One of the biggest mistakes that buyers make when buying a home is not sticking to their budget.  Once a buyer finds their "perfect home," it's important they set what the highest price they are willing to pay for that specific property is. Buying a home can be an emotional decision.  Without setting a maximum price, it's possible that a buyer will pay more for a home than they can afford.  By setting a maximum price, a buyer knows that if the negotiations push the price above that maximum number, it's time to walk away.  While it's easier said than done to walk away from a "perfect home," determining a maximum price can be a helpful tip to help determine what to offer for a home. Final Thoughts Determining how much to offer for a home is a big decision and can be tricky.  There is no absolute formula or method to help buyers determine what the purchase offer price should be.  The above tips should make deciding what to offer for a home much easier and less stressful.  Ultimately it is the buyers decision, however, by choosing a top Realtor and having the proper tools and information, buyers will be more comfortable with their decision. Other Top Home Buying Resources If you're buying a home in Rochester, NY, these tips to help determine how much to offer for a home will give you a huge advantage over your competition.  A buyer who has the "know-how" when it comes to determining how much to offer for a home will greatly increase their chances of successfully getting their "perfect home!"  If you haven't selected a top Rochester, NY realtor yet, please contact me, and I'd love to share my experience and expertise about buying a home in the local Rochester real estate market!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Tips To Help Determine How Much To Offer For A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> 16 Things To Do Before Listing Your Home For Sale https://www.rochesterrealestateblog.com/16-things-to-do-before-listing-your-home-for-sale/ Tue, 19 May 2015 11:00:25 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=16138 Tips To Help Determine How Much To Offer For A Home[/caption] Finding just the right home for some buyers is a difficult task and can be emotionally and physically draining.  Once a buyer finds their "perfect home," only a small portion of the home buying process has been completed. One of the most important steps in the home buying process is successfully negotiating with the home owner.  There are many things that a buyer must decide on when negotiating with the seller.  What contingencies do they want to include?  When do they want to close on the home?  Do they want to have a home inspection? One of the top frequently asked questions from home buyers relates to price.  What should we offer the sellers?  Ultimately the buyer is the person in charge of making the final decision on what amount they should offer the home owner. There are many ways to help home buyers determine how much to offer for a home.  Here are some of the the best tips, and also things to avoid, when determining how much to offer for a home! What Should You Avoid When Determining How Much To Offer For A Home? Unfortunately there are many home buyers in the market place who have no idea when it comes to determining how much to offer for a home.  There are several things that home buyers need to avoid when figuring out how much to offer for a home, otherwise, the probability their offer is accepted is slim to none! Using Online Home Value Estimates One of the most popular misconceptions when it comes to home buying is that online home value estimates are accurate.  Home buyers who believe this "BS" fact about home buying will be extremely disappointed when offer after offer is rejected. When determining how much to offer for a home, make sure you avoid at all costs, online home value estimates.  Online home value estimates, such as Zillow's "Zestimate," are in many cases very inaccurate.  In a recent study of Rochester, NY homes that recently closed, almost 40% of the homes that closed on a specific date had "Zestimates" which were $15,000-$20,000 lower or higher than the actual sale prices. [caption id="attachment_2698" align="alignleft" width="450"]What Should Home Buyers Avoid When Determining How Much To Offer For A Home What Should Home Buyers Avoid When Determining How Much To Offer For A Home[/caption] A buyer who believes any online home value estimates will put themselves at a huge disadvantage when it comes to buying a home.  It's important to remember when determining how much to offer for a home, these online home value estimates are often generated by a computer formula and can be very inaccurate. Don't Be Fooled By Tax Assessments It's important to understand when buying a home, there is a difference between market value, assessed value, and appraised value.  One of the biggest thing to avoid when determining how much to offer for a home is using a homes assessed value as an offer price. The assessed value of a home is used for one thing, to determine how much the property taxes will be.  Assessed value has no correlation to a homes market value.  There are many real estate markets where the assessed value of homes will be significantly lower or higher than what homes are selling for. For example, a significant percentage of recently sold Webster, NY homes have sold for much higher than their  assessed values.  This is great for the local residents as it helps keep the property taxes lower. What Are The Top Tips To Help Buyers Determine How Much To Offer For A Home? There is no absolute way to determine how much to offer for a home.  Due to the fact that every seller has different reasons and different expectations, as well as the fact that homes are rarely identical, knowing how much to offer for a home can sometimes be tricky.  Here are several top tips to help buyers determine how much to offer for a home. Review The Current State Of The Local Real Estate Market It's important that buyers keep in mind what the current state of their local real estate market is when deciding how much to offer for a home.  Every real estate market is different.  Some real estate markets are neutral, some markets are buyers markets, and some markets are sellers market. If the local real estate market is a buyers market, it's possible that many of the homes for sale have been listed for quite some time.  It's fairly common that the longer a home is for sale, the lower the home can be bought for, but this isn't always the case.  In a buyers market, the chance that multiple offers will be received is greatly reduced as there are more homes available. If the local real estate market is a sellers market, it's likely that the homes for sale are sold fairly quickly, within the first week of being listed.  Buying a home in a sellers market can be more difficult for many reasons.  A few factors that contribute to the difficulty level of buying a home in a sellers market include low housing inventory, multiple offers, and a greater number of pre-approved buyers. Remember when determining how much to offer for a home that the condition of the local real estate market is vital.  A sellers market will generally demand an asking price or over asking price offer while a buyers market may warrant a significantly lower offer. Find Out How Much The Home Owner Paid Knowing how much the current owner paid previously for their home sometimes has no relation to how much to offer for a home, but, it certainly can.  Once a buyer finds the home they want to make an offer on, they should attempt to find out how much the current owners paid for the home. In some cases, the homeowners could be an original owner that built the house 40 years ago and obviously with inflation and other factors will make the amount they paid an irrelevant number.  The same can be said with newly built homes.  The cost of new construction is generally much higher than the homes value will be in a handful of years, due to the costs of building.  For example, a home that cost $300,000 to build a handful of years ago may only have a market value of $275,000. The opposite can be true for a homeowner who purchased a home in the past 5 or 6 years.  Finding out how much the current owner paid should be relatively easy as the information is still very likely to be in the local multiple listing service (MLS).  If a homeowner purchased a home for $150,000 a few years ago and they are trying to sell if for $200,000 now, it would be helpful to know what improvements they made to warrant a $50,000 increase in the value. Knowing the history of past transactions of a home can be a very helpful piece of information when determining how much to offer for a home. [caption id="attachment_2702" align="alignright" width="450"]When Determining How Much To Offer For A Home, Ask An Expert! When Determining How Much To Offer For A Home, Ask An Expert![/caption] Ask The Professionals Buying a home is an experience that many people are not familiar with.  When buying a home, it's critical that buyers have a top Realtor representing their best interests.  A top Realtor can help a buyer determine how much to offer for a home, which is a quality tip when it comes to determining the amount to offer for a home! One of the most important interview question to consider asking potential buyers agent's is whether they have experience selling homes in the desired neighborhoods.  An experienced Realtor who has sold homes in a specific neighborhood should be able to have a good idea whether a home is priced accurately or not simply by walking through the property. A top Realtor should be honest with their client and inform them if they feel a home is overpriced, priced well, or possibly under priced.  Unfortunately, there are some Realtors who will try and up-sell buyers, in order to make a few additional bucks and not advise the buyer the home maybe overpriced. Ultimately the decision of  how much to offer for a home is the buyers and not the Realtors.  Even though it ultimately is the buyers decision on how much to offer for a home, taking the advice of a top Realtor is high suggested.  Buyers who completely ignore what a Realtor suggests for an offer price is one of the top things home buyers do that real estate agents hate. Request A Comparative Market Analysis Be Completed Another excellent tip to help home buyers determine how much to offer for a home is by requesting a comparative market analysis be completed by their Realtor.  A comparative market analysis, also known as a CMA, is a very popular method Realtors use to determine market values. Having a comparative market analysis completed can be very helpful for a buyer when determining how much to offer for a home for several reasons.  First and foremost, a comparative market analysis is likely the method a listing agent utilized to determine the list price.  If the listing agent has experience selling homes in the area and is one of the top Realtors in the area, the price they listed the home for sale is likely close to the homes true market value. Another benefit to having a comparative market analysis completed prior to making an offer is it can eliminate possible low appraisal problems.  Just because a home is listed at a specific price, does not mean the home is worth that price, even if a buyer agrees to pay the full list price.  A comparative market analysis can help reduce the chances that a buyer overpays for a home and that the bank cannot justify the agreed sale price. A professionally completed comparative market analysis is a tool that can be a huge help when it comes to determining how much to offer for a home.  The value range that a comparative market analysis suggests, if done properly, should be relatively close to what a home sells for. Determine What The Highest Price You Will Pay Is And Stick To It One of the biggest mistakes that buyers make when buying a home is not sticking to their budget.  Once a buyer finds their "perfect home," it's important they set what the highest price they are willing to pay for that specific property is. Buying a home can be an emotional decision.  Without setting a maximum price, it's possible that a buyer will pay more for a home than they can afford.  By setting a maximum price, a buyer knows that if the negotiations push the price above that maximum number, it's time to walk away.  While it's easier said than done to walk away from a "perfect home," determining a maximum price can be a helpful tip to help determine what to offer for a home. Final Thoughts Determining how much to offer for a home is a big decision and can be tricky.  There is no absolute formula or method to help buyers determine what the purchase offer price should be.  The above tips should make deciding what to offer for a home much easier and less stressful.  Ultimately it is the buyers decision, however, by choosing a top Realtor and having the proper tools and information, buyers will be more comfortable with their decision. Other Top Home Buying Resources If you're buying a home in Rochester, NY, these tips to help determine how much to offer for a home will give you a huge advantage over your competition.  A buyer who has the "know-how" when it comes to determining how much to offer for a home will greatly increase their chances of successfully getting their "perfect home!"  If you haven't selected a top Rochester, NY realtor yet, please contact me, and I'd love to share my experience and expertise about buying a home in the local Rochester real estate market!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Tips To Help Determine How Much To Offer For A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> The Biggest Home Inspection Mistakes to Avoid https://www.rochesterrealestateblog.com/biggest-home-inspection-mistakes-to-avoid/ Tue, 19 May 2015 11:00:25 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=16112 Tips To Help Determine How Much To Offer For A Home[/caption] Finding just the right home for some buyers is a difficult task and can be emotionally and physically draining.  Once a buyer finds their "perfect home," only a small portion of the home buying process has been completed. One of the most important steps in the home buying process is successfully negotiating with the home owner.  There are many things that a buyer must decide on when negotiating with the seller.  What contingencies do they want to include?  When do they want to close on the home?  Do they want to have a home inspection? One of the top frequently asked questions from home buyers relates to price.  What should we offer the sellers?  Ultimately the buyer is the person in charge of making the final decision on what amount they should offer the home owner. There are many ways to help home buyers determine how much to offer for a home.  Here are some of the the best tips, and also things to avoid, when determining how much to offer for a home! What Should You Avoid When Determining How Much To Offer For A Home? Unfortunately there are many home buyers in the market place who have no idea when it comes to determining how much to offer for a home.  There are several things that home buyers need to avoid when figuring out how much to offer for a home, otherwise, the probability their offer is accepted is slim to none! Using Online Home Value Estimates One of the most popular misconceptions when it comes to home buying is that online home value estimates are accurate.  Home buyers who believe this "BS" fact about home buying will be extremely disappointed when offer after offer is rejected. When determining how much to offer for a home, make sure you avoid at all costs, online home value estimates.  Online home value estimates, such as Zillow's "Zestimate," are in many cases very inaccurate.  In a recent study of Rochester, NY homes that recently closed, almost 40% of the homes that closed on a specific date had "Zestimates" which were $15,000-$20,000 lower or higher than the actual sale prices. [caption id="attachment_2698" align="alignleft" width="450"]What Should Home Buyers Avoid When Determining How Much To Offer For A Home What Should Home Buyers Avoid When Determining How Much To Offer For A Home[/caption] A buyer who believes any online home value estimates will put themselves at a huge disadvantage when it comes to buying a home.  It's important to remember when determining how much to offer for a home, these online home value estimates are often generated by a computer formula and can be very inaccurate. Don't Be Fooled By Tax Assessments It's important to understand when buying a home, there is a difference between market value, assessed value, and appraised value.  One of the biggest thing to avoid when determining how much to offer for a home is using a homes assessed value as an offer price. The assessed value of a home is used for one thing, to determine how much the property taxes will be.  Assessed value has no correlation to a homes market value.  There are many real estate markets where the assessed value of homes will be significantly lower or higher than what homes are selling for. For example, a significant percentage of recently sold Webster, NY homes have sold for much higher than their  assessed values.  This is great for the local residents as it helps keep the property taxes lower. What Are The Top Tips To Help Buyers Determine How Much To Offer For A Home? There is no absolute way to determine how much to offer for a home.  Due to the fact that every seller has different reasons and different expectations, as well as the fact that homes are rarely identical, knowing how much to offer for a home can sometimes be tricky.  Here are several top tips to help buyers determine how much to offer for a home. Review The Current State Of The Local Real Estate Market It's important that buyers keep in mind what the current state of their local real estate market is when deciding how much to offer for a home.  Every real estate market is different.  Some real estate markets are neutral, some markets are buyers markets, and some markets are sellers market. If the local real estate market is a buyers market, it's possible that many of the homes for sale have been listed for quite some time.  It's fairly common that the longer a home is for sale, the lower the home can be bought for, but this isn't always the case.  In a buyers market, the chance that multiple offers will be received is greatly reduced as there are more homes available. If the local real estate market is a sellers market, it's likely that the homes for sale are sold fairly quickly, within the first week of being listed.  Buying a home in a sellers market can be more difficult for many reasons.  A few factors that contribute to the difficulty level of buying a home in a sellers market include low housing inventory, multiple offers, and a greater number of pre-approved buyers. Remember when determining how much to offer for a home that the condition of the local real estate market is vital.  A sellers market will generally demand an asking price or over asking price offer while a buyers market may warrant a significantly lower offer. Find Out How Much The Home Owner Paid Knowing how much the current owner paid previously for their home sometimes has no relation to how much to offer for a home, but, it certainly can.  Once a buyer finds the home they want to make an offer on, they should attempt to find out how much the current owners paid for the home. In some cases, the homeowners could be an original owner that built the house 40 years ago and obviously with inflation and other factors will make the amount they paid an irrelevant number.  The same can be said with newly built homes.  The cost of new construction is generally much higher than the homes value will be in a handful of years, due to the costs of building.  For example, a home that cost $300,000 to build a handful of years ago may only have a market value of $275,000. The opposite can be true for a homeowner who purchased a home in the past 5 or 6 years.  Finding out how much the current owner paid should be relatively easy as the information is still very likely to be in the local multiple listing service (MLS).  If a homeowner purchased a home for $150,000 a few years ago and they are trying to sell if for $200,000 now, it would be helpful to know what improvements they made to warrant a $50,000 increase in the value. Knowing the history of past transactions of a home can be a very helpful piece of information when determining how much to offer for a home. [caption id="attachment_2702" align="alignright" width="450"]When Determining How Much To Offer For A Home, Ask An Expert! When Determining How Much To Offer For A Home, Ask An Expert![/caption] Ask The Professionals Buying a home is an experience that many people are not familiar with.  When buying a home, it's critical that buyers have a top Realtor representing their best interests.  A top Realtor can help a buyer determine how much to offer for a home, which is a quality tip when it comes to determining the amount to offer for a home! One of the most important interview question to consider asking potential buyers agent's is whether they have experience selling homes in the desired neighborhoods.  An experienced Realtor who has sold homes in a specific neighborhood should be able to have a good idea whether a home is priced accurately or not simply by walking through the property. A top Realtor should be honest with their client and inform them if they feel a home is overpriced, priced well, or possibly under priced.  Unfortunately, there are some Realtors who will try and up-sell buyers, in order to make a few additional bucks and not advise the buyer the home maybe overpriced. Ultimately the decision of  how much to offer for a home is the buyers and not the Realtors.  Even though it ultimately is the buyers decision on how much to offer for a home, taking the advice of a top Realtor is high suggested.  Buyers who completely ignore what a Realtor suggests for an offer price is one of the top things home buyers do that real estate agents hate. Request A Comparative Market Analysis Be Completed Another excellent tip to help home buyers determine how much to offer for a home is by requesting a comparative market analysis be completed by their Realtor.  A comparative market analysis, also known as a CMA, is a very popular method Realtors use to determine market values. Having a comparative market analysis completed can be very helpful for a buyer when determining how much to offer for a home for several reasons.  First and foremost, a comparative market analysis is likely the method a listing agent utilized to determine the list price.  If the listing agent has experience selling homes in the area and is one of the top Realtors in the area, the price they listed the home for sale is likely close to the homes true market value. Another benefit to having a comparative market analysis completed prior to making an offer is it can eliminate possible low appraisal problems.  Just because a home is listed at a specific price, does not mean the home is worth that price, even if a buyer agrees to pay the full list price.  A comparative market analysis can help reduce the chances that a buyer overpays for a home and that the bank cannot justify the agreed sale price. A professionally completed comparative market analysis is a tool that can be a huge help when it comes to determining how much to offer for a home.  The value range that a comparative market analysis suggests, if done properly, should be relatively close to what a home sells for. Determine What The Highest Price You Will Pay Is And Stick To It One of the biggest mistakes that buyers make when buying a home is not sticking to their budget.  Once a buyer finds their "perfect home," it's important they set what the highest price they are willing to pay for that specific property is. Buying a home can be an emotional decision.  Without setting a maximum price, it's possible that a buyer will pay more for a home than they can afford.  By setting a maximum price, a buyer knows that if the negotiations push the price above that maximum number, it's time to walk away.  While it's easier said than done to walk away from a "perfect home," determining a maximum price can be a helpful tip to help determine what to offer for a home. Final Thoughts Determining how much to offer for a home is a big decision and can be tricky.  There is no absolute formula or method to help buyers determine what the purchase offer price should be.  The above tips should make deciding what to offer for a home much easier and less stressful.  Ultimately it is the buyers decision, however, by choosing a top Realtor and having the proper tools and information, buyers will be more comfortable with their decision. Other Top Home Buying Resources If you're buying a home in Rochester, NY, these tips to help determine how much to offer for a home will give you a huge advantage over your competition.  A buyer who has the "know-how" when it comes to determining how much to offer for a home will greatly increase their chances of successfully getting their "perfect home!"  If you haven't selected a top Rochester, NY realtor yet, please contact me, and I'd love to share my experience and expertise about buying a home in the local Rochester real estate market!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Tips To Help Determine How Much To Offer For A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> How Your Credit Score Impacts Your Ability To Buy A House https://www.rochesterrealestateblog.com/how-credit-score-impacts-buying-house/ Tue, 19 May 2015 11:00:25 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=16086 Tips To Help Determine How Much To Offer For A Home[/caption] Finding just the right home for some buyers is a difficult task and can be emotionally and physically draining.  Once a buyer finds their "perfect home," only a small portion of the home buying process has been completed. One of the most important steps in the home buying process is successfully negotiating with the home owner.  There are many things that a buyer must decide on when negotiating with the seller.  What contingencies do they want to include?  When do they want to close on the home?  Do they want to have a home inspection? One of the top frequently asked questions from home buyers relates to price.  What should we offer the sellers?  Ultimately the buyer is the person in charge of making the final decision on what amount they should offer the home owner. There are many ways to help home buyers determine how much to offer for a home.  Here are some of the the best tips, and also things to avoid, when determining how much to offer for a home! What Should You Avoid When Determining How Much To Offer For A Home? Unfortunately there are many home buyers in the market place who have no idea when it comes to determining how much to offer for a home.  There are several things that home buyers need to avoid when figuring out how much to offer for a home, otherwise, the probability their offer is accepted is slim to none! Using Online Home Value Estimates One of the most popular misconceptions when it comes to home buying is that online home value estimates are accurate.  Home buyers who believe this "BS" fact about home buying will be extremely disappointed when offer after offer is rejected. When determining how much to offer for a home, make sure you avoid at all costs, online home value estimates.  Online home value estimates, such as Zillow's "Zestimate," are in many cases very inaccurate.  In a recent study of Rochester, NY homes that recently closed, almost 40% of the homes that closed on a specific date had "Zestimates" which were $15,000-$20,000 lower or higher than the actual sale prices. [caption id="attachment_2698" align="alignleft" width="450"]What Should Home Buyers Avoid When Determining How Much To Offer For A Home What Should Home Buyers Avoid When Determining How Much To Offer For A Home[/caption] A buyer who believes any online home value estimates will put themselves at a huge disadvantage when it comes to buying a home.  It's important to remember when determining how much to offer for a home, these online home value estimates are often generated by a computer formula and can be very inaccurate. Don't Be Fooled By Tax Assessments It's important to understand when buying a home, there is a difference between market value, assessed value, and appraised value.  One of the biggest thing to avoid when determining how much to offer for a home is using a homes assessed value as an offer price. The assessed value of a home is used for one thing, to determine how much the property taxes will be.  Assessed value has no correlation to a homes market value.  There are many real estate markets where the assessed value of homes will be significantly lower or higher than what homes are selling for. For example, a significant percentage of recently sold Webster, NY homes have sold for much higher than their  assessed values.  This is great for the local residents as it helps keep the property taxes lower. What Are The Top Tips To Help Buyers Determine How Much To Offer For A Home? There is no absolute way to determine how much to offer for a home.  Due to the fact that every seller has different reasons and different expectations, as well as the fact that homes are rarely identical, knowing how much to offer for a home can sometimes be tricky.  Here are several top tips to help buyers determine how much to offer for a home. Review The Current State Of The Local Real Estate Market It's important that buyers keep in mind what the current state of their local real estate market is when deciding how much to offer for a home.  Every real estate market is different.  Some real estate markets are neutral, some markets are buyers markets, and some markets are sellers market. If the local real estate market is a buyers market, it's possible that many of the homes for sale have been listed for quite some time.  It's fairly common that the longer a home is for sale, the lower the home can be bought for, but this isn't always the case.  In a buyers market, the chance that multiple offers will be received is greatly reduced as there are more homes available. If the local real estate market is a sellers market, it's likely that the homes for sale are sold fairly quickly, within the first week of being listed.  Buying a home in a sellers market can be more difficult for many reasons.  A few factors that contribute to the difficulty level of buying a home in a sellers market include low housing inventory, multiple offers, and a greater number of pre-approved buyers. Remember when determining how much to offer for a home that the condition of the local real estate market is vital.  A sellers market will generally demand an asking price or over asking price offer while a buyers market may warrant a significantly lower offer. Find Out How Much The Home Owner Paid Knowing how much the current owner paid previously for their home sometimes has no relation to how much to offer for a home, but, it certainly can.  Once a buyer finds the home they want to make an offer on, they should attempt to find out how much the current owners paid for the home. In some cases, the homeowners could be an original owner that built the house 40 years ago and obviously with inflation and other factors will make the amount they paid an irrelevant number.  The same can be said with newly built homes.  The cost of new construction is generally much higher than the homes value will be in a handful of years, due to the costs of building.  For example, a home that cost $300,000 to build a handful of years ago may only have a market value of $275,000. The opposite can be true for a homeowner who purchased a home in the past 5 or 6 years.  Finding out how much the current owner paid should be relatively easy as the information is still very likely to be in the local multiple listing service (MLS).  If a homeowner purchased a home for $150,000 a few years ago and they are trying to sell if for $200,000 now, it would be helpful to know what improvements they made to warrant a $50,000 increase in the value. Knowing the history of past transactions of a home can be a very helpful piece of information when determining how much to offer for a home. [caption id="attachment_2702" align="alignright" width="450"]When Determining How Much To Offer For A Home, Ask An Expert! When Determining How Much To Offer For A Home, Ask An Expert![/caption] Ask The Professionals Buying a home is an experience that many people are not familiar with.  When buying a home, it's critical that buyers have a top Realtor representing their best interests.  A top Realtor can help a buyer determine how much to offer for a home, which is a quality tip when it comes to determining the amount to offer for a home! One of the most important interview question to consider asking potential buyers agent's is whether they have experience selling homes in the desired neighborhoods.  An experienced Realtor who has sold homes in a specific neighborhood should be able to have a good idea whether a home is priced accurately or not simply by walking through the property. A top Realtor should be honest with their client and inform them if they feel a home is overpriced, priced well, or possibly under priced.  Unfortunately, there are some Realtors who will try and up-sell buyers, in order to make a few additional bucks and not advise the buyer the home maybe overpriced. Ultimately the decision of  how much to offer for a home is the buyers and not the Realtors.  Even though it ultimately is the buyers decision on how much to offer for a home, taking the advice of a top Realtor is high suggested.  Buyers who completely ignore what a Realtor suggests for an offer price is one of the top things home buyers do that real estate agents hate. Request A Comparative Market Analysis Be Completed Another excellent tip to help home buyers determine how much to offer for a home is by requesting a comparative market analysis be completed by their Realtor.  A comparative market analysis, also known as a CMA, is a very popular method Realtors use to determine market values. Having a comparative market analysis completed can be very helpful for a buyer when determining how much to offer for a home for several reasons.  First and foremost, a comparative market analysis is likely the method a listing agent utilized to determine the list price.  If the listing agent has experience selling homes in the area and is one of the top Realtors in the area, the price they listed the home for sale is likely close to the homes true market value. Another benefit to having a comparative market analysis completed prior to making an offer is it can eliminate possible low appraisal problems.  Just because a home is listed at a specific price, does not mean the home is worth that price, even if a buyer agrees to pay the full list price.  A comparative market analysis can help reduce the chances that a buyer overpays for a home and that the bank cannot justify the agreed sale price. A professionally completed comparative market analysis is a tool that can be a huge help when it comes to determining how much to offer for a home.  The value range that a comparative market analysis suggests, if done properly, should be relatively close to what a home sells for. Determine What The Highest Price You Will Pay Is And Stick To It One of the biggest mistakes that buyers make when buying a home is not sticking to their budget.  Once a buyer finds their "perfect home," it's important they set what the highest price they are willing to pay for that specific property is. Buying a home can be an emotional decision.  Without setting a maximum price, it's possible that a buyer will pay more for a home than they can afford.  By setting a maximum price, a buyer knows that if the negotiations push the price above that maximum number, it's time to walk away.  While it's easier said than done to walk away from a "perfect home," determining a maximum price can be a helpful tip to help determine what to offer for a home. Final Thoughts Determining how much to offer for a home is a big decision and can be tricky.  There is no absolute formula or method to help buyers determine what the purchase offer price should be.  The above tips should make deciding what to offer for a home much easier and less stressful.  Ultimately it is the buyers decision, however, by choosing a top Realtor and having the proper tools and information, buyers will be more comfortable with their decision. Other Top Home Buying Resources If you're buying a home in Rochester, NY, these tips to help determine how much to offer for a home will give you a huge advantage over your competition.  A buyer who has the "know-how" when it comes to determining how much to offer for a home will greatly increase their chances of successfully getting their "perfect home!"  If you haven't selected a top Rochester, NY realtor yet, please contact me, and I'd love to share my experience and expertise about buying a home in the local Rochester real estate market!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Tips To Help Determine How Much To Offer For A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Top Winter Home Selling Mistakes | 7 Errors Made While Selling A House During The Winter https://www.rochesterrealestateblog.com/top-winter-home-selling-mistakes/ Tue, 19 May 2015 11:00:25 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=16051 Tips To Help Determine How Much To Offer For A Home[/caption] Finding just the right home for some buyers is a difficult task and can be emotionally and physically draining.  Once a buyer finds their "perfect home," only a small portion of the home buying process has been completed. One of the most important steps in the home buying process is successfully negotiating with the home owner.  There are many things that a buyer must decide on when negotiating with the seller.  What contingencies do they want to include?  When do they want to close on the home?  Do they want to have a home inspection? One of the top frequently asked questions from home buyers relates to price.  What should we offer the sellers?  Ultimately the buyer is the person in charge of making the final decision on what amount they should offer the home owner. There are many ways to help home buyers determine how much to offer for a home.  Here are some of the the best tips, and also things to avoid, when determining how much to offer for a home! What Should You Avoid When Determining How Much To Offer For A Home? Unfortunately there are many home buyers in the market place who have no idea when it comes to determining how much to offer for a home.  There are several things that home buyers need to avoid when figuring out how much to offer for a home, otherwise, the probability their offer is accepted is slim to none! Using Online Home Value Estimates One of the most popular misconceptions when it comes to home buying is that online home value estimates are accurate.  Home buyers who believe this "BS" fact about home buying will be extremely disappointed when offer after offer is rejected. When determining how much to offer for a home, make sure you avoid at all costs, online home value estimates.  Online home value estimates, such as Zillow's "Zestimate," are in many cases very inaccurate.  In a recent study of Rochester, NY homes that recently closed, almost 40% of the homes that closed on a specific date had "Zestimates" which were $15,000-$20,000 lower or higher than the actual sale prices. [caption id="attachment_2698" align="alignleft" width="450"]What Should Home Buyers Avoid When Determining How Much To Offer For A Home What Should Home Buyers Avoid When Determining How Much To Offer For A Home[/caption] A buyer who believes any online home value estimates will put themselves at a huge disadvantage when it comes to buying a home.  It's important to remember when determining how much to offer for a home, these online home value estimates are often generated by a computer formula and can be very inaccurate. Don't Be Fooled By Tax Assessments It's important to understand when buying a home, there is a difference between market value, assessed value, and appraised value.  One of the biggest thing to avoid when determining how much to offer for a home is using a homes assessed value as an offer price. The assessed value of a home is used for one thing, to determine how much the property taxes will be.  Assessed value has no correlation to a homes market value.  There are many real estate markets where the assessed value of homes will be significantly lower or higher than what homes are selling for. For example, a significant percentage of recently sold Webster, NY homes have sold for much higher than their  assessed values.  This is great for the local residents as it helps keep the property taxes lower. What Are The Top Tips To Help Buyers Determine How Much To Offer For A Home? There is no absolute way to determine how much to offer for a home.  Due to the fact that every seller has different reasons and different expectations, as well as the fact that homes are rarely identical, knowing how much to offer for a home can sometimes be tricky.  Here are several top tips to help buyers determine how much to offer for a home. Review The Current State Of The Local Real Estate Market It's important that buyers keep in mind what the current state of their local real estate market is when deciding how much to offer for a home.  Every real estate market is different.  Some real estate markets are neutral, some markets are buyers markets, and some markets are sellers market. If the local real estate market is a buyers market, it's possible that many of the homes for sale have been listed for quite some time.  It's fairly common that the longer a home is for sale, the lower the home can be bought for, but this isn't always the case.  In a buyers market, the chance that multiple offers will be received is greatly reduced as there are more homes available. If the local real estate market is a sellers market, it's likely that the homes for sale are sold fairly quickly, within the first week of being listed.  Buying a home in a sellers market can be more difficult for many reasons.  A few factors that contribute to the difficulty level of buying a home in a sellers market include low housing inventory, multiple offers, and a greater number of pre-approved buyers. Remember when determining how much to offer for a home that the condition of the local real estate market is vital.  A sellers market will generally demand an asking price or over asking price offer while a buyers market may warrant a significantly lower offer. Find Out How Much The Home Owner Paid Knowing how much the current owner paid previously for their home sometimes has no relation to how much to offer for a home, but, it certainly can.  Once a buyer finds the home they want to make an offer on, they should attempt to find out how much the current owners paid for the home. In some cases, the homeowners could be an original owner that built the house 40 years ago and obviously with inflation and other factors will make the amount they paid an irrelevant number.  The same can be said with newly built homes.  The cost of new construction is generally much higher than the homes value will be in a handful of years, due to the costs of building.  For example, a home that cost $300,000 to build a handful of years ago may only have a market value of $275,000. The opposite can be true for a homeowner who purchased a home in the past 5 or 6 years.  Finding out how much the current owner paid should be relatively easy as the information is still very likely to be in the local multiple listing service (MLS).  If a homeowner purchased a home for $150,000 a few years ago and they are trying to sell if for $200,000 now, it would be helpful to know what improvements they made to warrant a $50,000 increase in the value. Knowing the history of past transactions of a home can be a very helpful piece of information when determining how much to offer for a home. [caption id="attachment_2702" align="alignright" width="450"]When Determining How Much To Offer For A Home, Ask An Expert! When Determining How Much To Offer For A Home, Ask An Expert![/caption] Ask The Professionals Buying a home is an experience that many people are not familiar with.  When buying a home, it's critical that buyers have a top Realtor representing their best interests.  A top Realtor can help a buyer determine how much to offer for a home, which is a quality tip when it comes to determining the amount to offer for a home! One of the most important interview question to consider asking potential buyers agent's is whether they have experience selling homes in the desired neighborhoods.  An experienced Realtor who has sold homes in a specific neighborhood should be able to have a good idea whether a home is priced accurately or not simply by walking through the property. A top Realtor should be honest with their client and inform them if they feel a home is overpriced, priced well, or possibly under priced.  Unfortunately, there are some Realtors who will try and up-sell buyers, in order to make a few additional bucks and not advise the buyer the home maybe overpriced. Ultimately the decision of  how much to offer for a home is the buyers and not the Realtors.  Even though it ultimately is the buyers decision on how much to offer for a home, taking the advice of a top Realtor is high suggested.  Buyers who completely ignore what a Realtor suggests for an offer price is one of the top things home buyers do that real estate agents hate. Request A Comparative Market Analysis Be Completed Another excellent tip to help home buyers determine how much to offer for a home is by requesting a comparative market analysis be completed by their Realtor.  A comparative market analysis, also known as a CMA, is a very popular method Realtors use to determine market values. Having a comparative market analysis completed can be very helpful for a buyer when determining how much to offer for a home for several reasons.  First and foremost, a comparative market analysis is likely the method a listing agent utilized to determine the list price.  If the listing agent has experience selling homes in the area and is one of the top Realtors in the area, the price they listed the home for sale is likely close to the homes true market value. Another benefit to having a comparative market analysis completed prior to making an offer is it can eliminate possible low appraisal problems.  Just because a home is listed at a specific price, does not mean the home is worth that price, even if a buyer agrees to pay the full list price.  A comparative market analysis can help reduce the chances that a buyer overpays for a home and that the bank cannot justify the agreed sale price. A professionally completed comparative market analysis is a tool that can be a huge help when it comes to determining how much to offer for a home.  The value range that a comparative market analysis suggests, if done properly, should be relatively close to what a home sells for. Determine What The Highest Price You Will Pay Is And Stick To It One of the biggest mistakes that buyers make when buying a home is not sticking to their budget.  Once a buyer finds their "perfect home," it's important they set what the highest price they are willing to pay for that specific property is. Buying a home can be an emotional decision.  Without setting a maximum price, it's possible that a buyer will pay more for a home than they can afford.  By setting a maximum price, a buyer knows that if the negotiations push the price above that maximum number, it's time to walk away.  While it's easier said than done to walk away from a "perfect home," determining a maximum price can be a helpful tip to help determine what to offer for a home. Final Thoughts Determining how much to offer for a home is a big decision and can be tricky.  There is no absolute formula or method to help buyers determine what the purchase offer price should be.  The above tips should make deciding what to offer for a home much easier and less stressful.  Ultimately it is the buyers decision, however, by choosing a top Realtor and having the proper tools and information, buyers will be more comfortable with their decision. Other Top Home Buying Resources If you're buying a home in Rochester, NY, these tips to help determine how much to offer for a home will give you a huge advantage over your competition.  A buyer who has the "know-how" when it comes to determining how much to offer for a home will greatly increase their chances of successfully getting their "perfect home!"  If you haven't selected a top Rochester, NY realtor yet, please contact me, and I'd love to share my experience and expertise about buying a home in the local Rochester real estate market!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Tips To Help Determine How Much To Offer For A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Top Winter Home Buying Mistakes | 11 Errors Made While Buying A House During The Winter https://www.rochesterrealestateblog.com/winter-home-buying-mistakes/ Tue, 19 May 2015 11:00:25 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=16013 Tips To Help Determine How Much To Offer For A Home[/caption] Finding just the right home for some buyers is a difficult task and can be emotionally and physically draining.  Once a buyer finds their "perfect home," only a small portion of the home buying process has been completed. One of the most important steps in the home buying process is successfully negotiating with the home owner.  There are many things that a buyer must decide on when negotiating with the seller.  What contingencies do they want to include?  When do they want to close on the home?  Do they want to have a home inspection? One of the top frequently asked questions from home buyers relates to price.  What should we offer the sellers?  Ultimately the buyer is the person in charge of making the final decision on what amount they should offer the home owner. There are many ways to help home buyers determine how much to offer for a home.  Here are some of the the best tips, and also things to avoid, when determining how much to offer for a home! What Should You Avoid When Determining How Much To Offer For A Home? Unfortunately there are many home buyers in the market place who have no idea when it comes to determining how much to offer for a home.  There are several things that home buyers need to avoid when figuring out how much to offer for a home, otherwise, the probability their offer is accepted is slim to none! Using Online Home Value Estimates One of the most popular misconceptions when it comes to home buying is that online home value estimates are accurate.  Home buyers who believe this "BS" fact about home buying will be extremely disappointed when offer after offer is rejected. When determining how much to offer for a home, make sure you avoid at all costs, online home value estimates.  Online home value estimates, such as Zillow's "Zestimate," are in many cases very inaccurate.  In a recent study of Rochester, NY homes that recently closed, almost 40% of the homes that closed on a specific date had "Zestimates" which were $15,000-$20,000 lower or higher than the actual sale prices. [caption id="attachment_2698" align="alignleft" width="450"]What Should Home Buyers Avoid When Determining How Much To Offer For A Home What Should Home Buyers Avoid When Determining How Much To Offer For A Home[/caption] A buyer who believes any online home value estimates will put themselves at a huge disadvantage when it comes to buying a home.  It's important to remember when determining how much to offer for a home, these online home value estimates are often generated by a computer formula and can be very inaccurate. Don't Be Fooled By Tax Assessments It's important to understand when buying a home, there is a difference between market value, assessed value, and appraised value.  One of the biggest thing to avoid when determining how much to offer for a home is using a homes assessed value as an offer price. The assessed value of a home is used for one thing, to determine how much the property taxes will be.  Assessed value has no correlation to a homes market value.  There are many real estate markets where the assessed value of homes will be significantly lower or higher than what homes are selling for. For example, a significant percentage of recently sold Webster, NY homes have sold for much higher than their  assessed values.  This is great for the local residents as it helps keep the property taxes lower. What Are The Top Tips To Help Buyers Determine How Much To Offer For A Home? There is no absolute way to determine how much to offer for a home.  Due to the fact that every seller has different reasons and different expectations, as well as the fact that homes are rarely identical, knowing how much to offer for a home can sometimes be tricky.  Here are several top tips to help buyers determine how much to offer for a home. Review The Current State Of The Local Real Estate Market It's important that buyers keep in mind what the current state of their local real estate market is when deciding how much to offer for a home.  Every real estate market is different.  Some real estate markets are neutral, some markets are buyers markets, and some markets are sellers market. If the local real estate market is a buyers market, it's possible that many of the homes for sale have been listed for quite some time.  It's fairly common that the longer a home is for sale, the lower the home can be bought for, but this isn't always the case.  In a buyers market, the chance that multiple offers will be received is greatly reduced as there are more homes available. If the local real estate market is a sellers market, it's likely that the homes for sale are sold fairly quickly, within the first week of being listed.  Buying a home in a sellers market can be more difficult for many reasons.  A few factors that contribute to the difficulty level of buying a home in a sellers market include low housing inventory, multiple offers, and a greater number of pre-approved buyers. Remember when determining how much to offer for a home that the condition of the local real estate market is vital.  A sellers market will generally demand an asking price or over asking price offer while a buyers market may warrant a significantly lower offer. Find Out How Much The Home Owner Paid Knowing how much the current owner paid previously for their home sometimes has no relation to how much to offer for a home, but, it certainly can.  Once a buyer finds the home they want to make an offer on, they should attempt to find out how much the current owners paid for the home. In some cases, the homeowners could be an original owner that built the house 40 years ago and obviously with inflation and other factors will make the amount they paid an irrelevant number.  The same can be said with newly built homes.  The cost of new construction is generally much higher than the homes value will be in a handful of years, due to the costs of building.  For example, a home that cost $300,000 to build a handful of years ago may only have a market value of $275,000. The opposite can be true for a homeowner who purchased a home in the past 5 or 6 years.  Finding out how much the current owner paid should be relatively easy as the information is still very likely to be in the local multiple listing service (MLS).  If a homeowner purchased a home for $150,000 a few years ago and they are trying to sell if for $200,000 now, it would be helpful to know what improvements they made to warrant a $50,000 increase in the value. Knowing the history of past transactions of a home can be a very helpful piece of information when determining how much to offer for a home. [caption id="attachment_2702" align="alignright" width="450"]When Determining How Much To Offer For A Home, Ask An Expert! When Determining How Much To Offer For A Home, Ask An Expert![/caption] Ask The Professionals Buying a home is an experience that many people are not familiar with.  When buying a home, it's critical that buyers have a top Realtor representing their best interests.  A top Realtor can help a buyer determine how much to offer for a home, which is a quality tip when it comes to determining the amount to offer for a home! One of the most important interview question to consider asking potential buyers agent's is whether they have experience selling homes in the desired neighborhoods.  An experienced Realtor who has sold homes in a specific neighborhood should be able to have a good idea whether a home is priced accurately or not simply by walking through the property. A top Realtor should be honest with their client and inform them if they feel a home is overpriced, priced well, or possibly under priced.  Unfortunately, there are some Realtors who will try and up-sell buyers, in order to make a few additional bucks and not advise the buyer the home maybe overpriced. Ultimately the decision of  how much to offer for a home is the buyers and not the Realtors.  Even though it ultimately is the buyers decision on how much to offer for a home, taking the advice of a top Realtor is high suggested.  Buyers who completely ignore what a Realtor suggests for an offer price is one of the top things home buyers do that real estate agents hate. Request A Comparative Market Analysis Be Completed Another excellent tip to help home buyers determine how much to offer for a home is by requesting a comparative market analysis be completed by their Realtor.  A comparative market analysis, also known as a CMA, is a very popular method Realtors use to determine market values. Having a comparative market analysis completed can be very helpful for a buyer when determining how much to offer for a home for several reasons.  First and foremost, a comparative market analysis is likely the method a listing agent utilized to determine the list price.  If the listing agent has experience selling homes in the area and is one of the top Realtors in the area, the price they listed the home for sale is likely close to the homes true market value. Another benefit to having a comparative market analysis completed prior to making an offer is it can eliminate possible low appraisal problems.  Just because a home is listed at a specific price, does not mean the home is worth that price, even if a buyer agrees to pay the full list price.  A comparative market analysis can help reduce the chances that a buyer overpays for a home and that the bank cannot justify the agreed sale price. A professionally completed comparative market analysis is a tool that can be a huge help when it comes to determining how much to offer for a home.  The value range that a comparative market analysis suggests, if done properly, should be relatively close to what a home sells for. Determine What The Highest Price You Will Pay Is And Stick To It One of the biggest mistakes that buyers make when buying a home is not sticking to their budget.  Once a buyer finds their "perfect home," it's important they set what the highest price they are willing to pay for that specific property is. Buying a home can be an emotional decision.  Without setting a maximum price, it's possible that a buyer will pay more for a home than they can afford.  By setting a maximum price, a buyer knows that if the negotiations push the price above that maximum number, it's time to walk away.  While it's easier said than done to walk away from a "perfect home," determining a maximum price can be a helpful tip to help determine what to offer for a home. Final Thoughts Determining how much to offer for a home is a big decision and can be tricky.  There is no absolute formula or method to help buyers determine what the purchase offer price should be.  The above tips should make deciding what to offer for a home much easier and less stressful.  Ultimately it is the buyers decision, however, by choosing a top Realtor and having the proper tools and information, buyers will be more comfortable with their decision. Other Top Home Buying Resources If you're buying a home in Rochester, NY, these tips to help determine how much to offer for a home will give you a huge advantage over your competition.  A buyer who has the "know-how" when it comes to determining how much to offer for a home will greatly increase their chances of successfully getting their "perfect home!"  If you haven't selected a top Rochester, NY realtor yet, please contact me, and I'd love to share my experience and expertise about buying a home in the local Rochester real estate market!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Tips To Help Determine How Much To Offer For A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> What Address Change Form Should I Use At The Post Office? https://www.rochesterrealestateblog.com/address-change-form-post-office/ Tue, 19 May 2015 11:00:25 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=15981 Tips To Help Determine How Much To Offer For A Home[/caption] Finding just the right home for some buyers is a difficult task and can be emotionally and physically draining.  Once a buyer finds their "perfect home," only a small portion of the home buying process has been completed. One of the most important steps in the home buying process is successfully negotiating with the home owner.  There are many things that a buyer must decide on when negotiating with the seller.  What contingencies do they want to include?  When do they want to close on the home?  Do they want to have a home inspection? One of the top frequently asked questions from home buyers relates to price.  What should we offer the sellers?  Ultimately the buyer is the person in charge of making the final decision on what amount they should offer the home owner. There are many ways to help home buyers determine how much to offer for a home.  Here are some of the the best tips, and also things to avoid, when determining how much to offer for a home! What Should You Avoid When Determining How Much To Offer For A Home? Unfortunately there are many home buyers in the market place who have no idea when it comes to determining how much to offer for a home.  There are several things that home buyers need to avoid when figuring out how much to offer for a home, otherwise, the probability their offer is accepted is slim to none! Using Online Home Value Estimates One of the most popular misconceptions when it comes to home buying is that online home value estimates are accurate.  Home buyers who believe this "BS" fact about home buying will be extremely disappointed when offer after offer is rejected. When determining how much to offer for a home, make sure you avoid at all costs, online home value estimates.  Online home value estimates, such as Zillow's "Zestimate," are in many cases very inaccurate.  In a recent study of Rochester, NY homes that recently closed, almost 40% of the homes that closed on a specific date had "Zestimates" which were $15,000-$20,000 lower or higher than the actual sale prices. [caption id="attachment_2698" align="alignleft" width="450"]What Should Home Buyers Avoid When Determining How Much To Offer For A Home What Should Home Buyers Avoid When Determining How Much To Offer For A Home[/caption] A buyer who believes any online home value estimates will put themselves at a huge disadvantage when it comes to buying a home.  It's important to remember when determining how much to offer for a home, these online home value estimates are often generated by a computer formula and can be very inaccurate. Don't Be Fooled By Tax Assessments It's important to understand when buying a home, there is a difference between market value, assessed value, and appraised value.  One of the biggest thing to avoid when determining how much to offer for a home is using a homes assessed value as an offer price. The assessed value of a home is used for one thing, to determine how much the property taxes will be.  Assessed value has no correlation to a homes market value.  There are many real estate markets where the assessed value of homes will be significantly lower or higher than what homes are selling for. For example, a significant percentage of recently sold Webster, NY homes have sold for much higher than their  assessed values.  This is great for the local residents as it helps keep the property taxes lower. What Are The Top Tips To Help Buyers Determine How Much To Offer For A Home? There is no absolute way to determine how much to offer for a home.  Due to the fact that every seller has different reasons and different expectations, as well as the fact that homes are rarely identical, knowing how much to offer for a home can sometimes be tricky.  Here are several top tips to help buyers determine how much to offer for a home. Review The Current State Of The Local Real Estate Market It's important that buyers keep in mind what the current state of their local real estate market is when deciding how much to offer for a home.  Every real estate market is different.  Some real estate markets are neutral, some markets are buyers markets, and some markets are sellers market. If the local real estate market is a buyers market, it's possible that many of the homes for sale have been listed for quite some time.  It's fairly common that the longer a home is for sale, the lower the home can be bought for, but this isn't always the case.  In a buyers market, the chance that multiple offers will be received is greatly reduced as there are more homes available. If the local real estate market is a sellers market, it's likely that the homes for sale are sold fairly quickly, within the first week of being listed.  Buying a home in a sellers market can be more difficult for many reasons.  A few factors that contribute to the difficulty level of buying a home in a sellers market include low housing inventory, multiple offers, and a greater number of pre-approved buyers. Remember when determining how much to offer for a home that the condition of the local real estate market is vital.  A sellers market will generally demand an asking price or over asking price offer while a buyers market may warrant a significantly lower offer. Find Out How Much The Home Owner Paid Knowing how much the current owner paid previously for their home sometimes has no relation to how much to offer for a home, but, it certainly can.  Once a buyer finds the home they want to make an offer on, they should attempt to find out how much the current owners paid for the home. In some cases, the homeowners could be an original owner that built the house 40 years ago and obviously with inflation and other factors will make the amount they paid an irrelevant number.  The same can be said with newly built homes.  The cost of new construction is generally much higher than the homes value will be in a handful of years, due to the costs of building.  For example, a home that cost $300,000 to build a handful of years ago may only have a market value of $275,000. The opposite can be true for a homeowner who purchased a home in the past 5 or 6 years.  Finding out how much the current owner paid should be relatively easy as the information is still very likely to be in the local multiple listing service (MLS).  If a homeowner purchased a home for $150,000 a few years ago and they are trying to sell if for $200,000 now, it would be helpful to know what improvements they made to warrant a $50,000 increase in the value. Knowing the history of past transactions of a home can be a very helpful piece of information when determining how much to offer for a home. [caption id="attachment_2702" align="alignright" width="450"]When Determining How Much To Offer For A Home, Ask An Expert! When Determining How Much To Offer For A Home, Ask An Expert![/caption] Ask The Professionals Buying a home is an experience that many people are not familiar with.  When buying a home, it's critical that buyers have a top Realtor representing their best interests.  A top Realtor can help a buyer determine how much to offer for a home, which is a quality tip when it comes to determining the amount to offer for a home! One of the most important interview question to consider asking potential buyers agent's is whether they have experience selling homes in the desired neighborhoods.  An experienced Realtor who has sold homes in a specific neighborhood should be able to have a good idea whether a home is priced accurately or not simply by walking through the property. A top Realtor should be honest with their client and inform them if they feel a home is overpriced, priced well, or possibly under priced.  Unfortunately, there are some Realtors who will try and up-sell buyers, in order to make a few additional bucks and not advise the buyer the home maybe overpriced. Ultimately the decision of  how much to offer for a home is the buyers and not the Realtors.  Even though it ultimately is the buyers decision on how much to offer for a home, taking the advice of a top Realtor is high suggested.  Buyers who completely ignore what a Realtor suggests for an offer price is one of the top things home buyers do that real estate agents hate. Request A Comparative Market Analysis Be Completed Another excellent tip to help home buyers determine how much to offer for a home is by requesting a comparative market analysis be completed by their Realtor.  A comparative market analysis, also known as a CMA, is a very popular method Realtors use to determine market values. Having a comparative market analysis completed can be very helpful for a buyer when determining how much to offer for a home for several reasons.  First and foremost, a comparative market analysis is likely the method a listing agent utilized to determine the list price.  If the listing agent has experience selling homes in the area and is one of the top Realtors in the area, the price they listed the home for sale is likely close to the homes true market value. Another benefit to having a comparative market analysis completed prior to making an offer is it can eliminate possible low appraisal problems.  Just because a home is listed at a specific price, does not mean the home is worth that price, even if a buyer agrees to pay the full list price.  A comparative market analysis can help reduce the chances that a buyer overpays for a home and that the bank cannot justify the agreed sale price. A professionally completed comparative market analysis is a tool that can be a huge help when it comes to determining how much to offer for a home.  The value range that a comparative market analysis suggests, if done properly, should be relatively close to what a home sells for. Determine What The Highest Price You Will Pay Is And Stick To It One of the biggest mistakes that buyers make when buying a home is not sticking to their budget.  Once a buyer finds their "perfect home," it's important they set what the highest price they are willing to pay for that specific property is. Buying a home can be an emotional decision.  Without setting a maximum price, it's possible that a buyer will pay more for a home than they can afford.  By setting a maximum price, a buyer knows that if the negotiations push the price above that maximum number, it's time to walk away.  While it's easier said than done to walk away from a "perfect home," determining a maximum price can be a helpful tip to help determine what to offer for a home. Final Thoughts Determining how much to offer for a home is a big decision and can be tricky.  There is no absolute formula or method to help buyers determine what the purchase offer price should be.  The above tips should make deciding what to offer for a home much easier and less stressful.  Ultimately it is the buyers decision, however, by choosing a top Realtor and having the proper tools and information, buyers will be more comfortable with their decision. Other Top Home Buying Resources If you're buying a home in Rochester, NY, these tips to help determine how much to offer for a home will give you a huge advantage over your competition.  A buyer who has the "know-how" when it comes to determining how much to offer for a home will greatly increase their chances of successfully getting their "perfect home!"  If you haven't selected a top Rochester, NY realtor yet, please contact me, and I'd love to share my experience and expertise about buying a home in the local Rochester real estate market!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Tips To Help Determine How Much To Offer For A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> What Does Contingent Status Mean in Real Estate? https://www.rochesterrealestateblog.com/what-does-contingent-status-mean-real-estate/ Tue, 19 May 2015 11:00:25 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=15956 Tips To Help Determine How Much To Offer For A Home[/caption] Finding just the right home for some buyers is a difficult task and can be emotionally and physically draining.  Once a buyer finds their "perfect home," only a small portion of the home buying process has been completed. One of the most important steps in the home buying process is successfully negotiating with the home owner.  There are many things that a buyer must decide on when negotiating with the seller.  What contingencies do they want to include?  When do they want to close on the home?  Do they want to have a home inspection? One of the top frequently asked questions from home buyers relates to price.  What should we offer the sellers?  Ultimately the buyer is the person in charge of making the final decision on what amount they should offer the home owner. There are many ways to help home buyers determine how much to offer for a home.  Here are some of the the best tips, and also things to avoid, when determining how much to offer for a home! What Should You Avoid When Determining How Much To Offer For A Home? Unfortunately there are many home buyers in the market place who have no idea when it comes to determining how much to offer for a home.  There are several things that home buyers need to avoid when figuring out how much to offer for a home, otherwise, the probability their offer is accepted is slim to none! Using Online Home Value Estimates One of the most popular misconceptions when it comes to home buying is that online home value estimates are accurate.  Home buyers who believe this "BS" fact about home buying will be extremely disappointed when offer after offer is rejected. When determining how much to offer for a home, make sure you avoid at all costs, online home value estimates.  Online home value estimates, such as Zillow's "Zestimate," are in many cases very inaccurate.  In a recent study of Rochester, NY homes that recently closed, almost 40% of the homes that closed on a specific date had "Zestimates" which were $15,000-$20,000 lower or higher than the actual sale prices. [caption id="attachment_2698" align="alignleft" width="450"]What Should Home Buyers Avoid When Determining How Much To Offer For A Home What Should Home Buyers Avoid When Determining How Much To Offer For A Home[/caption] A buyer who believes any online home value estimates will put themselves at a huge disadvantage when it comes to buying a home.  It's important to remember when determining how much to offer for a home, these online home value estimates are often generated by a computer formula and can be very inaccurate. Don't Be Fooled By Tax Assessments It's important to understand when buying a home, there is a difference between market value, assessed value, and appraised value.  One of the biggest thing to avoid when determining how much to offer for a home is using a homes assessed value as an offer price. The assessed value of a home is used for one thing, to determine how much the property taxes will be.  Assessed value has no correlation to a homes market value.  There are many real estate markets where the assessed value of homes will be significantly lower or higher than what homes are selling for. For example, a significant percentage of recently sold Webster, NY homes have sold for much higher than their  assessed values.  This is great for the local residents as it helps keep the property taxes lower. What Are The Top Tips To Help Buyers Determine How Much To Offer For A Home? There is no absolute way to determine how much to offer for a home.  Due to the fact that every seller has different reasons and different expectations, as well as the fact that homes are rarely identical, knowing how much to offer for a home can sometimes be tricky.  Here are several top tips to help buyers determine how much to offer for a home. Review The Current State Of The Local Real Estate Market It's important that buyers keep in mind what the current state of their local real estate market is when deciding how much to offer for a home.  Every real estate market is different.  Some real estate markets are neutral, some markets are buyers markets, and some markets are sellers market. If the local real estate market is a buyers market, it's possible that many of the homes for sale have been listed for quite some time.  It's fairly common that the longer a home is for sale, the lower the home can be bought for, but this isn't always the case.  In a buyers market, the chance that multiple offers will be received is greatly reduced as there are more homes available. If the local real estate market is a sellers market, it's likely that the homes for sale are sold fairly quickly, within the first week of being listed.  Buying a home in a sellers market can be more difficult for many reasons.  A few factors that contribute to the difficulty level of buying a home in a sellers market include low housing inventory, multiple offers, and a greater number of pre-approved buyers. Remember when determining how much to offer for a home that the condition of the local real estate market is vital.  A sellers market will generally demand an asking price or over asking price offer while a buyers market may warrant a significantly lower offer. Find Out How Much The Home Owner Paid Knowing how much the current owner paid previously for their home sometimes has no relation to how much to offer for a home, but, it certainly can.  Once a buyer finds the home they want to make an offer on, they should attempt to find out how much the current owners paid for the home. In some cases, the homeowners could be an original owner that built the house 40 years ago and obviously with inflation and other factors will make the amount they paid an irrelevant number.  The same can be said with newly built homes.  The cost of new construction is generally much higher than the homes value will be in a handful of years, due to the costs of building.  For example, a home that cost $300,000 to build a handful of years ago may only have a market value of $275,000. The opposite can be true for a homeowner who purchased a home in the past 5 or 6 years.  Finding out how much the current owner paid should be relatively easy as the information is still very likely to be in the local multiple listing service (MLS).  If a homeowner purchased a home for $150,000 a few years ago and they are trying to sell if for $200,000 now, it would be helpful to know what improvements they made to warrant a $50,000 increase in the value. Knowing the history of past transactions of a home can be a very helpful piece of information when determining how much to offer for a home. [caption id="attachment_2702" align="alignright" width="450"]When Determining How Much To Offer For A Home, Ask An Expert! When Determining How Much To Offer For A Home, Ask An Expert![/caption] Ask The Professionals Buying a home is an experience that many people are not familiar with.  When buying a home, it's critical that buyers have a top Realtor representing their best interests.  A top Realtor can help a buyer determine how much to offer for a home, which is a quality tip when it comes to determining the amount to offer for a home! One of the most important interview question to consider asking potential buyers agent's is whether they have experience selling homes in the desired neighborhoods.  An experienced Realtor who has sold homes in a specific neighborhood should be able to have a good idea whether a home is priced accurately or not simply by walking through the property. A top Realtor should be honest with their client and inform them if they feel a home is overpriced, priced well, or possibly under priced.  Unfortunately, there are some Realtors who will try and up-sell buyers, in order to make a few additional bucks and not advise the buyer the home maybe overpriced. Ultimately the decision of  how much to offer for a home is the buyers and not the Realtors.  Even though it ultimately is the buyers decision on how much to offer for a home, taking the advice of a top Realtor is high suggested.  Buyers who completely ignore what a Realtor suggests for an offer price is one of the top things home buyers do that real estate agents hate. Request A Comparative Market Analysis Be Completed Another excellent tip to help home buyers determine how much to offer for a home is by requesting a comparative market analysis be completed by their Realtor.  A comparative market analysis, also known as a CMA, is a very popular method Realtors use to determine market values. Having a comparative market analysis completed can be very helpful for a buyer when determining how much to offer for a home for several reasons.  First and foremost, a comparative market analysis is likely the method a listing agent utilized to determine the list price.  If the listing agent has experience selling homes in the area and is one of the top Realtors in the area, the price they listed the home for sale is likely close to the homes true market value. Another benefit to having a comparative market analysis completed prior to making an offer is it can eliminate possible low appraisal problems.  Just because a home is listed at a specific price, does not mean the home is worth that price, even if a buyer agrees to pay the full list price.  A comparative market analysis can help reduce the chances that a buyer overpays for a home and that the bank cannot justify the agreed sale price. A professionally completed comparative market analysis is a tool that can be a huge help when it comes to determining how much to offer for a home.  The value range that a comparative market analysis suggests, if done properly, should be relatively close to what a home sells for. Determine What The Highest Price You Will Pay Is And Stick To It One of the biggest mistakes that buyers make when buying a home is not sticking to their budget.  Once a buyer finds their "perfect home," it's important they set what the highest price they are willing to pay for that specific property is. Buying a home can be an emotional decision.  Without setting a maximum price, it's possible that a buyer will pay more for a home than they can afford.  By setting a maximum price, a buyer knows that if the negotiations push the price above that maximum number, it's time to walk away.  While it's easier said than done to walk away from a "perfect home," determining a maximum price can be a helpful tip to help determine what to offer for a home. Final Thoughts Determining how much to offer for a home is a big decision and can be tricky.  There is no absolute formula or method to help buyers determine what the purchase offer price should be.  The above tips should make deciding what to offer for a home much easier and less stressful.  Ultimately it is the buyers decision, however, by choosing a top Realtor and having the proper tools and information, buyers will be more comfortable with their decision. Other Top Home Buying Resources If you're buying a home in Rochester, NY, these tips to help determine how much to offer for a home will give you a huge advantage over your competition.  A buyer who has the "know-how" when it comes to determining how much to offer for a home will greatly increase their chances of successfully getting their "perfect home!"  If you haven't selected a top Rochester, NY realtor yet, please contact me, and I'd love to share my experience and expertise about buying a home in the local Rochester real estate market!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Tips To Help Determine How Much To Offer For A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> DIY Renovation Ideas For Your Backyard https://www.rochesterrealestateblog.com/diy-renovation-ideas-backyard/ Tue, 19 May 2015 11:00:25 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=15937 Tips To Help Determine How Much To Offer For A Home[/caption] Finding just the right home for some buyers is a difficult task and can be emotionally and physically draining.  Once a buyer finds their "perfect home," only a small portion of the home buying process has been completed. One of the most important steps in the home buying process is successfully negotiating with the home owner.  There are many things that a buyer must decide on when negotiating with the seller.  What contingencies do they want to include?  When do they want to close on the home?  Do they want to have a home inspection? One of the top frequently asked questions from home buyers relates to price.  What should we offer the sellers?  Ultimately the buyer is the person in charge of making the final decision on what amount they should offer the home owner. There are many ways to help home buyers determine how much to offer for a home.  Here are some of the the best tips, and also things to avoid, when determining how much to offer for a home! What Should You Avoid When Determining How Much To Offer For A Home? Unfortunately there are many home buyers in the market place who have no idea when it comes to determining how much to offer for a home.  There are several things that home buyers need to avoid when figuring out how much to offer for a home, otherwise, the probability their offer is accepted is slim to none! Using Online Home Value Estimates One of the most popular misconceptions when it comes to home buying is that online home value estimates are accurate.  Home buyers who believe this "BS" fact about home buying will be extremely disappointed when offer after offer is rejected. When determining how much to offer for a home, make sure you avoid at all costs, online home value estimates.  Online home value estimates, such as Zillow's "Zestimate," are in many cases very inaccurate.  In a recent study of Rochester, NY homes that recently closed, almost 40% of the homes that closed on a specific date had "Zestimates" which were $15,000-$20,000 lower or higher than the actual sale prices. [caption id="attachment_2698" align="alignleft" width="450"]What Should Home Buyers Avoid When Determining How Much To Offer For A Home What Should Home Buyers Avoid When Determining How Much To Offer For A Home[/caption] A buyer who believes any online home value estimates will put themselves at a huge disadvantage when it comes to buying a home.  It's important to remember when determining how much to offer for a home, these online home value estimates are often generated by a computer formula and can be very inaccurate. Don't Be Fooled By Tax Assessments It's important to understand when buying a home, there is a difference between market value, assessed value, and appraised value.  One of the biggest thing to avoid when determining how much to offer for a home is using a homes assessed value as an offer price. The assessed value of a home is used for one thing, to determine how much the property taxes will be.  Assessed value has no correlation to a homes market value.  There are many real estate markets where the assessed value of homes will be significantly lower or higher than what homes are selling for. For example, a significant percentage of recently sold Webster, NY homes have sold for much higher than their  assessed values.  This is great for the local residents as it helps keep the property taxes lower. What Are The Top Tips To Help Buyers Determine How Much To Offer For A Home? There is no absolute way to determine how much to offer for a home.  Due to the fact that every seller has different reasons and different expectations, as well as the fact that homes are rarely identical, knowing how much to offer for a home can sometimes be tricky.  Here are several top tips to help buyers determine how much to offer for a home. Review The Current State Of The Local Real Estate Market It's important that buyers keep in mind what the current state of their local real estate market is when deciding how much to offer for a home.  Every real estate market is different.  Some real estate markets are neutral, some markets are buyers markets, and some markets are sellers market. If the local real estate market is a buyers market, it's possible that many of the homes for sale have been listed for quite some time.  It's fairly common that the longer a home is for sale, the lower the home can be bought for, but this isn't always the case.  In a buyers market, the chance that multiple offers will be received is greatly reduced as there are more homes available. If the local real estate market is a sellers market, it's likely that the homes for sale are sold fairly quickly, within the first week of being listed.  Buying a home in a sellers market can be more difficult for many reasons.  A few factors that contribute to the difficulty level of buying a home in a sellers market include low housing inventory, multiple offers, and a greater number of pre-approved buyers. Remember when determining how much to offer for a home that the condition of the local real estate market is vital.  A sellers market will generally demand an asking price or over asking price offer while a buyers market may warrant a significantly lower offer. Find Out How Much The Home Owner Paid Knowing how much the current owner paid previously for their home sometimes has no relation to how much to offer for a home, but, it certainly can.  Once a buyer finds the home they want to make an offer on, they should attempt to find out how much the current owners paid for the home. In some cases, the homeowners could be an original owner that built the house 40 years ago and obviously with inflation and other factors will make the amount they paid an irrelevant number.  The same can be said with newly built homes.  The cost of new construction is generally much higher than the homes value will be in a handful of years, due to the costs of building.  For example, a home that cost $300,000 to build a handful of years ago may only have a market value of $275,000. The opposite can be true for a homeowner who purchased a home in the past 5 or 6 years.  Finding out how much the current owner paid should be relatively easy as the information is still very likely to be in the local multiple listing service (MLS).  If a homeowner purchased a home for $150,000 a few years ago and they are trying to sell if for $200,000 now, it would be helpful to know what improvements they made to warrant a $50,000 increase in the value. Knowing the history of past transactions of a home can be a very helpful piece of information when determining how much to offer for a home. [caption id="attachment_2702" align="alignright" width="450"]When Determining How Much To Offer For A Home, Ask An Expert! When Determining How Much To Offer For A Home, Ask An Expert![/caption] Ask The Professionals Buying a home is an experience that many people are not familiar with.  When buying a home, it's critical that buyers have a top Realtor representing their best interests.  A top Realtor can help a buyer determine how much to offer for a home, which is a quality tip when it comes to determining the amount to offer for a home! One of the most important interview question to consider asking potential buyers agent's is whether they have experience selling homes in the desired neighborhoods.  An experienced Realtor who has sold homes in a specific neighborhood should be able to have a good idea whether a home is priced accurately or not simply by walking through the property. A top Realtor should be honest with their client and inform them if they feel a home is overpriced, priced well, or possibly under priced.  Unfortunately, there are some Realtors who will try and up-sell buyers, in order to make a few additional bucks and not advise the buyer the home maybe overpriced. Ultimately the decision of  how much to offer for a home is the buyers and not the Realtors.  Even though it ultimately is the buyers decision on how much to offer for a home, taking the advice of a top Realtor is high suggested.  Buyers who completely ignore what a Realtor suggests for an offer price is one of the top things home buyers do that real estate agents hate. Request A Comparative Market Analysis Be Completed Another excellent tip to help home buyers determine how much to offer for a home is by requesting a comparative market analysis be completed by their Realtor.  A comparative market analysis, also known as a CMA, is a very popular method Realtors use to determine market values. Having a comparative market analysis completed can be very helpful for a buyer when determining how much to offer for a home for several reasons.  First and foremost, a comparative market analysis is likely the method a listing agent utilized to determine the list price.  If the listing agent has experience selling homes in the area and is one of the top Realtors in the area, the price they listed the home for sale is likely close to the homes true market value. Another benefit to having a comparative market analysis completed prior to making an offer is it can eliminate possible low appraisal problems.  Just because a home is listed at a specific price, does not mean the home is worth that price, even if a buyer agrees to pay the full list price.  A comparative market analysis can help reduce the chances that a buyer overpays for a home and that the bank cannot justify the agreed sale price. A professionally completed comparative market analysis is a tool that can be a huge help when it comes to determining how much to offer for a home.  The value range that a comparative market analysis suggests, if done properly, should be relatively close to what a home sells for. Determine What The Highest Price You Will Pay Is And Stick To It One of the biggest mistakes that buyers make when buying a home is not sticking to their budget.  Once a buyer finds their "perfect home," it's important they set what the highest price they are willing to pay for that specific property is. Buying a home can be an emotional decision.  Without setting a maximum price, it's possible that a buyer will pay more for a home than they can afford.  By setting a maximum price, a buyer knows that if the negotiations push the price above that maximum number, it's time to walk away.  While it's easier said than done to walk away from a "perfect home," determining a maximum price can be a helpful tip to help determine what to offer for a home. Final Thoughts Determining how much to offer for a home is a big decision and can be tricky.  There is no absolute formula or method to help buyers determine what the purchase offer price should be.  The above tips should make deciding what to offer for a home much easier and less stressful.  Ultimately it is the buyers decision, however, by choosing a top Realtor and having the proper tools and information, buyers will be more comfortable with their decision. Other Top Home Buying Resources If you're buying a home in Rochester, NY, these tips to help determine how much to offer for a home will give you a huge advantage over your competition.  A buyer who has the "know-how" when it comes to determining how much to offer for a home will greatly increase their chances of successfully getting their "perfect home!"  If you haven't selected a top Rochester, NY realtor yet, please contact me, and I'd love to share my experience and expertise about buying a home in the local Rochester real estate market!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Tips To Help Determine How Much To Offer For A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> How to Rent Your First Apartment Guide https://www.rochesterrealestateblog.com/how-to-rent-an-apartment/ Tue, 19 May 2015 11:00:25 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=15931 Tips To Help Determine How Much To Offer For A Home[/caption] Finding just the right home for some buyers is a difficult task and can be emotionally and physically draining.  Once a buyer finds their "perfect home," only a small portion of the home buying process has been completed. One of the most important steps in the home buying process is successfully negotiating with the home owner.  There are many things that a buyer must decide on when negotiating with the seller.  What contingencies do they want to include?  When do they want to close on the home?  Do they want to have a home inspection? One of the top frequently asked questions from home buyers relates to price.  What should we offer the sellers?  Ultimately the buyer is the person in charge of making the final decision on what amount they should offer the home owner. There are many ways to help home buyers determine how much to offer for a home.  Here are some of the the best tips, and also things to avoid, when determining how much to offer for a home! What Should You Avoid When Determining How Much To Offer For A Home? Unfortunately there are many home buyers in the market place who have no idea when it comes to determining how much to offer for a home.  There are several things that home buyers need to avoid when figuring out how much to offer for a home, otherwise, the probability their offer is accepted is slim to none! Using Online Home Value Estimates One of the most popular misconceptions when it comes to home buying is that online home value estimates are accurate.  Home buyers who believe this "BS" fact about home buying will be extremely disappointed when offer after offer is rejected. When determining how much to offer for a home, make sure you avoid at all costs, online home value estimates.  Online home value estimates, such as Zillow's "Zestimate," are in many cases very inaccurate.  In a recent study of Rochester, NY homes that recently closed, almost 40% of the homes that closed on a specific date had "Zestimates" which were $15,000-$20,000 lower or higher than the actual sale prices. [caption id="attachment_2698" align="alignleft" width="450"]What Should Home Buyers Avoid When Determining How Much To Offer For A Home What Should Home Buyers Avoid When Determining How Much To Offer For A Home[/caption] A buyer who believes any online home value estimates will put themselves at a huge disadvantage when it comes to buying a home.  It's important to remember when determining how much to offer for a home, these online home value estimates are often generated by a computer formula and can be very inaccurate. Don't Be Fooled By Tax Assessments It's important to understand when buying a home, there is a difference between market value, assessed value, and appraised value.  One of the biggest thing to avoid when determining how much to offer for a home is using a homes assessed value as an offer price. The assessed value of a home is used for one thing, to determine how much the property taxes will be.  Assessed value has no correlation to a homes market value.  There are many real estate markets where the assessed value of homes will be significantly lower or higher than what homes are selling for. For example, a significant percentage of recently sold Webster, NY homes have sold for much higher than their  assessed values.  This is great for the local residents as it helps keep the property taxes lower. What Are The Top Tips To Help Buyers Determine How Much To Offer For A Home? There is no absolute way to determine how much to offer for a home.  Due to the fact that every seller has different reasons and different expectations, as well as the fact that homes are rarely identical, knowing how much to offer for a home can sometimes be tricky.  Here are several top tips to help buyers determine how much to offer for a home. Review The Current State Of The Local Real Estate Market It's important that buyers keep in mind what the current state of their local real estate market is when deciding how much to offer for a home.  Every real estate market is different.  Some real estate markets are neutral, some markets are buyers markets, and some markets are sellers market. If the local real estate market is a buyers market, it's possible that many of the homes for sale have been listed for quite some time.  It's fairly common that the longer a home is for sale, the lower the home can be bought for, but this isn't always the case.  In a buyers market, the chance that multiple offers will be received is greatly reduced as there are more homes available. If the local real estate market is a sellers market, it's likely that the homes for sale are sold fairly quickly, within the first week of being listed.  Buying a home in a sellers market can be more difficult for many reasons.  A few factors that contribute to the difficulty level of buying a home in a sellers market include low housing inventory, multiple offers, and a greater number of pre-approved buyers. Remember when determining how much to offer for a home that the condition of the local real estate market is vital.  A sellers market will generally demand an asking price or over asking price offer while a buyers market may warrant a significantly lower offer. Find Out How Much The Home Owner Paid Knowing how much the current owner paid previously for their home sometimes has no relation to how much to offer for a home, but, it certainly can.  Once a buyer finds the home they want to make an offer on, they should attempt to find out how much the current owners paid for the home. In some cases, the homeowners could be an original owner that built the house 40 years ago and obviously with inflation and other factors will make the amount they paid an irrelevant number.  The same can be said with newly built homes.  The cost of new construction is generally much higher than the homes value will be in a handful of years, due to the costs of building.  For example, a home that cost $300,000 to build a handful of years ago may only have a market value of $275,000. The opposite can be true for a homeowner who purchased a home in the past 5 or 6 years.  Finding out how much the current owner paid should be relatively easy as the information is still very likely to be in the local multiple listing service (MLS).  If a homeowner purchased a home for $150,000 a few years ago and they are trying to sell if for $200,000 now, it would be helpful to know what improvements they made to warrant a $50,000 increase in the value. Knowing the history of past transactions of a home can be a very helpful piece of information when determining how much to offer for a home. [caption id="attachment_2702" align="alignright" width="450"]When Determining How Much To Offer For A Home, Ask An Expert! When Determining How Much To Offer For A Home, Ask An Expert![/caption] Ask The Professionals Buying a home is an experience that many people are not familiar with.  When buying a home, it's critical that buyers have a top Realtor representing their best interests.  A top Realtor can help a buyer determine how much to offer for a home, which is a quality tip when it comes to determining the amount to offer for a home! One of the most important interview question to consider asking potential buyers agent's is whether they have experience selling homes in the desired neighborhoods.  An experienced Realtor who has sold homes in a specific neighborhood should be able to have a good idea whether a home is priced accurately or not simply by walking through the property. A top Realtor should be honest with their client and inform them if they feel a home is overpriced, priced well, or possibly under priced.  Unfortunately, there are some Realtors who will try and up-sell buyers, in order to make a few additional bucks and not advise the buyer the home maybe overpriced. Ultimately the decision of  how much to offer for a home is the buyers and not the Realtors.  Even though it ultimately is the buyers decision on how much to offer for a home, taking the advice of a top Realtor is high suggested.  Buyers who completely ignore what a Realtor suggests for an offer price is one of the top things home buyers do that real estate agents hate. Request A Comparative Market Analysis Be Completed Another excellent tip to help home buyers determine how much to offer for a home is by requesting a comparative market analysis be completed by their Realtor.  A comparative market analysis, also known as a CMA, is a very popular method Realtors use to determine market values. Having a comparative market analysis completed can be very helpful for a buyer when determining how much to offer for a home for several reasons.  First and foremost, a comparative market analysis is likely the method a listing agent utilized to determine the list price.  If the listing agent has experience selling homes in the area and is one of the top Realtors in the area, the price they listed the home for sale is likely close to the homes true market value. Another benefit to having a comparative market analysis completed prior to making an offer is it can eliminate possible low appraisal problems.  Just because a home is listed at a specific price, does not mean the home is worth that price, even if a buyer agrees to pay the full list price.  A comparative market analysis can help reduce the chances that a buyer overpays for a home and that the bank cannot justify the agreed sale price. A professionally completed comparative market analysis is a tool that can be a huge help when it comes to determining how much to offer for a home.  The value range that a comparative market analysis suggests, if done properly, should be relatively close to what a home sells for. Determine What The Highest Price You Will Pay Is And Stick To It One of the biggest mistakes that buyers make when buying a home is not sticking to their budget.  Once a buyer finds their "perfect home," it's important they set what the highest price they are willing to pay for that specific property is. Buying a home can be an emotional decision.  Without setting a maximum price, it's possible that a buyer will pay more for a home than they can afford.  By setting a maximum price, a buyer knows that if the negotiations push the price above that maximum number, it's time to walk away.  While it's easier said than done to walk away from a "perfect home," determining a maximum price can be a helpful tip to help determine what to offer for a home. Final Thoughts Determining how much to offer for a home is a big decision and can be tricky.  There is no absolute formula or method to help buyers determine what the purchase offer price should be.  The above tips should make deciding what to offer for a home much easier and less stressful.  Ultimately it is the buyers decision, however, by choosing a top Realtor and having the proper tools and information, buyers will be more comfortable with their decision. Other Top Home Buying Resources If you're buying a home in Rochester, NY, these tips to help determine how much to offer for a home will give you a huge advantage over your competition.  A buyer who has the "know-how" when it comes to determining how much to offer for a home will greatly increase their chances of successfully getting their "perfect home!"  If you haven't selected a top Rochester, NY realtor yet, please contact me, and I'd love to share my experience and expertise about buying a home in the local Rochester real estate market!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Tips To Help Determine How Much To Offer For A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Tips For Selling A Home Virtually https://www.rochesterrealestateblog.com/tips-selling-a-home-virtually/ Tue, 19 May 2015 11:00:25 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=15907 Tips To Help Determine How Much To Offer For A Home[/caption] Finding just the right home for some buyers is a difficult task and can be emotionally and physically draining.  Once a buyer finds their "perfect home," only a small portion of the home buying process has been completed. One of the most important steps in the home buying process is successfully negotiating with the home owner.  There are many things that a buyer must decide on when negotiating with the seller.  What contingencies do they want to include?  When do they want to close on the home?  Do they want to have a home inspection? One of the top frequently asked questions from home buyers relates to price.  What should we offer the sellers?  Ultimately the buyer is the person in charge of making the final decision on what amount they should offer the home owner. There are many ways to help home buyers determine how much to offer for a home.  Here are some of the the best tips, and also things to avoid, when determining how much to offer for a home! What Should You Avoid When Determining How Much To Offer For A Home? Unfortunately there are many home buyers in the market place who have no idea when it comes to determining how much to offer for a home.  There are several things that home buyers need to avoid when figuring out how much to offer for a home, otherwise, the probability their offer is accepted is slim to none! Using Online Home Value Estimates One of the most popular misconceptions when it comes to home buying is that online home value estimates are accurate.  Home buyers who believe this "BS" fact about home buying will be extremely disappointed when offer after offer is rejected. When determining how much to offer for a home, make sure you avoid at all costs, online home value estimates.  Online home value estimates, such as Zillow's "Zestimate," are in many cases very inaccurate.  In a recent study of Rochester, NY homes that recently closed, almost 40% of the homes that closed on a specific date had "Zestimates" which were $15,000-$20,000 lower or higher than the actual sale prices. [caption id="attachment_2698" align="alignleft" width="450"]What Should Home Buyers Avoid When Determining How Much To Offer For A Home What Should Home Buyers Avoid When Determining How Much To Offer For A Home[/caption] A buyer who believes any online home value estimates will put themselves at a huge disadvantage when it comes to buying a home.  It's important to remember when determining how much to offer for a home, these online home value estimates are often generated by a computer formula and can be very inaccurate. Don't Be Fooled By Tax Assessments It's important to understand when buying a home, there is a difference between market value, assessed value, and appraised value.  One of the biggest thing to avoid when determining how much to offer for a home is using a homes assessed value as an offer price. The assessed value of a home is used for one thing, to determine how much the property taxes will be.  Assessed value has no correlation to a homes market value.  There are many real estate markets where the assessed value of homes will be significantly lower or higher than what homes are selling for. For example, a significant percentage of recently sold Webster, NY homes have sold for much higher than their  assessed values.  This is great for the local residents as it helps keep the property taxes lower. What Are The Top Tips To Help Buyers Determine How Much To Offer For A Home? There is no absolute way to determine how much to offer for a home.  Due to the fact that every seller has different reasons and different expectations, as well as the fact that homes are rarely identical, knowing how much to offer for a home can sometimes be tricky.  Here are several top tips to help buyers determine how much to offer for a home. Review The Current State Of The Local Real Estate Market It's important that buyers keep in mind what the current state of their local real estate market is when deciding how much to offer for a home.  Every real estate market is different.  Some real estate markets are neutral, some markets are buyers markets, and some markets are sellers market. If the local real estate market is a buyers market, it's possible that many of the homes for sale have been listed for quite some time.  It's fairly common that the longer a home is for sale, the lower the home can be bought for, but this isn't always the case.  In a buyers market, the chance that multiple offers will be received is greatly reduced as there are more homes available. If the local real estate market is a sellers market, it's likely that the homes for sale are sold fairly quickly, within the first week of being listed.  Buying a home in a sellers market can be more difficult for many reasons.  A few factors that contribute to the difficulty level of buying a home in a sellers market include low housing inventory, multiple offers, and a greater number of pre-approved buyers. Remember when determining how much to offer for a home that the condition of the local real estate market is vital.  A sellers market will generally demand an asking price or over asking price offer while a buyers market may warrant a significantly lower offer. Find Out How Much The Home Owner Paid Knowing how much the current owner paid previously for their home sometimes has no relation to how much to offer for a home, but, it certainly can.  Once a buyer finds the home they want to make an offer on, they should attempt to find out how much the current owners paid for the home. In some cases, the homeowners could be an original owner that built the house 40 years ago and obviously with inflation and other factors will make the amount they paid an irrelevant number.  The same can be said with newly built homes.  The cost of new construction is generally much higher than the homes value will be in a handful of years, due to the costs of building.  For example, a home that cost $300,000 to build a handful of years ago may only have a market value of $275,000. The opposite can be true for a homeowner who purchased a home in the past 5 or 6 years.  Finding out how much the current owner paid should be relatively easy as the information is still very likely to be in the local multiple listing service (MLS).  If a homeowner purchased a home for $150,000 a few years ago and they are trying to sell if for $200,000 now, it would be helpful to know what improvements they made to warrant a $50,000 increase in the value. Knowing the history of past transactions of a home can be a very helpful piece of information when determining how much to offer for a home. [caption id="attachment_2702" align="alignright" width="450"]When Determining How Much To Offer For A Home, Ask An Expert! When Determining How Much To Offer For A Home, Ask An Expert![/caption] Ask The Professionals Buying a home is an experience that many people are not familiar with.  When buying a home, it's critical that buyers have a top Realtor representing their best interests.  A top Realtor can help a buyer determine how much to offer for a home, which is a quality tip when it comes to determining the amount to offer for a home! One of the most important interview question to consider asking potential buyers agent's is whether they have experience selling homes in the desired neighborhoods.  An experienced Realtor who has sold homes in a specific neighborhood should be able to have a good idea whether a home is priced accurately or not simply by walking through the property. A top Realtor should be honest with their client and inform them if they feel a home is overpriced, priced well, or possibly under priced.  Unfortunately, there are some Realtors who will try and up-sell buyers, in order to make a few additional bucks and not advise the buyer the home maybe overpriced. Ultimately the decision of  how much to offer for a home is the buyers and not the Realtors.  Even though it ultimately is the buyers decision on how much to offer for a home, taking the advice of a top Realtor is high suggested.  Buyers who completely ignore what a Realtor suggests for an offer price is one of the top things home buyers do that real estate agents hate. Request A Comparative Market Analysis Be Completed Another excellent tip to help home buyers determine how much to offer for a home is by requesting a comparative market analysis be completed by their Realtor.  A comparative market analysis, also known as a CMA, is a very popular method Realtors use to determine market values. Having a comparative market analysis completed can be very helpful for a buyer when determining how much to offer for a home for several reasons.  First and foremost, a comparative market analysis is likely the method a listing agent utilized to determine the list price.  If the listing agent has experience selling homes in the area and is one of the top Realtors in the area, the price they listed the home for sale is likely close to the homes true market value. Another benefit to having a comparative market analysis completed prior to making an offer is it can eliminate possible low appraisal problems.  Just because a home is listed at a specific price, does not mean the home is worth that price, even if a buyer agrees to pay the full list price.  A comparative market analysis can help reduce the chances that a buyer overpays for a home and that the bank cannot justify the agreed sale price. A professionally completed comparative market analysis is a tool that can be a huge help when it comes to determining how much to offer for a home.  The value range that a comparative market analysis suggests, if done properly, should be relatively close to what a home sells for. Determine What The Highest Price You Will Pay Is And Stick To It One of the biggest mistakes that buyers make when buying a home is not sticking to their budget.  Once a buyer finds their "perfect home," it's important they set what the highest price they are willing to pay for that specific property is. Buying a home can be an emotional decision.  Without setting a maximum price, it's possible that a buyer will pay more for a home than they can afford.  By setting a maximum price, a buyer knows that if the negotiations push the price above that maximum number, it's time to walk away.  While it's easier said than done to walk away from a "perfect home," determining a maximum price can be a helpful tip to help determine what to offer for a home. Final Thoughts Determining how much to offer for a home is a big decision and can be tricky.  There is no absolute formula or method to help buyers determine what the purchase offer price should be.  The above tips should make deciding what to offer for a home much easier and less stressful.  Ultimately it is the buyers decision, however, by choosing a top Realtor and having the proper tools and information, buyers will be more comfortable with their decision. Other Top Home Buying Resources If you're buying a home in Rochester, NY, these tips to help determine how much to offer for a home will give you a huge advantage over your competition.  A buyer who has the "know-how" when it comes to determining how much to offer for a home will greatly increase their chances of successfully getting their "perfect home!"  If you haven't selected a top Rochester, NY realtor yet, please contact me, and I'd love to share my experience and expertise about buying a home in the local Rochester real estate market!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Tips To Help Determine How Much To Offer For A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> The Complete Winter Storage Checklist For Your Belongings https://www.rochesterrealestateblog.com/winter-storage-checklist/ Tue, 19 May 2015 11:00:25 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=15885 Tips To Help Determine How Much To Offer For A Home[/caption] Finding just the right home for some buyers is a difficult task and can be emotionally and physically draining.  Once a buyer finds their "perfect home," only a small portion of the home buying process has been completed. One of the most important steps in the home buying process is successfully negotiating with the home owner.  There are many things that a buyer must decide on when negotiating with the seller.  What contingencies do they want to include?  When do they want to close on the home?  Do they want to have a home inspection? One of the top frequently asked questions from home buyers relates to price.  What should we offer the sellers?  Ultimately the buyer is the person in charge of making the final decision on what amount they should offer the home owner. There are many ways to help home buyers determine how much to offer for a home.  Here are some of the the best tips, and also things to avoid, when determining how much to offer for a home! What Should You Avoid When Determining How Much To Offer For A Home? Unfortunately there are many home buyers in the market place who have no idea when it comes to determining how much to offer for a home.  There are several things that home buyers need to avoid when figuring out how much to offer for a home, otherwise, the probability their offer is accepted is slim to none! Using Online Home Value Estimates One of the most popular misconceptions when it comes to home buying is that online home value estimates are accurate.  Home buyers who believe this "BS" fact about home buying will be extremely disappointed when offer after offer is rejected. When determining how much to offer for a home, make sure you avoid at all costs, online home value estimates.  Online home value estimates, such as Zillow's "Zestimate," are in many cases very inaccurate.  In a recent study of Rochester, NY homes that recently closed, almost 40% of the homes that closed on a specific date had "Zestimates" which were $15,000-$20,000 lower or higher than the actual sale prices. [caption id="attachment_2698" align="alignleft" width="450"]What Should Home Buyers Avoid When Determining How Much To Offer For A Home What Should Home Buyers Avoid When Determining How Much To Offer For A Home[/caption] A buyer who believes any online home value estimates will put themselves at a huge disadvantage when it comes to buying a home.  It's important to remember when determining how much to offer for a home, these online home value estimates are often generated by a computer formula and can be very inaccurate. Don't Be Fooled By Tax Assessments It's important to understand when buying a home, there is a difference between market value, assessed value, and appraised value.  One of the biggest thing to avoid when determining how much to offer for a home is using a homes assessed value as an offer price. The assessed value of a home is used for one thing, to determine how much the property taxes will be.  Assessed value has no correlation to a homes market value.  There are many real estate markets where the assessed value of homes will be significantly lower or higher than what homes are selling for. For example, a significant percentage of recently sold Webster, NY homes have sold for much higher than their  assessed values.  This is great for the local residents as it helps keep the property taxes lower. What Are The Top Tips To Help Buyers Determine How Much To Offer For A Home? There is no absolute way to determine how much to offer for a home.  Due to the fact that every seller has different reasons and different expectations, as well as the fact that homes are rarely identical, knowing how much to offer for a home can sometimes be tricky.  Here are several top tips to help buyers determine how much to offer for a home. Review The Current State Of The Local Real Estate Market It's important that buyers keep in mind what the current state of their local real estate market is when deciding how much to offer for a home.  Every real estate market is different.  Some real estate markets are neutral, some markets are buyers markets, and some markets are sellers market. If the local real estate market is a buyers market, it's possible that many of the homes for sale have been listed for quite some time.  It's fairly common that the longer a home is for sale, the lower the home can be bought for, but this isn't always the case.  In a buyers market, the chance that multiple offers will be received is greatly reduced as there are more homes available. If the local real estate market is a sellers market, it's likely that the homes for sale are sold fairly quickly, within the first week of being listed.  Buying a home in a sellers market can be more difficult for many reasons.  A few factors that contribute to the difficulty level of buying a home in a sellers market include low housing inventory, multiple offers, and a greater number of pre-approved buyers. Remember when determining how much to offer for a home that the condition of the local real estate market is vital.  A sellers market will generally demand an asking price or over asking price offer while a buyers market may warrant a significantly lower offer. Find Out How Much The Home Owner Paid Knowing how much the current owner paid previously for their home sometimes has no relation to how much to offer for a home, but, it certainly can.  Once a buyer finds the home they want to make an offer on, they should attempt to find out how much the current owners paid for the home. In some cases, the homeowners could be an original owner that built the house 40 years ago and obviously with inflation and other factors will make the amount they paid an irrelevant number.  The same can be said with newly built homes.  The cost of new construction is generally much higher than the homes value will be in a handful of years, due to the costs of building.  For example, a home that cost $300,000 to build a handful of years ago may only have a market value of $275,000. The opposite can be true for a homeowner who purchased a home in the past 5 or 6 years.  Finding out how much the current owner paid should be relatively easy as the information is still very likely to be in the local multiple listing service (MLS).  If a homeowner purchased a home for $150,000 a few years ago and they are trying to sell if for $200,000 now, it would be helpful to know what improvements they made to warrant a $50,000 increase in the value. Knowing the history of past transactions of a home can be a very helpful piece of information when determining how much to offer for a home. [caption id="attachment_2702" align="alignright" width="450"]When Determining How Much To Offer For A Home, Ask An Expert! When Determining How Much To Offer For A Home, Ask An Expert![/caption] Ask The Professionals Buying a home is an experience that many people are not familiar with.  When buying a home, it's critical that buyers have a top Realtor representing their best interests.  A top Realtor can help a buyer determine how much to offer for a home, which is a quality tip when it comes to determining the amount to offer for a home! One of the most important interview question to consider asking potential buyers agent's is whether they have experience selling homes in the desired neighborhoods.  An experienced Realtor who has sold homes in a specific neighborhood should be able to have a good idea whether a home is priced accurately or not simply by walking through the property. A top Realtor should be honest with their client and inform them if they feel a home is overpriced, priced well, or possibly under priced.  Unfortunately, there are some Realtors who will try and up-sell buyers, in order to make a few additional bucks and not advise the buyer the home maybe overpriced. Ultimately the decision of  how much to offer for a home is the buyers and not the Realtors.  Even though it ultimately is the buyers decision on how much to offer for a home, taking the advice of a top Realtor is high suggested.  Buyers who completely ignore what a Realtor suggests for an offer price is one of the top things home buyers do that real estate agents hate. Request A Comparative Market Analysis Be Completed Another excellent tip to help home buyers determine how much to offer for a home is by requesting a comparative market analysis be completed by their Realtor.  A comparative market analysis, also known as a CMA, is a very popular method Realtors use to determine market values. Having a comparative market analysis completed can be very helpful for a buyer when determining how much to offer for a home for several reasons.  First and foremost, a comparative market analysis is likely the method a listing agent utilized to determine the list price.  If the listing agent has experience selling homes in the area and is one of the top Realtors in the area, the price they listed the home for sale is likely close to the homes true market value. Another benefit to having a comparative market analysis completed prior to making an offer is it can eliminate possible low appraisal problems.  Just because a home is listed at a specific price, does not mean the home is worth that price, even if a buyer agrees to pay the full list price.  A comparative market analysis can help reduce the chances that a buyer overpays for a home and that the bank cannot justify the agreed sale price. A professionally completed comparative market analysis is a tool that can be a huge help when it comes to determining how much to offer for a home.  The value range that a comparative market analysis suggests, if done properly, should be relatively close to what a home sells for. Determine What The Highest Price You Will Pay Is And Stick To It One of the biggest mistakes that buyers make when buying a home is not sticking to their budget.  Once a buyer finds their "perfect home," it's important they set what the highest price they are willing to pay for that specific property is. Buying a home can be an emotional decision.  Without setting a maximum price, it's possible that a buyer will pay more for a home than they can afford.  By setting a maximum price, a buyer knows that if the negotiations push the price above that maximum number, it's time to walk away.  While it's easier said than done to walk away from a "perfect home," determining a maximum price can be a helpful tip to help determine what to offer for a home. Final Thoughts Determining how much to offer for a home is a big decision and can be tricky.  There is no absolute formula or method to help buyers determine what the purchase offer price should be.  The above tips should make deciding what to offer for a home much easier and less stressful.  Ultimately it is the buyers decision, however, by choosing a top Realtor and having the proper tools and information, buyers will be more comfortable with their decision. Other Top Home Buying Resources If you're buying a home in Rochester, NY, these tips to help determine how much to offer for a home will give you a huge advantage over your competition.  A buyer who has the "know-how" when it comes to determining how much to offer for a home will greatly increase their chances of successfully getting their "perfect home!"  If you haven't selected a top Rochester, NY realtor yet, please contact me, and I'd love to share my experience and expertise about buying a home in the local Rochester real estate market!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Tips To Help Determine How Much To Offer For A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Should I Waive My Home Inspection When Buying A House? https://www.rochesterrealestateblog.com/should-i-waive-my-home-inspection/ Tue, 19 May 2015 11:00:25 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=15870 Tips To Help Determine How Much To Offer For A Home[/caption] Finding just the right home for some buyers is a difficult task and can be emotionally and physically draining.  Once a buyer finds their "perfect home," only a small portion of the home buying process has been completed. One of the most important steps in the home buying process is successfully negotiating with the home owner.  There are many things that a buyer must decide on when negotiating with the seller.  What contingencies do they want to include?  When do they want to close on the home?  Do they want to have a home inspection? One of the top frequently asked questions from home buyers relates to price.  What should we offer the sellers?  Ultimately the buyer is the person in charge of making the final decision on what amount they should offer the home owner. There are many ways to help home buyers determine how much to offer for a home.  Here are some of the the best tips, and also things to avoid, when determining how much to offer for a home! What Should You Avoid When Determining How Much To Offer For A Home? Unfortunately there are many home buyers in the market place who have no idea when it comes to determining how much to offer for a home.  There are several things that home buyers need to avoid when figuring out how much to offer for a home, otherwise, the probability their offer is accepted is slim to none! Using Online Home Value Estimates One of the most popular misconceptions when it comes to home buying is that online home value estimates are accurate.  Home buyers who believe this "BS" fact about home buying will be extremely disappointed when offer after offer is rejected. When determining how much to offer for a home, make sure you avoid at all costs, online home value estimates.  Online home value estimates, such as Zillow's "Zestimate," are in many cases very inaccurate.  In a recent study of Rochester, NY homes that recently closed, almost 40% of the homes that closed on a specific date had "Zestimates" which were $15,000-$20,000 lower or higher than the actual sale prices. [caption id="attachment_2698" align="alignleft" width="450"]What Should Home Buyers Avoid When Determining How Much To Offer For A Home What Should Home Buyers Avoid When Determining How Much To Offer For A Home[/caption] A buyer who believes any online home value estimates will put themselves at a huge disadvantage when it comes to buying a home.  It's important to remember when determining how much to offer for a home, these online home value estimates are often generated by a computer formula and can be very inaccurate. Don't Be Fooled By Tax Assessments It's important to understand when buying a home, there is a difference between market value, assessed value, and appraised value.  One of the biggest thing to avoid when determining how much to offer for a home is using a homes assessed value as an offer price. The assessed value of a home is used for one thing, to determine how much the property taxes will be.  Assessed value has no correlation to a homes market value.  There are many real estate markets where the assessed value of homes will be significantly lower or higher than what homes are selling for. For example, a significant percentage of recently sold Webster, NY homes have sold for much higher than their  assessed values.  This is great for the local residents as it helps keep the property taxes lower. What Are The Top Tips To Help Buyers Determine How Much To Offer For A Home? There is no absolute way to determine how much to offer for a home.  Due to the fact that every seller has different reasons and different expectations, as well as the fact that homes are rarely identical, knowing how much to offer for a home can sometimes be tricky.  Here are several top tips to help buyers determine how much to offer for a home. Review The Current State Of The Local Real Estate Market It's important that buyers keep in mind what the current state of their local real estate market is when deciding how much to offer for a home.  Every real estate market is different.  Some real estate markets are neutral, some markets are buyers markets, and some markets are sellers market. If the local real estate market is a buyers market, it's possible that many of the homes for sale have been listed for quite some time.  It's fairly common that the longer a home is for sale, the lower the home can be bought for, but this isn't always the case.  In a buyers market, the chance that multiple offers will be received is greatly reduced as there are more homes available. If the local real estate market is a sellers market, it's likely that the homes for sale are sold fairly quickly, within the first week of being listed.  Buying a home in a sellers market can be more difficult for many reasons.  A few factors that contribute to the difficulty level of buying a home in a sellers market include low housing inventory, multiple offers, and a greater number of pre-approved buyers. Remember when determining how much to offer for a home that the condition of the local real estate market is vital.  A sellers market will generally demand an asking price or over asking price offer while a buyers market may warrant a significantly lower offer. Find Out How Much The Home Owner Paid Knowing how much the current owner paid previously for their home sometimes has no relation to how much to offer for a home, but, it certainly can.  Once a buyer finds the home they want to make an offer on, they should attempt to find out how much the current owners paid for the home. In some cases, the homeowners could be an original owner that built the house 40 years ago and obviously with inflation and other factors will make the amount they paid an irrelevant number.  The same can be said with newly built homes.  The cost of new construction is generally much higher than the homes value will be in a handful of years, due to the costs of building.  For example, a home that cost $300,000 to build a handful of years ago may only have a market value of $275,000. The opposite can be true for a homeowner who purchased a home in the past 5 or 6 years.  Finding out how much the current owner paid should be relatively easy as the information is still very likely to be in the local multiple listing service (MLS).  If a homeowner purchased a home for $150,000 a few years ago and they are trying to sell if for $200,000 now, it would be helpful to know what improvements they made to warrant a $50,000 increase in the value. Knowing the history of past transactions of a home can be a very helpful piece of information when determining how much to offer for a home. [caption id="attachment_2702" align="alignright" width="450"]When Determining How Much To Offer For A Home, Ask An Expert! When Determining How Much To Offer For A Home, Ask An Expert![/caption] Ask The Professionals Buying a home is an experience that many people are not familiar with.  When buying a home, it's critical that buyers have a top Realtor representing their best interests.  A top Realtor can help a buyer determine how much to offer for a home, which is a quality tip when it comes to determining the amount to offer for a home! One of the most important interview question to consider asking potential buyers agent's is whether they have experience selling homes in the desired neighborhoods.  An experienced Realtor who has sold homes in a specific neighborhood should be able to have a good idea whether a home is priced accurately or not simply by walking through the property. A top Realtor should be honest with their client and inform them if they feel a home is overpriced, priced well, or possibly under priced.  Unfortunately, there are some Realtors who will try and up-sell buyers, in order to make a few additional bucks and not advise the buyer the home maybe overpriced. Ultimately the decision of  how much to offer for a home is the buyers and not the Realtors.  Even though it ultimately is the buyers decision on how much to offer for a home, taking the advice of a top Realtor is high suggested.  Buyers who completely ignore what a Realtor suggests for an offer price is one of the top things home buyers do that real estate agents hate. Request A Comparative Market Analysis Be Completed Another excellent tip to help home buyers determine how much to offer for a home is by requesting a comparative market analysis be completed by their Realtor.  A comparative market analysis, also known as a CMA, is a very popular method Realtors use to determine market values. Having a comparative market analysis completed can be very helpful for a buyer when determining how much to offer for a home for several reasons.  First and foremost, a comparative market analysis is likely the method a listing agent utilized to determine the list price.  If the listing agent has experience selling homes in the area and is one of the top Realtors in the area, the price they listed the home for sale is likely close to the homes true market value. Another benefit to having a comparative market analysis completed prior to making an offer is it can eliminate possible low appraisal problems.  Just because a home is listed at a specific price, does not mean the home is worth that price, even if a buyer agrees to pay the full list price.  A comparative market analysis can help reduce the chances that a buyer overpays for a home and that the bank cannot justify the agreed sale price. A professionally completed comparative market analysis is a tool that can be a huge help when it comes to determining how much to offer for a home.  The value range that a comparative market analysis suggests, if done properly, should be relatively close to what a home sells for. Determine What The Highest Price You Will Pay Is And Stick To It One of the biggest mistakes that buyers make when buying a home is not sticking to their budget.  Once a buyer finds their "perfect home," it's important they set what the highest price they are willing to pay for that specific property is. Buying a home can be an emotional decision.  Without setting a maximum price, it's possible that a buyer will pay more for a home than they can afford.  By setting a maximum price, a buyer knows that if the negotiations push the price above that maximum number, it's time to walk away.  While it's easier said than done to walk away from a "perfect home," determining a maximum price can be a helpful tip to help determine what to offer for a home. Final Thoughts Determining how much to offer for a home is a big decision and can be tricky.  There is no absolute formula or method to help buyers determine what the purchase offer price should be.  The above tips should make deciding what to offer for a home much easier and less stressful.  Ultimately it is the buyers decision, however, by choosing a top Realtor and having the proper tools and information, buyers will be more comfortable with their decision. Other Top Home Buying Resources If you're buying a home in Rochester, NY, these tips to help determine how much to offer for a home will give you a huge advantage over your competition.  A buyer who has the "know-how" when it comes to determining how much to offer for a home will greatly increase their chances of successfully getting their "perfect home!"  If you haven't selected a top Rochester, NY realtor yet, please contact me, and I'd love to share my experience and expertise about buying a home in the local Rochester real estate market!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Tips To Help Determine How Much To Offer For A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> The Biggest Self Storage Companies Reviewed https://www.rochesterrealestateblog.com/biggest-self-storage-companies/ Tue, 19 May 2015 11:00:25 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=15836 Tips To Help Determine How Much To Offer For A Home[/caption] Finding just the right home for some buyers is a difficult task and can be emotionally and physically draining.  Once a buyer finds their "perfect home," only a small portion of the home buying process has been completed. One of the most important steps in the home buying process is successfully negotiating with the home owner.  There are many things that a buyer must decide on when negotiating with the seller.  What contingencies do they want to include?  When do they want to close on the home?  Do they want to have a home inspection? One of the top frequently asked questions from home buyers relates to price.  What should we offer the sellers?  Ultimately the buyer is the person in charge of making the final decision on what amount they should offer the home owner. There are many ways to help home buyers determine how much to offer for a home.  Here are some of the the best tips, and also things to avoid, when determining how much to offer for a home! What Should You Avoid When Determining How Much To Offer For A Home? Unfortunately there are many home buyers in the market place who have no idea when it comes to determining how much to offer for a home.  There are several things that home buyers need to avoid when figuring out how much to offer for a home, otherwise, the probability their offer is accepted is slim to none! Using Online Home Value Estimates One of the most popular misconceptions when it comes to home buying is that online home value estimates are accurate.  Home buyers who believe this "BS" fact about home buying will be extremely disappointed when offer after offer is rejected. When determining how much to offer for a home, make sure you avoid at all costs, online home value estimates.  Online home value estimates, such as Zillow's "Zestimate," are in many cases very inaccurate.  In a recent study of Rochester, NY homes that recently closed, almost 40% of the homes that closed on a specific date had "Zestimates" which were $15,000-$20,000 lower or higher than the actual sale prices. [caption id="attachment_2698" align="alignleft" width="450"]What Should Home Buyers Avoid When Determining How Much To Offer For A Home What Should Home Buyers Avoid When Determining How Much To Offer For A Home[/caption] A buyer who believes any online home value estimates will put themselves at a huge disadvantage when it comes to buying a home.  It's important to remember when determining how much to offer for a home, these online home value estimates are often generated by a computer formula and can be very inaccurate. Don't Be Fooled By Tax Assessments It's important to understand when buying a home, there is a difference between market value, assessed value, and appraised value.  One of the biggest thing to avoid when determining how much to offer for a home is using a homes assessed value as an offer price. The assessed value of a home is used for one thing, to determine how much the property taxes will be.  Assessed value has no correlation to a homes market value.  There are many real estate markets where the assessed value of homes will be significantly lower or higher than what homes are selling for. For example, a significant percentage of recently sold Webster, NY homes have sold for much higher than their  assessed values.  This is great for the local residents as it helps keep the property taxes lower. What Are The Top Tips To Help Buyers Determine How Much To Offer For A Home? There is no absolute way to determine how much to offer for a home.  Due to the fact that every seller has different reasons and different expectations, as well as the fact that homes are rarely identical, knowing how much to offer for a home can sometimes be tricky.  Here are several top tips to help buyers determine how much to offer for a home. Review The Current State Of The Local Real Estate Market It's important that buyers keep in mind what the current state of their local real estate market is when deciding how much to offer for a home.  Every real estate market is different.  Some real estate markets are neutral, some markets are buyers markets, and some markets are sellers market. If the local real estate market is a buyers market, it's possible that many of the homes for sale have been listed for quite some time.  It's fairly common that the longer a home is for sale, the lower the home can be bought for, but this isn't always the case.  In a buyers market, the chance that multiple offers will be received is greatly reduced as there are more homes available. If the local real estate market is a sellers market, it's likely that the homes for sale are sold fairly quickly, within the first week of being listed.  Buying a home in a sellers market can be more difficult for many reasons.  A few factors that contribute to the difficulty level of buying a home in a sellers market include low housing inventory, multiple offers, and a greater number of pre-approved buyers. Remember when determining how much to offer for a home that the condition of the local real estate market is vital.  A sellers market will generally demand an asking price or over asking price offer while a buyers market may warrant a significantly lower offer. Find Out How Much The Home Owner Paid Knowing how much the current owner paid previously for their home sometimes has no relation to how much to offer for a home, but, it certainly can.  Once a buyer finds the home they want to make an offer on, they should attempt to find out how much the current owners paid for the home. In some cases, the homeowners could be an original owner that built the house 40 years ago and obviously with inflation and other factors will make the amount they paid an irrelevant number.  The same can be said with newly built homes.  The cost of new construction is generally much higher than the homes value will be in a handful of years, due to the costs of building.  For example, a home that cost $300,000 to build a handful of years ago may only have a market value of $275,000. The opposite can be true for a homeowner who purchased a home in the past 5 or 6 years.  Finding out how much the current owner paid should be relatively easy as the information is still very likely to be in the local multiple listing service (MLS).  If a homeowner purchased a home for $150,000 a few years ago and they are trying to sell if for $200,000 now, it would be helpful to know what improvements they made to warrant a $50,000 increase in the value. Knowing the history of past transactions of a home can be a very helpful piece of information when determining how much to offer for a home. [caption id="attachment_2702" align="alignright" width="450"]When Determining How Much To Offer For A Home, Ask An Expert! When Determining How Much To Offer For A Home, Ask An Expert![/caption] Ask The Professionals Buying a home is an experience that many people are not familiar with.  When buying a home, it's critical that buyers have a top Realtor representing their best interests.  A top Realtor can help a buyer determine how much to offer for a home, which is a quality tip when it comes to determining the amount to offer for a home! One of the most important interview question to consider asking potential buyers agent's is whether they have experience selling homes in the desired neighborhoods.  An experienced Realtor who has sold homes in a specific neighborhood should be able to have a good idea whether a home is priced accurately or not simply by walking through the property. A top Realtor should be honest with their client and inform them if they feel a home is overpriced, priced well, or possibly under priced.  Unfortunately, there are some Realtors who will try and up-sell buyers, in order to make a few additional bucks and not advise the buyer the home maybe overpriced. Ultimately the decision of  how much to offer for a home is the buyers and not the Realtors.  Even though it ultimately is the buyers decision on how much to offer for a home, taking the advice of a top Realtor is high suggested.  Buyers who completely ignore what a Realtor suggests for an offer price is one of the top things home buyers do that real estate agents hate. Request A Comparative Market Analysis Be Completed Another excellent tip to help home buyers determine how much to offer for a home is by requesting a comparative market analysis be completed by their Realtor.  A comparative market analysis, also known as a CMA, is a very popular method Realtors use to determine market values. Having a comparative market analysis completed can be very helpful for a buyer when determining how much to offer for a home for several reasons.  First and foremost, a comparative market analysis is likely the method a listing agent utilized to determine the list price.  If the listing agent has experience selling homes in the area and is one of the top Realtors in the area, the price they listed the home for sale is likely close to the homes true market value. Another benefit to having a comparative market analysis completed prior to making an offer is it can eliminate possible low appraisal problems.  Just because a home is listed at a specific price, does not mean the home is worth that price, even if a buyer agrees to pay the full list price.  A comparative market analysis can help reduce the chances that a buyer overpays for a home and that the bank cannot justify the agreed sale price. A professionally completed comparative market analysis is a tool that can be a huge help when it comes to determining how much to offer for a home.  The value range that a comparative market analysis suggests, if done properly, should be relatively close to what a home sells for. Determine What The Highest Price You Will Pay Is And Stick To It One of the biggest mistakes that buyers make when buying a home is not sticking to their budget.  Once a buyer finds their "perfect home," it's important they set what the highest price they are willing to pay for that specific property is. Buying a home can be an emotional decision.  Without setting a maximum price, it's possible that a buyer will pay more for a home than they can afford.  By setting a maximum price, a buyer knows that if the negotiations push the price above that maximum number, it's time to walk away.  While it's easier said than done to walk away from a "perfect home," determining a maximum price can be a helpful tip to help determine what to offer for a home. Final Thoughts Determining how much to offer for a home is a big decision and can be tricky.  There is no absolute formula or method to help buyers determine what the purchase offer price should be.  The above tips should make deciding what to offer for a home much easier and less stressful.  Ultimately it is the buyers decision, however, by choosing a top Realtor and having the proper tools and information, buyers will be more comfortable with their decision. Other Top Home Buying Resources If you're buying a home in Rochester, NY, these tips to help determine how much to offer for a home will give you a huge advantage over your competition.  A buyer who has the "know-how" when it comes to determining how much to offer for a home will greatly increase their chances of successfully getting their "perfect home!"  If you haven't selected a top Rochester, NY realtor yet, please contact me, and I'd love to share my experience and expertise about buying a home in the local Rochester real estate market!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Tips To Help Determine How Much To Offer For A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Earnest Money and House Deposits Explained https://www.rochesterrealestateblog.com/earnest-money-house-deposits-explained/ Tue, 19 May 2015 11:00:25 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=15760 Tips To Help Determine How Much To Offer For A Home[/caption] Finding just the right home for some buyers is a difficult task and can be emotionally and physically draining.  Once a buyer finds their "perfect home," only a small portion of the home buying process has been completed. One of the most important steps in the home buying process is successfully negotiating with the home owner.  There are many things that a buyer must decide on when negotiating with the seller.  What contingencies do they want to include?  When do they want to close on the home?  Do they want to have a home inspection? One of the top frequently asked questions from home buyers relates to price.  What should we offer the sellers?  Ultimately the buyer is the person in charge of making the final decision on what amount they should offer the home owner. There are many ways to help home buyers determine how much to offer for a home.  Here are some of the the best tips, and also things to avoid, when determining how much to offer for a home! What Should You Avoid When Determining How Much To Offer For A Home? Unfortunately there are many home buyers in the market place who have no idea when it comes to determining how much to offer for a home.  There are several things that home buyers need to avoid when figuring out how much to offer for a home, otherwise, the probability their offer is accepted is slim to none! Using Online Home Value Estimates One of the most popular misconceptions when it comes to home buying is that online home value estimates are accurate.  Home buyers who believe this "BS" fact about home buying will be extremely disappointed when offer after offer is rejected. When determining how much to offer for a home, make sure you avoid at all costs, online home value estimates.  Online home value estimates, such as Zillow's "Zestimate," are in many cases very inaccurate.  In a recent study of Rochester, NY homes that recently closed, almost 40% of the homes that closed on a specific date had "Zestimates" which were $15,000-$20,000 lower or higher than the actual sale prices. [caption id="attachment_2698" align="alignleft" width="450"]What Should Home Buyers Avoid When Determining How Much To Offer For A Home What Should Home Buyers Avoid When Determining How Much To Offer For A Home[/caption] A buyer who believes any online home value estimates will put themselves at a huge disadvantage when it comes to buying a home.  It's important to remember when determining how much to offer for a home, these online home value estimates are often generated by a computer formula and can be very inaccurate. Don't Be Fooled By Tax Assessments It's important to understand when buying a home, there is a difference between market value, assessed value, and appraised value.  One of the biggest thing to avoid when determining how much to offer for a home is using a homes assessed value as an offer price. The assessed value of a home is used for one thing, to determine how much the property taxes will be.  Assessed value has no correlation to a homes market value.  There are many real estate markets where the assessed value of homes will be significantly lower or higher than what homes are selling for. For example, a significant percentage of recently sold Webster, NY homes have sold for much higher than their  assessed values.  This is great for the local residents as it helps keep the property taxes lower. What Are The Top Tips To Help Buyers Determine How Much To Offer For A Home? There is no absolute way to determine how much to offer for a home.  Due to the fact that every seller has different reasons and different expectations, as well as the fact that homes are rarely identical, knowing how much to offer for a home can sometimes be tricky.  Here are several top tips to help buyers determine how much to offer for a home. Review The Current State Of The Local Real Estate Market It's important that buyers keep in mind what the current state of their local real estate market is when deciding how much to offer for a home.  Every real estate market is different.  Some real estate markets are neutral, some markets are buyers markets, and some markets are sellers market. If the local real estate market is a buyers market, it's possible that many of the homes for sale have been listed for quite some time.  It's fairly common that the longer a home is for sale, the lower the home can be bought for, but this isn't always the case.  In a buyers market, the chance that multiple offers will be received is greatly reduced as there are more homes available. If the local real estate market is a sellers market, it's likely that the homes for sale are sold fairly quickly, within the first week of being listed.  Buying a home in a sellers market can be more difficult for many reasons.  A few factors that contribute to the difficulty level of buying a home in a sellers market include low housing inventory, multiple offers, and a greater number of pre-approved buyers. Remember when determining how much to offer for a home that the condition of the local real estate market is vital.  A sellers market will generally demand an asking price or over asking price offer while a buyers market may warrant a significantly lower offer. Find Out How Much The Home Owner Paid Knowing how much the current owner paid previously for their home sometimes has no relation to how much to offer for a home, but, it certainly can.  Once a buyer finds the home they want to make an offer on, they should attempt to find out how much the current owners paid for the home. In some cases, the homeowners could be an original owner that built the house 40 years ago and obviously with inflation and other factors will make the amount they paid an irrelevant number.  The same can be said with newly built homes.  The cost of new construction is generally much higher than the homes value will be in a handful of years, due to the costs of building.  For example, a home that cost $300,000 to build a handful of years ago may only have a market value of $275,000. The opposite can be true for a homeowner who purchased a home in the past 5 or 6 years.  Finding out how much the current owner paid should be relatively easy as the information is still very likely to be in the local multiple listing service (MLS).  If a homeowner purchased a home for $150,000 a few years ago and they are trying to sell if for $200,000 now, it would be helpful to know what improvements they made to warrant a $50,000 increase in the value. Knowing the history of past transactions of a home can be a very helpful piece of information when determining how much to offer for a home. [caption id="attachment_2702" align="alignright" width="450"]When Determining How Much To Offer For A Home, Ask An Expert! When Determining How Much To Offer For A Home, Ask An Expert![/caption] Ask The Professionals Buying a home is an experience that many people are not familiar with.  When buying a home, it's critical that buyers have a top Realtor representing their best interests.  A top Realtor can help a buyer determine how much to offer for a home, which is a quality tip when it comes to determining the amount to offer for a home! One of the most important interview question to consider asking potential buyers agent's is whether they have experience selling homes in the desired neighborhoods.  An experienced Realtor who has sold homes in a specific neighborhood should be able to have a good idea whether a home is priced accurately or not simply by walking through the property. A top Realtor should be honest with their client and inform them if they feel a home is overpriced, priced well, or possibly under priced.  Unfortunately, there are some Realtors who will try and up-sell buyers, in order to make a few additional bucks and not advise the buyer the home maybe overpriced. Ultimately the decision of  how much to offer for a home is the buyers and not the Realtors.  Even though it ultimately is the buyers decision on how much to offer for a home, taking the advice of a top Realtor is high suggested.  Buyers who completely ignore what a Realtor suggests for an offer price is one of the top things home buyers do that real estate agents hate. Request A Comparative Market Analysis Be Completed Another excellent tip to help home buyers determine how much to offer for a home is by requesting a comparative market analysis be completed by their Realtor.  A comparative market analysis, also known as a CMA, is a very popular method Realtors use to determine market values. Having a comparative market analysis completed can be very helpful for a buyer when determining how much to offer for a home for several reasons.  First and foremost, a comparative market analysis is likely the method a listing agent utilized to determine the list price.  If the listing agent has experience selling homes in the area and is one of the top Realtors in the area, the price they listed the home for sale is likely close to the homes true market value. Another benefit to having a comparative market analysis completed prior to making an offer is it can eliminate possible low appraisal problems.  Just because a home is listed at a specific price, does not mean the home is worth that price, even if a buyer agrees to pay the full list price.  A comparative market analysis can help reduce the chances that a buyer overpays for a home and that the bank cannot justify the agreed sale price. A professionally completed comparative market analysis is a tool that can be a huge help when it comes to determining how much to offer for a home.  The value range that a comparative market analysis suggests, if done properly, should be relatively close to what a home sells for. Determine What The Highest Price You Will Pay Is And Stick To It One of the biggest mistakes that buyers make when buying a home is not sticking to their budget.  Once a buyer finds their "perfect home," it's important they set what the highest price they are willing to pay for that specific property is. Buying a home can be an emotional decision.  Without setting a maximum price, it's possible that a buyer will pay more for a home than they can afford.  By setting a maximum price, a buyer knows that if the negotiations push the price above that maximum number, it's time to walk away.  While it's easier said than done to walk away from a "perfect home," determining a maximum price can be a helpful tip to help determine what to offer for a home. Final Thoughts Determining how much to offer for a home is a big decision and can be tricky.  There is no absolute formula or method to help buyers determine what the purchase offer price should be.  The above tips should make deciding what to offer for a home much easier and less stressful.  Ultimately it is the buyers decision, however, by choosing a top Realtor and having the proper tools and information, buyers will be more comfortable with their decision. Other Top Home Buying Resources If you're buying a home in Rochester, NY, these tips to help determine how much to offer for a home will give you a huge advantage over your competition.  A buyer who has the "know-how" when it comes to determining how much to offer for a home will greatly increase their chances of successfully getting their "perfect home!"  If you haven't selected a top Rochester, NY realtor yet, please contact me, and I'd love to share my experience and expertise about buying a home in the local Rochester real estate market!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Tips To Help Determine How Much To Offer For A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Moving Mistakes To Avoid https://www.rochesterrealestateblog.com/moving-mistakes-to-avoid/ Tue, 19 May 2015 11:00:25 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=15568 Tips To Help Determine How Much To Offer For A Home[/caption] Finding just the right home for some buyers is a difficult task and can be emotionally and physically draining.  Once a buyer finds their "perfect home," only a small portion of the home buying process has been completed. One of the most important steps in the home buying process is successfully negotiating with the home owner.  There are many things that a buyer must decide on when negotiating with the seller.  What contingencies do they want to include?  When do they want to close on the home?  Do they want to have a home inspection? One of the top frequently asked questions from home buyers relates to price.  What should we offer the sellers?  Ultimately the buyer is the person in charge of making the final decision on what amount they should offer the home owner. There are many ways to help home buyers determine how much to offer for a home.  Here are some of the the best tips, and also things to avoid, when determining how much to offer for a home! What Should You Avoid When Determining How Much To Offer For A Home? Unfortunately there are many home buyers in the market place who have no idea when it comes to determining how much to offer for a home.  There are several things that home buyers need to avoid when figuring out how much to offer for a home, otherwise, the probability their offer is accepted is slim to none! Using Online Home Value Estimates One of the most popular misconceptions when it comes to home buying is that online home value estimates are accurate.  Home buyers who believe this "BS" fact about home buying will be extremely disappointed when offer after offer is rejected. When determining how much to offer for a home, make sure you avoid at all costs, online home value estimates.  Online home value estimates, such as Zillow's "Zestimate," are in many cases very inaccurate.  In a recent study of Rochester, NY homes that recently closed, almost 40% of the homes that closed on a specific date had "Zestimates" which were $15,000-$20,000 lower or higher than the actual sale prices. [caption id="attachment_2698" align="alignleft" width="450"]What Should Home Buyers Avoid When Determining How Much To Offer For A Home What Should Home Buyers Avoid When Determining How Much To Offer For A Home[/caption] A buyer who believes any online home value estimates will put themselves at a huge disadvantage when it comes to buying a home.  It's important to remember when determining how much to offer for a home, these online home value estimates are often generated by a computer formula and can be very inaccurate. Don't Be Fooled By Tax Assessments It's important to understand when buying a home, there is a difference between market value, assessed value, and appraised value.  One of the biggest thing to avoid when determining how much to offer for a home is using a homes assessed value as an offer price. The assessed value of a home is used for one thing, to determine how much the property taxes will be.  Assessed value has no correlation to a homes market value.  There are many real estate markets where the assessed value of homes will be significantly lower or higher than what homes are selling for. For example, a significant percentage of recently sold Webster, NY homes have sold for much higher than their  assessed values.  This is great for the local residents as it helps keep the property taxes lower. What Are The Top Tips To Help Buyers Determine How Much To Offer For A Home? There is no absolute way to determine how much to offer for a home.  Due to the fact that every seller has different reasons and different expectations, as well as the fact that homes are rarely identical, knowing how much to offer for a home can sometimes be tricky.  Here are several top tips to help buyers determine how much to offer for a home. Review The Current State Of The Local Real Estate Market It's important that buyers keep in mind what the current state of their local real estate market is when deciding how much to offer for a home.  Every real estate market is different.  Some real estate markets are neutral, some markets are buyers markets, and some markets are sellers market. If the local real estate market is a buyers market, it's possible that many of the homes for sale have been listed for quite some time.  It's fairly common that the longer a home is for sale, the lower the home can be bought for, but this isn't always the case.  In a buyers market, the chance that multiple offers will be received is greatly reduced as there are more homes available. If the local real estate market is a sellers market, it's likely that the homes for sale are sold fairly quickly, within the first week of being listed.  Buying a home in a sellers market can be more difficult for many reasons.  A few factors that contribute to the difficulty level of buying a home in a sellers market include low housing inventory, multiple offers, and a greater number of pre-approved buyers. Remember when determining how much to offer for a home that the condition of the local real estate market is vital.  A sellers market will generally demand an asking price or over asking price offer while a buyers market may warrant a significantly lower offer. Find Out How Much The Home Owner Paid Knowing how much the current owner paid previously for their home sometimes has no relation to how much to offer for a home, but, it certainly can.  Once a buyer finds the home they want to make an offer on, they should attempt to find out how much the current owners paid for the home. In some cases, the homeowners could be an original owner that built the house 40 years ago and obviously with inflation and other factors will make the amount they paid an irrelevant number.  The same can be said with newly built homes.  The cost of new construction is generally much higher than the homes value will be in a handful of years, due to the costs of building.  For example, a home that cost $300,000 to build a handful of years ago may only have a market value of $275,000. The opposite can be true for a homeowner who purchased a home in the past 5 or 6 years.  Finding out how much the current owner paid should be relatively easy as the information is still very likely to be in the local multiple listing service (MLS).  If a homeowner purchased a home for $150,000 a few years ago and they are trying to sell if for $200,000 now, it would be helpful to know what improvements they made to warrant a $50,000 increase in the value. Knowing the history of past transactions of a home can be a very helpful piece of information when determining how much to offer for a home. [caption id="attachment_2702" align="alignright" width="450"]When Determining How Much To Offer For A Home, Ask An Expert! When Determining How Much To Offer For A Home, Ask An Expert![/caption] Ask The Professionals Buying a home is an experience that many people are not familiar with.  When buying a home, it's critical that buyers have a top Realtor representing their best interests.  A top Realtor can help a buyer determine how much to offer for a home, which is a quality tip when it comes to determining the amount to offer for a home! One of the most important interview question to consider asking potential buyers agent's is whether they have experience selling homes in the desired neighborhoods.  An experienced Realtor who has sold homes in a specific neighborhood should be able to have a good idea whether a home is priced accurately or not simply by walking through the property. A top Realtor should be honest with their client and inform them if they feel a home is overpriced, priced well, or possibly under priced.  Unfortunately, there are some Realtors who will try and up-sell buyers, in order to make a few additional bucks and not advise the buyer the home maybe overpriced. Ultimately the decision of  how much to offer for a home is the buyers and not the Realtors.  Even though it ultimately is the buyers decision on how much to offer for a home, taking the advice of a top Realtor is high suggested.  Buyers who completely ignore what a Realtor suggests for an offer price is one of the top things home buyers do that real estate agents hate. Request A Comparative Market Analysis Be Completed Another excellent tip to help home buyers determine how much to offer for a home is by requesting a comparative market analysis be completed by their Realtor.  A comparative market analysis, also known as a CMA, is a very popular method Realtors use to determine market values. Having a comparative market analysis completed can be very helpful for a buyer when determining how much to offer for a home for several reasons.  First and foremost, a comparative market analysis is likely the method a listing agent utilized to determine the list price.  If the listing agent has experience selling homes in the area and is one of the top Realtors in the area, the price they listed the home for sale is likely close to the homes true market value. Another benefit to having a comparative market analysis completed prior to making an offer is it can eliminate possible low appraisal problems.  Just because a home is listed at a specific price, does not mean the home is worth that price, even if a buyer agrees to pay the full list price.  A comparative market analysis can help reduce the chances that a buyer overpays for a home and that the bank cannot justify the agreed sale price. A professionally completed comparative market analysis is a tool that can be a huge help when it comes to determining how much to offer for a home.  The value range that a comparative market analysis suggests, if done properly, should be relatively close to what a home sells for. Determine What The Highest Price You Will Pay Is And Stick To It One of the biggest mistakes that buyers make when buying a home is not sticking to their budget.  Once a buyer finds their "perfect home," it's important they set what the highest price they are willing to pay for that specific property is. Buying a home can be an emotional decision.  Without setting a maximum price, it's possible that a buyer will pay more for a home than they can afford.  By setting a maximum price, a buyer knows that if the negotiations push the price above that maximum number, it's time to walk away.  While it's easier said than done to walk away from a "perfect home," determining a maximum price can be a helpful tip to help determine what to offer for a home. Final Thoughts Determining how much to offer for a home is a big decision and can be tricky.  There is no absolute formula or method to help buyers determine what the purchase offer price should be.  The above tips should make deciding what to offer for a home much easier and less stressful.  Ultimately it is the buyers decision, however, by choosing a top Realtor and having the proper tools and information, buyers will be more comfortable with their decision. Other Top Home Buying Resources If you're buying a home in Rochester, NY, these tips to help determine how much to offer for a home will give you a huge advantage over your competition.  A buyer who has the "know-how" when it comes to determining how much to offer for a home will greatly increase their chances of successfully getting their "perfect home!"  If you haven't selected a top Rochester, NY realtor yet, please contact me, and I'd love to share my experience and expertise about buying a home in the local Rochester real estate market!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Tips To Help Determine How Much To Offer For A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Top Mortgage Myths | Demystifying Common Home Loan Misconceptions https://www.rochesterrealestateblog.com/top-mortgage-myths/ Tue, 19 May 2015 11:00:25 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=15102 Tips To Help Determine How Much To Offer For A Home[/caption] Finding just the right home for some buyers is a difficult task and can be emotionally and physically draining.  Once a buyer finds their "perfect home," only a small portion of the home buying process has been completed. One of the most important steps in the home buying process is successfully negotiating with the home owner.  There are many things that a buyer must decide on when negotiating with the seller.  What contingencies do they want to include?  When do they want to close on the home?  Do they want to have a home inspection? One of the top frequently asked questions from home buyers relates to price.  What should we offer the sellers?  Ultimately the buyer is the person in charge of making the final decision on what amount they should offer the home owner. There are many ways to help home buyers determine how much to offer for a home.  Here are some of the the best tips, and also things to avoid, when determining how much to offer for a home! What Should You Avoid When Determining How Much To Offer For A Home? Unfortunately there are many home buyers in the market place who have no idea when it comes to determining how much to offer for a home.  There are several things that home buyers need to avoid when figuring out how much to offer for a home, otherwise, the probability their offer is accepted is slim to none! Using Online Home Value Estimates One of the most popular misconceptions when it comes to home buying is that online home value estimates are accurate.  Home buyers who believe this "BS" fact about home buying will be extremely disappointed when offer after offer is rejected. When determining how much to offer for a home, make sure you avoid at all costs, online home value estimates.  Online home value estimates, such as Zillow's "Zestimate," are in many cases very inaccurate.  In a recent study of Rochester, NY homes that recently closed, almost 40% of the homes that closed on a specific date had "Zestimates" which were $15,000-$20,000 lower or higher than the actual sale prices. [caption id="attachment_2698" align="alignleft" width="450"]What Should Home Buyers Avoid When Determining How Much To Offer For A Home What Should Home Buyers Avoid When Determining How Much To Offer For A Home[/caption] A buyer who believes any online home value estimates will put themselves at a huge disadvantage when it comes to buying a home.  It's important to remember when determining how much to offer for a home, these online home value estimates are often generated by a computer formula and can be very inaccurate. Don't Be Fooled By Tax Assessments It's important to understand when buying a home, there is a difference between market value, assessed value, and appraised value.  One of the biggest thing to avoid when determining how much to offer for a home is using a homes assessed value as an offer price. The assessed value of a home is used for one thing, to determine how much the property taxes will be.  Assessed value has no correlation to a homes market value.  There are many real estate markets where the assessed value of homes will be significantly lower or higher than what homes are selling for. For example, a significant percentage of recently sold Webster, NY homes have sold for much higher than their  assessed values.  This is great for the local residents as it helps keep the property taxes lower. What Are The Top Tips To Help Buyers Determine How Much To Offer For A Home? There is no absolute way to determine how much to offer for a home.  Due to the fact that every seller has different reasons and different expectations, as well as the fact that homes are rarely identical, knowing how much to offer for a home can sometimes be tricky.  Here are several top tips to help buyers determine how much to offer for a home. Review The Current State Of The Local Real Estate Market It's important that buyers keep in mind what the current state of their local real estate market is when deciding how much to offer for a home.  Every real estate market is different.  Some real estate markets are neutral, some markets are buyers markets, and some markets are sellers market. If the local real estate market is a buyers market, it's possible that many of the homes for sale have been listed for quite some time.  It's fairly common that the longer a home is for sale, the lower the home can be bought for, but this isn't always the case.  In a buyers market, the chance that multiple offers will be received is greatly reduced as there are more homes available. If the local real estate market is a sellers market, it's likely that the homes for sale are sold fairly quickly, within the first week of being listed.  Buying a home in a sellers market can be more difficult for many reasons.  A few factors that contribute to the difficulty level of buying a home in a sellers market include low housing inventory, multiple offers, and a greater number of pre-approved buyers. Remember when determining how much to offer for a home that the condition of the local real estate market is vital.  A sellers market will generally demand an asking price or over asking price offer while a buyers market may warrant a significantly lower offer. Find Out How Much The Home Owner Paid Knowing how much the current owner paid previously for their home sometimes has no relation to how much to offer for a home, but, it certainly can.  Once a buyer finds the home they want to make an offer on, they should attempt to find out how much the current owners paid for the home. In some cases, the homeowners could be an original owner that built the house 40 years ago and obviously with inflation and other factors will make the amount they paid an irrelevant number.  The same can be said with newly built homes.  The cost of new construction is generally much higher than the homes value will be in a handful of years, due to the costs of building.  For example, a home that cost $300,000 to build a handful of years ago may only have a market value of $275,000. The opposite can be true for a homeowner who purchased a home in the past 5 or 6 years.  Finding out how much the current owner paid should be relatively easy as the information is still very likely to be in the local multiple listing service (MLS).  If a homeowner purchased a home for $150,000 a few years ago and they are trying to sell if for $200,000 now, it would be helpful to know what improvements they made to warrant a $50,000 increase in the value. Knowing the history of past transactions of a home can be a very helpful piece of information when determining how much to offer for a home. [caption id="attachment_2702" align="alignright" width="450"]When Determining How Much To Offer For A Home, Ask An Expert! When Determining How Much To Offer For A Home, Ask An Expert![/caption] Ask The Professionals Buying a home is an experience that many people are not familiar with.  When buying a home, it's critical that buyers have a top Realtor representing their best interests.  A top Realtor can help a buyer determine how much to offer for a home, which is a quality tip when it comes to determining the amount to offer for a home! One of the most important interview question to consider asking potential buyers agent's is whether they have experience selling homes in the desired neighborhoods.  An experienced Realtor who has sold homes in a specific neighborhood should be able to have a good idea whether a home is priced accurately or not simply by walking through the property. A top Realtor should be honest with their client and inform them if they feel a home is overpriced, priced well, or possibly under priced.  Unfortunately, there are some Realtors who will try and up-sell buyers, in order to make a few additional bucks and not advise the buyer the home maybe overpriced. Ultimately the decision of  how much to offer for a home is the buyers and not the Realtors.  Even though it ultimately is the buyers decision on how much to offer for a home, taking the advice of a top Realtor is high suggested.  Buyers who completely ignore what a Realtor suggests for an offer price is one of the top things home buyers do that real estate agents hate. Request A Comparative Market Analysis Be Completed Another excellent tip to help home buyers determine how much to offer for a home is by requesting a comparative market analysis be completed by their Realtor.  A comparative market analysis, also known as a CMA, is a very popular method Realtors use to determine market values. Having a comparative market analysis completed can be very helpful for a buyer when determining how much to offer for a home for several reasons.  First and foremost, a comparative market analysis is likely the method a listing agent utilized to determine the list price.  If the listing agent has experience selling homes in the area and is one of the top Realtors in the area, the price they listed the home for sale is likely close to the homes true market value. Another benefit to having a comparative market analysis completed prior to making an offer is it can eliminate possible low appraisal problems.  Just because a home is listed at a specific price, does not mean the home is worth that price, even if a buyer agrees to pay the full list price.  A comparative market analysis can help reduce the chances that a buyer overpays for a home and that the bank cannot justify the agreed sale price. A professionally completed comparative market analysis is a tool that can be a huge help when it comes to determining how much to offer for a home.  The value range that a comparative market analysis suggests, if done properly, should be relatively close to what a home sells for. Determine What The Highest Price You Will Pay Is And Stick To It One of the biggest mistakes that buyers make when buying a home is not sticking to their budget.  Once a buyer finds their "perfect home," it's important they set what the highest price they are willing to pay for that specific property is. Buying a home can be an emotional decision.  Without setting a maximum price, it's possible that a buyer will pay more for a home than they can afford.  By setting a maximum price, a buyer knows that if the negotiations push the price above that maximum number, it's time to walk away.  While it's easier said than done to walk away from a "perfect home," determining a maximum price can be a helpful tip to help determine what to offer for a home. Final Thoughts Determining how much to offer for a home is a big decision and can be tricky.  There is no absolute formula or method to help buyers determine what the purchase offer price should be.  The above tips should make deciding what to offer for a home much easier and less stressful.  Ultimately it is the buyers decision, however, by choosing a top Realtor and having the proper tools and information, buyers will be more comfortable with their decision. Other Top Home Buying Resources If you're buying a home in Rochester, NY, these tips to help determine how much to offer for a home will give you a huge advantage over your competition.  A buyer who has the "know-how" when it comes to determining how much to offer for a home will greatly increase their chances of successfully getting their "perfect home!"  If you haven't selected a top Rochester, NY realtor yet, please contact me, and I'd love to share my experience and expertise about buying a home in the local Rochester real estate market!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Tips To Help Determine How Much To Offer For A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> First-Time Home Buyer Mistakes to Avoid https://www.rochesterrealestateblog.com/first-time-home-buyer-mistakes/ Tue, 19 May 2015 11:00:25 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=14815 Tips To Help Determine How Much To Offer For A Home[/caption] Finding just the right home for some buyers is a difficult task and can be emotionally and physically draining.  Once a buyer finds their "perfect home," only a small portion of the home buying process has been completed. One of the most important steps in the home buying process is successfully negotiating with the home owner.  There are many things that a buyer must decide on when negotiating with the seller.  What contingencies do they want to include?  When do they want to close on the home?  Do they want to have a home inspection? One of the top frequently asked questions from home buyers relates to price.  What should we offer the sellers?  Ultimately the buyer is the person in charge of making the final decision on what amount they should offer the home owner. There are many ways to help home buyers determine how much to offer for a home.  Here are some of the the best tips, and also things to avoid, when determining how much to offer for a home! What Should You Avoid When Determining How Much To Offer For A Home? Unfortunately there are many home buyers in the market place who have no idea when it comes to determining how much to offer for a home.  There are several things that home buyers need to avoid when figuring out how much to offer for a home, otherwise, the probability their offer is accepted is slim to none! Using Online Home Value Estimates One of the most popular misconceptions when it comes to home buying is that online home value estimates are accurate.  Home buyers who believe this "BS" fact about home buying will be extremely disappointed when offer after offer is rejected. When determining how much to offer for a home, make sure you avoid at all costs, online home value estimates.  Online home value estimates, such as Zillow's "Zestimate," are in many cases very inaccurate.  In a recent study of Rochester, NY homes that recently closed, almost 40% of the homes that closed on a specific date had "Zestimates" which were $15,000-$20,000 lower or higher than the actual sale prices. [caption id="attachment_2698" align="alignleft" width="450"]What Should Home Buyers Avoid When Determining How Much To Offer For A Home What Should Home Buyers Avoid When Determining How Much To Offer For A Home[/caption] A buyer who believes any online home value estimates will put themselves at a huge disadvantage when it comes to buying a home.  It's important to remember when determining how much to offer for a home, these online home value estimates are often generated by a computer formula and can be very inaccurate. Don't Be Fooled By Tax Assessments It's important to understand when buying a home, there is a difference between market value, assessed value, and appraised value.  One of the biggest thing to avoid when determining how much to offer for a home is using a homes assessed value as an offer price. The assessed value of a home is used for one thing, to determine how much the property taxes will be.  Assessed value has no correlation to a homes market value.  There are many real estate markets where the assessed value of homes will be significantly lower or higher than what homes are selling for. For example, a significant percentage of recently sold Webster, NY homes have sold for much higher than their  assessed values.  This is great for the local residents as it helps keep the property taxes lower. What Are The Top Tips To Help Buyers Determine How Much To Offer For A Home? There is no absolute way to determine how much to offer for a home.  Due to the fact that every seller has different reasons and different expectations, as well as the fact that homes are rarely identical, knowing how much to offer for a home can sometimes be tricky.  Here are several top tips to help buyers determine how much to offer for a home. Review The Current State Of The Local Real Estate Market It's important that buyers keep in mind what the current state of their local real estate market is when deciding how much to offer for a home.  Every real estate market is different.  Some real estate markets are neutral, some markets are buyers markets, and some markets are sellers market. If the local real estate market is a buyers market, it's possible that many of the homes for sale have been listed for quite some time.  It's fairly common that the longer a home is for sale, the lower the home can be bought for, but this isn't always the case.  In a buyers market, the chance that multiple offers will be received is greatly reduced as there are more homes available. If the local real estate market is a sellers market, it's likely that the homes for sale are sold fairly quickly, within the first week of being listed.  Buying a home in a sellers market can be more difficult for many reasons.  A few factors that contribute to the difficulty level of buying a home in a sellers market include low housing inventory, multiple offers, and a greater number of pre-approved buyers. Remember when determining how much to offer for a home that the condition of the local real estate market is vital.  A sellers market will generally demand an asking price or over asking price offer while a buyers market may warrant a significantly lower offer. Find Out How Much The Home Owner Paid Knowing how much the current owner paid previously for their home sometimes has no relation to how much to offer for a home, but, it certainly can.  Once a buyer finds the home they want to make an offer on, they should attempt to find out how much the current owners paid for the home. In some cases, the homeowners could be an original owner that built the house 40 years ago and obviously with inflation and other factors will make the amount they paid an irrelevant number.  The same can be said with newly built homes.  The cost of new construction is generally much higher than the homes value will be in a handful of years, due to the costs of building.  For example, a home that cost $300,000 to build a handful of years ago may only have a market value of $275,000. The opposite can be true for a homeowner who purchased a home in the past 5 or 6 years.  Finding out how much the current owner paid should be relatively easy as the information is still very likely to be in the local multiple listing service (MLS).  If a homeowner purchased a home for $150,000 a few years ago and they are trying to sell if for $200,000 now, it would be helpful to know what improvements they made to warrant a $50,000 increase in the value. Knowing the history of past transactions of a home can be a very helpful piece of information when determining how much to offer for a home. [caption id="attachment_2702" align="alignright" width="450"]When Determining How Much To Offer For A Home, Ask An Expert! When Determining How Much To Offer For A Home, Ask An Expert![/caption] Ask The Professionals Buying a home is an experience that many people are not familiar with.  When buying a home, it's critical that buyers have a top Realtor representing their best interests.  A top Realtor can help a buyer determine how much to offer for a home, which is a quality tip when it comes to determining the amount to offer for a home! One of the most important interview question to consider asking potential buyers agent's is whether they have experience selling homes in the desired neighborhoods.  An experienced Realtor who has sold homes in a specific neighborhood should be able to have a good idea whether a home is priced accurately or not simply by walking through the property. A top Realtor should be honest with their client and inform them if they feel a home is overpriced, priced well, or possibly under priced.  Unfortunately, there are some Realtors who will try and up-sell buyers, in order to make a few additional bucks and not advise the buyer the home maybe overpriced. Ultimately the decision of  how much to offer for a home is the buyers and not the Realtors.  Even though it ultimately is the buyers decision on how much to offer for a home, taking the advice of a top Realtor is high suggested.  Buyers who completely ignore what a Realtor suggests for an offer price is one of the top things home buyers do that real estate agents hate. Request A Comparative Market Analysis Be Completed Another excellent tip to help home buyers determine how much to offer for a home is by requesting a comparative market analysis be completed by their Realtor.  A comparative market analysis, also known as a CMA, is a very popular method Realtors use to determine market values. Having a comparative market analysis completed can be very helpful for a buyer when determining how much to offer for a home for several reasons.  First and foremost, a comparative market analysis is likely the method a listing agent utilized to determine the list price.  If the listing agent has experience selling homes in the area and is one of the top Realtors in the area, the price they listed the home for sale is likely close to the homes true market value. Another benefit to having a comparative market analysis completed prior to making an offer is it can eliminate possible low appraisal problems.  Just because a home is listed at a specific price, does not mean the home is worth that price, even if a buyer agrees to pay the full list price.  A comparative market analysis can help reduce the chances that a buyer overpays for a home and that the bank cannot justify the agreed sale price. A professionally completed comparative market analysis is a tool that can be a huge help when it comes to determining how much to offer for a home.  The value range that a comparative market analysis suggests, if done properly, should be relatively close to what a home sells for. Determine What The Highest Price You Will Pay Is And Stick To It One of the biggest mistakes that buyers make when buying a home is not sticking to their budget.  Once a buyer finds their "perfect home," it's important they set what the highest price they are willing to pay for that specific property is. Buying a home can be an emotional decision.  Without setting a maximum price, it's possible that a buyer will pay more for a home than they can afford.  By setting a maximum price, a buyer knows that if the negotiations push the price above that maximum number, it's time to walk away.  While it's easier said than done to walk away from a "perfect home," determining a maximum price can be a helpful tip to help determine what to offer for a home. Final Thoughts Determining how much to offer for a home is a big decision and can be tricky.  There is no absolute formula or method to help buyers determine what the purchase offer price should be.  The above tips should make deciding what to offer for a home much easier and less stressful.  Ultimately it is the buyers decision, however, by choosing a top Realtor and having the proper tools and information, buyers will be more comfortable with their decision. Other Top Home Buying Resources If you're buying a home in Rochester, NY, these tips to help determine how much to offer for a home will give you a huge advantage over your competition.  A buyer who has the "know-how" when it comes to determining how much to offer for a home will greatly increase their chances of successfully getting their "perfect home!"  If you haven't selected a top Rochester, NY realtor yet, please contact me, and I'd love to share my experience and expertise about buying a home in the local Rochester real estate market!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Tips To Help Determine How Much To Offer For A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> 10 Tips For Adding Appeal To Your Home This Summer https://www.rochesterrealestateblog.com/10-tips-adding-appeal-to-home-this-summer/ Tue, 19 May 2015 11:00:25 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=14237 Tips To Help Determine How Much To Offer For A Home[/caption] Finding just the right home for some buyers is a difficult task and can be emotionally and physically draining.  Once a buyer finds their "perfect home," only a small portion of the home buying process has been completed. One of the most important steps in the home buying process is successfully negotiating with the home owner.  There are many things that a buyer must decide on when negotiating with the seller.  What contingencies do they want to include?  When do they want to close on the home?  Do they want to have a home inspection? One of the top frequently asked questions from home buyers relates to price.  What should we offer the sellers?  Ultimately the buyer is the person in charge of making the final decision on what amount they should offer the home owner. There are many ways to help home buyers determine how much to offer for a home.  Here are some of the the best tips, and also things to avoid, when determining how much to offer for a home! What Should You Avoid When Determining How Much To Offer For A Home? Unfortunately there are many home buyers in the market place who have no idea when it comes to determining how much to offer for a home.  There are several things that home buyers need to avoid when figuring out how much to offer for a home, otherwise, the probability their offer is accepted is slim to none! Using Online Home Value Estimates One of the most popular misconceptions when it comes to home buying is that online home value estimates are accurate.  Home buyers who believe this "BS" fact about home buying will be extremely disappointed when offer after offer is rejected. When determining how much to offer for a home, make sure you avoid at all costs, online home value estimates.  Online home value estimates, such as Zillow's "Zestimate," are in many cases very inaccurate.  In a recent study of Rochester, NY homes that recently closed, almost 40% of the homes that closed on a specific date had "Zestimates" which were $15,000-$20,000 lower or higher than the actual sale prices. [caption id="attachment_2698" align="alignleft" width="450"]What Should Home Buyers Avoid When Determining How Much To Offer For A Home What Should Home Buyers Avoid When Determining How Much To Offer For A Home[/caption] A buyer who believes any online home value estimates will put themselves at a huge disadvantage when it comes to buying a home.  It's important to remember when determining how much to offer for a home, these online home value estimates are often generated by a computer formula and can be very inaccurate. Don't Be Fooled By Tax Assessments It's important to understand when buying a home, there is a difference between market value, assessed value, and appraised value.  One of the biggest thing to avoid when determining how much to offer for a home is using a homes assessed value as an offer price. The assessed value of a home is used for one thing, to determine how much the property taxes will be.  Assessed value has no correlation to a homes market value.  There are many real estate markets where the assessed value of homes will be significantly lower or higher than what homes are selling for. For example, a significant percentage of recently sold Webster, NY homes have sold for much higher than their  assessed values.  This is great for the local residents as it helps keep the property taxes lower. What Are The Top Tips To Help Buyers Determine How Much To Offer For A Home? There is no absolute way to determine how much to offer for a home.  Due to the fact that every seller has different reasons and different expectations, as well as the fact that homes are rarely identical, knowing how much to offer for a home can sometimes be tricky.  Here are several top tips to help buyers determine how much to offer for a home. Review The Current State Of The Local Real Estate Market It's important that buyers keep in mind what the current state of their local real estate market is when deciding how much to offer for a home.  Every real estate market is different.  Some real estate markets are neutral, some markets are buyers markets, and some markets are sellers market. If the local real estate market is a buyers market, it's possible that many of the homes for sale have been listed for quite some time.  It's fairly common that the longer a home is for sale, the lower the home can be bought for, but this isn't always the case.  In a buyers market, the chance that multiple offers will be received is greatly reduced as there are more homes available. If the local real estate market is a sellers market, it's likely that the homes for sale are sold fairly quickly, within the first week of being listed.  Buying a home in a sellers market can be more difficult for many reasons.  A few factors that contribute to the difficulty level of buying a home in a sellers market include low housing inventory, multiple offers, and a greater number of pre-approved buyers. Remember when determining how much to offer for a home that the condition of the local real estate market is vital.  A sellers market will generally demand an asking price or over asking price offer while a buyers market may warrant a significantly lower offer. Find Out How Much The Home Owner Paid Knowing how much the current owner paid previously for their home sometimes has no relation to how much to offer for a home, but, it certainly can.  Once a buyer finds the home they want to make an offer on, they should attempt to find out how much the current owners paid for the home. In some cases, the homeowners could be an original owner that built the house 40 years ago and obviously with inflation and other factors will make the amount they paid an irrelevant number.  The same can be said with newly built homes.  The cost of new construction is generally much higher than the homes value will be in a handful of years, due to the costs of building.  For example, a home that cost $300,000 to build a handful of years ago may only have a market value of $275,000. The opposite can be true for a homeowner who purchased a home in the past 5 or 6 years.  Finding out how much the current owner paid should be relatively easy as the information is still very likely to be in the local multiple listing service (MLS).  If a homeowner purchased a home for $150,000 a few years ago and they are trying to sell if for $200,000 now, it would be helpful to know what improvements they made to warrant a $50,000 increase in the value. Knowing the history of past transactions of a home can be a very helpful piece of information when determining how much to offer for a home. [caption id="attachment_2702" align="alignright" width="450"]When Determining How Much To Offer For A Home, Ask An Expert! When Determining How Much To Offer For A Home, Ask An Expert![/caption] Ask The Professionals Buying a home is an experience that many people are not familiar with.  When buying a home, it's critical that buyers have a top Realtor representing their best interests.  A top Realtor can help a buyer determine how much to offer for a home, which is a quality tip when it comes to determining the amount to offer for a home! One of the most important interview question to consider asking potential buyers agent's is whether they have experience selling homes in the desired neighborhoods.  An experienced Realtor who has sold homes in a specific neighborhood should be able to have a good idea whether a home is priced accurately or not simply by walking through the property. A top Realtor should be honest with their client and inform them if they feel a home is overpriced, priced well, or possibly under priced.  Unfortunately, there are some Realtors who will try and up-sell buyers, in order to make a few additional bucks and not advise the buyer the home maybe overpriced. Ultimately the decision of  how much to offer for a home is the buyers and not the Realtors.  Even though it ultimately is the buyers decision on how much to offer for a home, taking the advice of a top Realtor is high suggested.  Buyers who completely ignore what a Realtor suggests for an offer price is one of the top things home buyers do that real estate agents hate. Request A Comparative Market Analysis Be Completed Another excellent tip to help home buyers determine how much to offer for a home is by requesting a comparative market analysis be completed by their Realtor.  A comparative market analysis, also known as a CMA, is a very popular method Realtors use to determine market values. Having a comparative market analysis completed can be very helpful for a buyer when determining how much to offer for a home for several reasons.  First and foremost, a comparative market analysis is likely the method a listing agent utilized to determine the list price.  If the listing agent has experience selling homes in the area and is one of the top Realtors in the area, the price they listed the home for sale is likely close to the homes true market value. Another benefit to having a comparative market analysis completed prior to making an offer is it can eliminate possible low appraisal problems.  Just because a home is listed at a specific price, does not mean the home is worth that price, even if a buyer agrees to pay the full list price.  A comparative market analysis can help reduce the chances that a buyer overpays for a home and that the bank cannot justify the agreed sale price. A professionally completed comparative market analysis is a tool that can be a huge help when it comes to determining how much to offer for a home.  The value range that a comparative market analysis suggests, if done properly, should be relatively close to what a home sells for. Determine What The Highest Price You Will Pay Is And Stick To It One of the biggest mistakes that buyers make when buying a home is not sticking to their budget.  Once a buyer finds their "perfect home," it's important they set what the highest price they are willing to pay for that specific property is. Buying a home can be an emotional decision.  Without setting a maximum price, it's possible that a buyer will pay more for a home than they can afford.  By setting a maximum price, a buyer knows that if the negotiations push the price above that maximum number, it's time to walk away.  While it's easier said than done to walk away from a "perfect home," determining a maximum price can be a helpful tip to help determine what to offer for a home. Final Thoughts Determining how much to offer for a home is a big decision and can be tricky.  There is no absolute formula or method to help buyers determine what the purchase offer price should be.  The above tips should make deciding what to offer for a home much easier and less stressful.  Ultimately it is the buyers decision, however, by choosing a top Realtor and having the proper tools and information, buyers will be more comfortable with their decision. Other Top Home Buying Resources If you're buying a home in Rochester, NY, these tips to help determine how much to offer for a home will give you a huge advantage over your competition.  A buyer who has the "know-how" when it comes to determining how much to offer for a home will greatly increase their chances of successfully getting their "perfect home!"  If you haven't selected a top Rochester, NY realtor yet, please contact me, and I'd love to share my experience and expertise about buying a home in the local Rochester real estate market!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Tips To Help Determine How Much To Offer For A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Exploring The Merits of Smart Home Technology When Selling a Home https://www.rochesterrealestateblog.com/smart-home-technology-selling-a-home/ Tue, 19 May 2015 11:00:25 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=13782 Tips To Help Determine How Much To Offer For A Home[/caption] Finding just the right home for some buyers is a difficult task and can be emotionally and physically draining.  Once a buyer finds their "perfect home," only a small portion of the home buying process has been completed. One of the most important steps in the home buying process is successfully negotiating with the home owner.  There are many things that a buyer must decide on when negotiating with the seller.  What contingencies do they want to include?  When do they want to close on the home?  Do they want to have a home inspection? One of the top frequently asked questions from home buyers relates to price.  What should we offer the sellers?  Ultimately the buyer is the person in charge of making the final decision on what amount they should offer the home owner. There are many ways to help home buyers determine how much to offer for a home.  Here are some of the the best tips, and also things to avoid, when determining how much to offer for a home! What Should You Avoid When Determining How Much To Offer For A Home? Unfortunately there are many home buyers in the market place who have no idea when it comes to determining how much to offer for a home.  There are several things that home buyers need to avoid when figuring out how much to offer for a home, otherwise, the probability their offer is accepted is slim to none! Using Online Home Value Estimates One of the most popular misconceptions when it comes to home buying is that online home value estimates are accurate.  Home buyers who believe this "BS" fact about home buying will be extremely disappointed when offer after offer is rejected. When determining how much to offer for a home, make sure you avoid at all costs, online home value estimates.  Online home value estimates, such as Zillow's "Zestimate," are in many cases very inaccurate.  In a recent study of Rochester, NY homes that recently closed, almost 40% of the homes that closed on a specific date had "Zestimates" which were $15,000-$20,000 lower or higher than the actual sale prices. [caption id="attachment_2698" align="alignleft" width="450"]What Should Home Buyers Avoid When Determining How Much To Offer For A Home What Should Home Buyers Avoid When Determining How Much To Offer For A Home[/caption] A buyer who believes any online home value estimates will put themselves at a huge disadvantage when it comes to buying a home.  It's important to remember when determining how much to offer for a home, these online home value estimates are often generated by a computer formula and can be very inaccurate. Don't Be Fooled By Tax Assessments It's important to understand when buying a home, there is a difference between market value, assessed value, and appraised value.  One of the biggest thing to avoid when determining how much to offer for a home is using a homes assessed value as an offer price. The assessed value of a home is used for one thing, to determine how much the property taxes will be.  Assessed value has no correlation to a homes market value.  There are many real estate markets where the assessed value of homes will be significantly lower or higher than what homes are selling for. For example, a significant percentage of recently sold Webster, NY homes have sold for much higher than their  assessed values.  This is great for the local residents as it helps keep the property taxes lower. What Are The Top Tips To Help Buyers Determine How Much To Offer For A Home? There is no absolute way to determine how much to offer for a home.  Due to the fact that every seller has different reasons and different expectations, as well as the fact that homes are rarely identical, knowing how much to offer for a home can sometimes be tricky.  Here are several top tips to help buyers determine how much to offer for a home. Review The Current State Of The Local Real Estate Market It's important that buyers keep in mind what the current state of their local real estate market is when deciding how much to offer for a home.  Every real estate market is different.  Some real estate markets are neutral, some markets are buyers markets, and some markets are sellers market. If the local real estate market is a buyers market, it's possible that many of the homes for sale have been listed for quite some time.  It's fairly common that the longer a home is for sale, the lower the home can be bought for, but this isn't always the case.  In a buyers market, the chance that multiple offers will be received is greatly reduced as there are more homes available. If the local real estate market is a sellers market, it's likely that the homes for sale are sold fairly quickly, within the first week of being listed.  Buying a home in a sellers market can be more difficult for many reasons.  A few factors that contribute to the difficulty level of buying a home in a sellers market include low housing inventory, multiple offers, and a greater number of pre-approved buyers. Remember when determining how much to offer for a home that the condition of the local real estate market is vital.  A sellers market will generally demand an asking price or over asking price offer while a buyers market may warrant a significantly lower offer. Find Out How Much The Home Owner Paid Knowing how much the current owner paid previously for their home sometimes has no relation to how much to offer for a home, but, it certainly can.  Once a buyer finds the home they want to make an offer on, they should attempt to find out how much the current owners paid for the home. In some cases, the homeowners could be an original owner that built the house 40 years ago and obviously with inflation and other factors will make the amount they paid an irrelevant number.  The same can be said with newly built homes.  The cost of new construction is generally much higher than the homes value will be in a handful of years, due to the costs of building.  For example, a home that cost $300,000 to build a handful of years ago may only have a market value of $275,000. The opposite can be true for a homeowner who purchased a home in the past 5 or 6 years.  Finding out how much the current owner paid should be relatively easy as the information is still very likely to be in the local multiple listing service (MLS).  If a homeowner purchased a home for $150,000 a few years ago and they are trying to sell if for $200,000 now, it would be helpful to know what improvements they made to warrant a $50,000 increase in the value. Knowing the history of past transactions of a home can be a very helpful piece of information when determining how much to offer for a home. [caption id="attachment_2702" align="alignright" width="450"]When Determining How Much To Offer For A Home, Ask An Expert! When Determining How Much To Offer For A Home, Ask An Expert![/caption] Ask The Professionals Buying a home is an experience that many people are not familiar with.  When buying a home, it's critical that buyers have a top Realtor representing their best interests.  A top Realtor can help a buyer determine how much to offer for a home, which is a quality tip when it comes to determining the amount to offer for a home! One of the most important interview question to consider asking potential buyers agent's is whether they have experience selling homes in the desired neighborhoods.  An experienced Realtor who has sold homes in a specific neighborhood should be able to have a good idea whether a home is priced accurately or not simply by walking through the property. A top Realtor should be honest with their client and inform them if they feel a home is overpriced, priced well, or possibly under priced.  Unfortunately, there are some Realtors who will try and up-sell buyers, in order to make a few additional bucks and not advise the buyer the home maybe overpriced. Ultimately the decision of  how much to offer for a home is the buyers and not the Realtors.  Even though it ultimately is the buyers decision on how much to offer for a home, taking the advice of a top Realtor is high suggested.  Buyers who completely ignore what a Realtor suggests for an offer price is one of the top things home buyers do that real estate agents hate. Request A Comparative Market Analysis Be Completed Another excellent tip to help home buyers determine how much to offer for a home is by requesting a comparative market analysis be completed by their Realtor.  A comparative market analysis, also known as a CMA, is a very popular method Realtors use to determine market values. Having a comparative market analysis completed can be very helpful for a buyer when determining how much to offer for a home for several reasons.  First and foremost, a comparative market analysis is likely the method a listing agent utilized to determine the list price.  If the listing agent has experience selling homes in the area and is one of the top Realtors in the area, the price they listed the home for sale is likely close to the homes true market value. Another benefit to having a comparative market analysis completed prior to making an offer is it can eliminate possible low appraisal problems.  Just because a home is listed at a specific price, does not mean the home is worth that price, even if a buyer agrees to pay the full list price.  A comparative market analysis can help reduce the chances that a buyer overpays for a home and that the bank cannot justify the agreed sale price. A professionally completed comparative market analysis is a tool that can be a huge help when it comes to determining how much to offer for a home.  The value range that a comparative market analysis suggests, if done properly, should be relatively close to what a home sells for. Determine What The Highest Price You Will Pay Is And Stick To It One of the biggest mistakes that buyers make when buying a home is not sticking to their budget.  Once a buyer finds their "perfect home," it's important they set what the highest price they are willing to pay for that specific property is. Buying a home can be an emotional decision.  Without setting a maximum price, it's possible that a buyer will pay more for a home than they can afford.  By setting a maximum price, a buyer knows that if the negotiations push the price above that maximum number, it's time to walk away.  While it's easier said than done to walk away from a "perfect home," determining a maximum price can be a helpful tip to help determine what to offer for a home. Final Thoughts Determining how much to offer for a home is a big decision and can be tricky.  There is no absolute formula or method to help buyers determine what the purchase offer price should be.  The above tips should make deciding what to offer for a home much easier and less stressful.  Ultimately it is the buyers decision, however, by choosing a top Realtor and having the proper tools and information, buyers will be more comfortable with their decision. Other Top Home Buying Resources If you're buying a home in Rochester, NY, these tips to help determine how much to offer for a home will give you a huge advantage over your competition.  A buyer who has the "know-how" when it comes to determining how much to offer for a home will greatly increase their chances of successfully getting their "perfect home!"  If you haven't selected a top Rochester, NY realtor yet, please contact me, and I'd love to share my experience and expertise about buying a home in the local Rochester real estate market!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Tips To Help Determine How Much To Offer For A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Top Frequently Asked Questions From Home Sellers https://www.rochesterrealestateblog.com/top-frequently-asked-questions-home-sellers/ Tue, 19 May 2015 11:00:25 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=2424 Tips To Help Determine How Much To Offer For A Home[/caption] Finding just the right home for some buyers is a difficult task and can be emotionally and physically draining.  Once a buyer finds their "perfect home," only a small portion of the home buying process has been completed. One of the most important steps in the home buying process is successfully negotiating with the home owner.  There are many things that a buyer must decide on when negotiating with the seller.  What contingencies do they want to include?  When do they want to close on the home?  Do they want to have a home inspection? One of the top frequently asked questions from home buyers relates to price.  What should we offer the sellers?  Ultimately the buyer is the person in charge of making the final decision on what amount they should offer the home owner. There are many ways to help home buyers determine how much to offer for a home.  Here are some of the the best tips, and also things to avoid, when determining how much to offer for a home! What Should You Avoid When Determining How Much To Offer For A Home? Unfortunately there are many home buyers in the market place who have no idea when it comes to determining how much to offer for a home.  There are several things that home buyers need to avoid when figuring out how much to offer for a home, otherwise, the probability their offer is accepted is slim to none! Using Online Home Value Estimates One of the most popular misconceptions when it comes to home buying is that online home value estimates are accurate.  Home buyers who believe this "BS" fact about home buying will be extremely disappointed when offer after offer is rejected. When determining how much to offer for a home, make sure you avoid at all costs, online home value estimates.  Online home value estimates, such as Zillow's "Zestimate," are in many cases very inaccurate.  In a recent study of Rochester, NY homes that recently closed, almost 40% of the homes that closed on a specific date had "Zestimates" which were $15,000-$20,000 lower or higher than the actual sale prices. [caption id="attachment_2698" align="alignleft" width="450"]What Should Home Buyers Avoid When Determining How Much To Offer For A Home What Should Home Buyers Avoid When Determining How Much To Offer For A Home[/caption] A buyer who believes any online home value estimates will put themselves at a huge disadvantage when it comes to buying a home.  It's important to remember when determining how much to offer for a home, these online home value estimates are often generated by a computer formula and can be very inaccurate. Don't Be Fooled By Tax Assessments It's important to understand when buying a home, there is a difference between market value, assessed value, and appraised value.  One of the biggest thing to avoid when determining how much to offer for a home is using a homes assessed value as an offer price. The assessed value of a home is used for one thing, to determine how much the property taxes will be.  Assessed value has no correlation to a homes market value.  There are many real estate markets where the assessed value of homes will be significantly lower or higher than what homes are selling for. For example, a significant percentage of recently sold Webster, NY homes have sold for much higher than their  assessed values.  This is great for the local residents as it helps keep the property taxes lower. What Are The Top Tips To Help Buyers Determine How Much To Offer For A Home? There is no absolute way to determine how much to offer for a home.  Due to the fact that every seller has different reasons and different expectations, as well as the fact that homes are rarely identical, knowing how much to offer for a home can sometimes be tricky.  Here are several top tips to help buyers determine how much to offer for a home. Review The Current State Of The Local Real Estate Market It's important that buyers keep in mind what the current state of their local real estate market is when deciding how much to offer for a home.  Every real estate market is different.  Some real estate markets are neutral, some markets are buyers markets, and some markets are sellers market. If the local real estate market is a buyers market, it's possible that many of the homes for sale have been listed for quite some time.  It's fairly common that the longer a home is for sale, the lower the home can be bought for, but this isn't always the case.  In a buyers market, the chance that multiple offers will be received is greatly reduced as there are more homes available. If the local real estate market is a sellers market, it's likely that the homes for sale are sold fairly quickly, within the first week of being listed.  Buying a home in a sellers market can be more difficult for many reasons.  A few factors that contribute to the difficulty level of buying a home in a sellers market include low housing inventory, multiple offers, and a greater number of pre-approved buyers. Remember when determining how much to offer for a home that the condition of the local real estate market is vital.  A sellers market will generally demand an asking price or over asking price offer while a buyers market may warrant a significantly lower offer. Find Out How Much The Home Owner Paid Knowing how much the current owner paid previously for their home sometimes has no relation to how much to offer for a home, but, it certainly can.  Once a buyer finds the home they want to make an offer on, they should attempt to find out how much the current owners paid for the home. In some cases, the homeowners could be an original owner that built the house 40 years ago and obviously with inflation and other factors will make the amount they paid an irrelevant number.  The same can be said with newly built homes.  The cost of new construction is generally much higher than the homes value will be in a handful of years, due to the costs of building.  For example, a home that cost $300,000 to build a handful of years ago may only have a market value of $275,000. The opposite can be true for a homeowner who purchased a home in the past 5 or 6 years.  Finding out how much the current owner paid should be relatively easy as the information is still very likely to be in the local multiple listing service (MLS).  If a homeowner purchased a home for $150,000 a few years ago and they are trying to sell if for $200,000 now, it would be helpful to know what improvements they made to warrant a $50,000 increase in the value. Knowing the history of past transactions of a home can be a very helpful piece of information when determining how much to offer for a home. [caption id="attachment_2702" align="alignright" width="450"]When Determining How Much To Offer For A Home, Ask An Expert! When Determining How Much To Offer For A Home, Ask An Expert![/caption] Ask The Professionals Buying a home is an experience that many people are not familiar with.  When buying a home, it's critical that buyers have a top Realtor representing their best interests.  A top Realtor can help a buyer determine how much to offer for a home, which is a quality tip when it comes to determining the amount to offer for a home! One of the most important interview question to consider asking potential buyers agent's is whether they have experience selling homes in the desired neighborhoods.  An experienced Realtor who has sold homes in a specific neighborhood should be able to have a good idea whether a home is priced accurately or not simply by walking through the property. A top Realtor should be honest with their client and inform them if they feel a home is overpriced, priced well, or possibly under priced.  Unfortunately, there are some Realtors who will try and up-sell buyers, in order to make a few additional bucks and not advise the buyer the home maybe overpriced. Ultimately the decision of  how much to offer for a home is the buyers and not the Realtors.  Even though it ultimately is the buyers decision on how much to offer for a home, taking the advice of a top Realtor is high suggested.  Buyers who completely ignore what a Realtor suggests for an offer price is one of the top things home buyers do that real estate agents hate. Request A Comparative Market Analysis Be Completed Another excellent tip to help home buyers determine how much to offer for a home is by requesting a comparative market analysis be completed by their Realtor.  A comparative market analysis, also known as a CMA, is a very popular method Realtors use to determine market values. Having a comparative market analysis completed can be very helpful for a buyer when determining how much to offer for a home for several reasons.  First and foremost, a comparative market analysis is likely the method a listing agent utilized to determine the list price.  If the listing agent has experience selling homes in the area and is one of the top Realtors in the area, the price they listed the home for sale is likely close to the homes true market value. Another benefit to having a comparative market analysis completed prior to making an offer is it can eliminate possible low appraisal problems.  Just because a home is listed at a specific price, does not mean the home is worth that price, even if a buyer agrees to pay the full list price.  A comparative market analysis can help reduce the chances that a buyer overpays for a home and that the bank cannot justify the agreed sale price. A professionally completed comparative market analysis is a tool that can be a huge help when it comes to determining how much to offer for a home.  The value range that a comparative market analysis suggests, if done properly, should be relatively close to what a home sells for. Determine What The Highest Price You Will Pay Is And Stick To It One of the biggest mistakes that buyers make when buying a home is not sticking to their budget.  Once a buyer finds their "perfect home," it's important they set what the highest price they are willing to pay for that specific property is. Buying a home can be an emotional decision.  Without setting a maximum price, it's possible that a buyer will pay more for a home than they can afford.  By setting a maximum price, a buyer knows that if the negotiations push the price above that maximum number, it's time to walk away.  While it's easier said than done to walk away from a "perfect home," determining a maximum price can be a helpful tip to help determine what to offer for a home. Final Thoughts Determining how much to offer for a home is a big decision and can be tricky.  There is no absolute formula or method to help buyers determine what the purchase offer price should be.  The above tips should make deciding what to offer for a home much easier and less stressful.  Ultimately it is the buyers decision, however, by choosing a top Realtor and having the proper tools and information, buyers will be more comfortable with their decision. Other Top Home Buying Resources If you're buying a home in Rochester, NY, these tips to help determine how much to offer for a home will give you a huge advantage over your competition.  A buyer who has the "know-how" when it comes to determining how much to offer for a home will greatly increase their chances of successfully getting their "perfect home!"  If you haven't selected a top Rochester, NY realtor yet, please contact me, and I'd love to share my experience and expertise about buying a home in the local Rochester real estate market!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Tips To Help Determine How Much To Offer For A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> First Time Home Buyer Programs In Rochester NY &#8211; Updated January 2025 https://www.rochesterrealestateblog.com/first-time-home-buyer-programs/ Tue, 19 May 2015 11:00:25 +0000 Kyle Hiscock http://rochesterrealestateblog.com/?p=580 Tips To Help Determine How Much To Offer For A Home[/caption] Finding just the right home for some buyers is a difficult task and can be emotionally and physically draining.  Once a buyer finds their "perfect home," only a small portion of the home buying process has been completed. One of the most important steps in the home buying process is successfully negotiating with the home owner.  There are many things that a buyer must decide on when negotiating with the seller.  What contingencies do they want to include?  When do they want to close on the home?  Do they want to have a home inspection? One of the top frequently asked questions from home buyers relates to price.  What should we offer the sellers?  Ultimately the buyer is the person in charge of making the final decision on what amount they should offer the home owner. There are many ways to help home buyers determine how much to offer for a home.  Here are some of the the best tips, and also things to avoid, when determining how much to offer for a home! What Should You Avoid When Determining How Much To Offer For A Home? Unfortunately there are many home buyers in the market place who have no idea when it comes to determining how much to offer for a home.  There are several things that home buyers need to avoid when figuring out how much to offer for a home, otherwise, the probability their offer is accepted is slim to none! Using Online Home Value Estimates One of the most popular misconceptions when it comes to home buying is that online home value estimates are accurate.  Home buyers who believe this "BS" fact about home buying will be extremely disappointed when offer after offer is rejected. When determining how much to offer for a home, make sure you avoid at all costs, online home value estimates.  Online home value estimates, such as Zillow's "Zestimate," are in many cases very inaccurate.  In a recent study of Rochester, NY homes that recently closed, almost 40% of the homes that closed on a specific date had "Zestimates" which were $15,000-$20,000 lower or higher than the actual sale prices. [caption id="attachment_2698" align="alignleft" width="450"]What Should Home Buyers Avoid When Determining How Much To Offer For A Home What Should Home Buyers Avoid When Determining How Much To Offer For A Home[/caption] A buyer who believes any online home value estimates will put themselves at a huge disadvantage when it comes to buying a home.  It's important to remember when determining how much to offer for a home, these online home value estimates are often generated by a computer formula and can be very inaccurate. Don't Be Fooled By Tax Assessments It's important to understand when buying a home, there is a difference between market value, assessed value, and appraised value.  One of the biggest thing to avoid when determining how much to offer for a home is using a homes assessed value as an offer price. The assessed value of a home is used for one thing, to determine how much the property taxes will be.  Assessed value has no correlation to a homes market value.  There are many real estate markets where the assessed value of homes will be significantly lower or higher than what homes are selling for. For example, a significant percentage of recently sold Webster, NY homes have sold for much higher than their  assessed values.  This is great for the local residents as it helps keep the property taxes lower. What Are The Top Tips To Help Buyers Determine How Much To Offer For A Home? There is no absolute way to determine how much to offer for a home.  Due to the fact that every seller has different reasons and different expectations, as well as the fact that homes are rarely identical, knowing how much to offer for a home can sometimes be tricky.  Here are several top tips to help buyers determine how much to offer for a home. Review The Current State Of The Local Real Estate Market It's important that buyers keep in mind what the current state of their local real estate market is when deciding how much to offer for a home.  Every real estate market is different.  Some real estate markets are neutral, some markets are buyers markets, and some markets are sellers market. If the local real estate market is a buyers market, it's possible that many of the homes for sale have been listed for quite some time.  It's fairly common that the longer a home is for sale, the lower the home can be bought for, but this isn't always the case.  In a buyers market, the chance that multiple offers will be received is greatly reduced as there are more homes available. If the local real estate market is a sellers market, it's likely that the homes for sale are sold fairly quickly, within the first week of being listed.  Buying a home in a sellers market can be more difficult for many reasons.  A few factors that contribute to the difficulty level of buying a home in a sellers market include low housing inventory, multiple offers, and a greater number of pre-approved buyers. Remember when determining how much to offer for a home that the condition of the local real estate market is vital.  A sellers market will generally demand an asking price or over asking price offer while a buyers market may warrant a significantly lower offer. Find Out How Much The Home Owner Paid Knowing how much the current owner paid previously for their home sometimes has no relation to how much to offer for a home, but, it certainly can.  Once a buyer finds the home they want to make an offer on, they should attempt to find out how much the current owners paid for the home. In some cases, the homeowners could be an original owner that built the house 40 years ago and obviously with inflation and other factors will make the amount they paid an irrelevant number.  The same can be said with newly built homes.  The cost of new construction is generally much higher than the homes value will be in a handful of years, due to the costs of building.  For example, a home that cost $300,000 to build a handful of years ago may only have a market value of $275,000. The opposite can be true for a homeowner who purchased a home in the past 5 or 6 years.  Finding out how much the current owner paid should be relatively easy as the information is still very likely to be in the local multiple listing service (MLS).  If a homeowner purchased a home for $150,000 a few years ago and they are trying to sell if for $200,000 now, it would be helpful to know what improvements they made to warrant a $50,000 increase in the value. Knowing the history of past transactions of a home can be a very helpful piece of information when determining how much to offer for a home. [caption id="attachment_2702" align="alignright" width="450"]When Determining How Much To Offer For A Home, Ask An Expert! When Determining How Much To Offer For A Home, Ask An Expert![/caption] Ask The Professionals Buying a home is an experience that many people are not familiar with.  When buying a home, it's critical that buyers have a top Realtor representing their best interests.  A top Realtor can help a buyer determine how much to offer for a home, which is a quality tip when it comes to determining the amount to offer for a home! One of the most important interview question to consider asking potential buyers agent's is whether they have experience selling homes in the desired neighborhoods.  An experienced Realtor who has sold homes in a specific neighborhood should be able to have a good idea whether a home is priced accurately or not simply by walking through the property. A top Realtor should be honest with their client and inform them if they feel a home is overpriced, priced well, or possibly under priced.  Unfortunately, there are some Realtors who will try and up-sell buyers, in order to make a few additional bucks and not advise the buyer the home maybe overpriced. Ultimately the decision of  how much to offer for a home is the buyers and not the Realtors.  Even though it ultimately is the buyers decision on how much to offer for a home, taking the advice of a top Realtor is high suggested.  Buyers who completely ignore what a Realtor suggests for an offer price is one of the top things home buyers do that real estate agents hate. Request A Comparative Market Analysis Be Completed Another excellent tip to help home buyers determine how much to offer for a home is by requesting a comparative market analysis be completed by their Realtor.  A comparative market analysis, also known as a CMA, is a very popular method Realtors use to determine market values. Having a comparative market analysis completed can be very helpful for a buyer when determining how much to offer for a home for several reasons.  First and foremost, a comparative market analysis is likely the method a listing agent utilized to determine the list price.  If the listing agent has experience selling homes in the area and is one of the top Realtors in the area, the price they listed the home for sale is likely close to the homes true market value. Another benefit to having a comparative market analysis completed prior to making an offer is it can eliminate possible low appraisal problems.  Just because a home is listed at a specific price, does not mean the home is worth that price, even if a buyer agrees to pay the full list price.  A comparative market analysis can help reduce the chances that a buyer overpays for a home and that the bank cannot justify the agreed sale price. A professionally completed comparative market analysis is a tool that can be a huge help when it comes to determining how much to offer for a home.  The value range that a comparative market analysis suggests, if done properly, should be relatively close to what a home sells for. Determine What The Highest Price You Will Pay Is And Stick To It One of the biggest mistakes that buyers make when buying a home is not sticking to their budget.  Once a buyer finds their "perfect home," it's important they set what the highest price they are willing to pay for that specific property is. Buying a home can be an emotional decision.  Without setting a maximum price, it's possible that a buyer will pay more for a home than they can afford.  By setting a maximum price, a buyer knows that if the negotiations push the price above that maximum number, it's time to walk away.  While it's easier said than done to walk away from a "perfect home," determining a maximum price can be a helpful tip to help determine what to offer for a home. Final Thoughts Determining how much to offer for a home is a big decision and can be tricky.  There is no absolute formula or method to help buyers determine what the purchase offer price should be.  The above tips should make deciding what to offer for a home much easier and less stressful.  Ultimately it is the buyers decision, however, by choosing a top Realtor and having the proper tools and information, buyers will be more comfortable with their decision. Other Top Home Buying Resources If you're buying a home in Rochester, NY, these tips to help determine how much to offer for a home will give you a huge advantage over your competition.  A buyer who has the "know-how" when it comes to determining how much to offer for a home will greatly increase their chances of successfully getting their "perfect home!"  If you haven't selected a top Rochester, NY realtor yet, please contact me, and I'd love to share my experience and expertise about buying a home in the local Rochester real estate market!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Tips To Help Determine How Much To Offer For A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> How New Doors &#038; Windows Can Boost Your Home Value https://www.rochesterrealestateblog.com/how-new-doors-windows-boost-your-home-value/ Tue, 19 May 2015 11:00:25 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=13643 Tips To Help Determine How Much To Offer For A Home[/caption] Finding just the right home for some buyers is a difficult task and can be emotionally and physically draining.  Once a buyer finds their "perfect home," only a small portion of the home buying process has been completed. One of the most important steps in the home buying process is successfully negotiating with the home owner.  There are many things that a buyer must decide on when negotiating with the seller.  What contingencies do they want to include?  When do they want to close on the home?  Do they want to have a home inspection? One of the top frequently asked questions from home buyers relates to price.  What should we offer the sellers?  Ultimately the buyer is the person in charge of making the final decision on what amount they should offer the home owner. There are many ways to help home buyers determine how much to offer for a home.  Here are some of the the best tips, and also things to avoid, when determining how much to offer for a home! What Should You Avoid When Determining How Much To Offer For A Home? Unfortunately there are many home buyers in the market place who have no idea when it comes to determining how much to offer for a home.  There are several things that home buyers need to avoid when figuring out how much to offer for a home, otherwise, the probability their offer is accepted is slim to none! Using Online Home Value Estimates One of the most popular misconceptions when it comes to home buying is that online home value estimates are accurate.  Home buyers who believe this "BS" fact about home buying will be extremely disappointed when offer after offer is rejected. When determining how much to offer for a home, make sure you avoid at all costs, online home value estimates.  Online home value estimates, such as Zillow's "Zestimate," are in many cases very inaccurate.  In a recent study of Rochester, NY homes that recently closed, almost 40% of the homes that closed on a specific date had "Zestimates" which were $15,000-$20,000 lower or higher than the actual sale prices. [caption id="attachment_2698" align="alignleft" width="450"]What Should Home Buyers Avoid When Determining How Much To Offer For A Home What Should Home Buyers Avoid When Determining How Much To Offer For A Home[/caption] A buyer who believes any online home value estimates will put themselves at a huge disadvantage when it comes to buying a home.  It's important to remember when determining how much to offer for a home, these online home value estimates are often generated by a computer formula and can be very inaccurate. Don't Be Fooled By Tax Assessments It's important to understand when buying a home, there is a difference between market value, assessed value, and appraised value.  One of the biggest thing to avoid when determining how much to offer for a home is using a homes assessed value as an offer price. The assessed value of a home is used for one thing, to determine how much the property taxes will be.  Assessed value has no correlation to a homes market value.  There are many real estate markets where the assessed value of homes will be significantly lower or higher than what homes are selling for. For example, a significant percentage of recently sold Webster, NY homes have sold for much higher than their  assessed values.  This is great for the local residents as it helps keep the property taxes lower. What Are The Top Tips To Help Buyers Determine How Much To Offer For A Home? There is no absolute way to determine how much to offer for a home.  Due to the fact that every seller has different reasons and different expectations, as well as the fact that homes are rarely identical, knowing how much to offer for a home can sometimes be tricky.  Here are several top tips to help buyers determine how much to offer for a home. Review The Current State Of The Local Real Estate Market It's important that buyers keep in mind what the current state of their local real estate market is when deciding how much to offer for a home.  Every real estate market is different.  Some real estate markets are neutral, some markets are buyers markets, and some markets are sellers market. If the local real estate market is a buyers market, it's possible that many of the homes for sale have been listed for quite some time.  It's fairly common that the longer a home is for sale, the lower the home can be bought for, but this isn't always the case.  In a buyers market, the chance that multiple offers will be received is greatly reduced as there are more homes available. If the local real estate market is a sellers market, it's likely that the homes for sale are sold fairly quickly, within the first week of being listed.  Buying a home in a sellers market can be more difficult for many reasons.  A few factors that contribute to the difficulty level of buying a home in a sellers market include low housing inventory, multiple offers, and a greater number of pre-approved buyers. Remember when determining how much to offer for a home that the condition of the local real estate market is vital.  A sellers market will generally demand an asking price or over asking price offer while a buyers market may warrant a significantly lower offer. Find Out How Much The Home Owner Paid Knowing how much the current owner paid previously for their home sometimes has no relation to how much to offer for a home, but, it certainly can.  Once a buyer finds the home they want to make an offer on, they should attempt to find out how much the current owners paid for the home. In some cases, the homeowners could be an original owner that built the house 40 years ago and obviously with inflation and other factors will make the amount they paid an irrelevant number.  The same can be said with newly built homes.  The cost of new construction is generally much higher than the homes value will be in a handful of years, due to the costs of building.  For example, a home that cost $300,000 to build a handful of years ago may only have a market value of $275,000. The opposite can be true for a homeowner who purchased a home in the past 5 or 6 years.  Finding out how much the current owner paid should be relatively easy as the information is still very likely to be in the local multiple listing service (MLS).  If a homeowner purchased a home for $150,000 a few years ago and they are trying to sell if for $200,000 now, it would be helpful to know what improvements they made to warrant a $50,000 increase in the value. Knowing the history of past transactions of a home can be a very helpful piece of information when determining how much to offer for a home. [caption id="attachment_2702" align="alignright" width="450"]When Determining How Much To Offer For A Home, Ask An Expert! When Determining How Much To Offer For A Home, Ask An Expert![/caption] Ask The Professionals Buying a home is an experience that many people are not familiar with.  When buying a home, it's critical that buyers have a top Realtor representing their best interests.  A top Realtor can help a buyer determine how much to offer for a home, which is a quality tip when it comes to determining the amount to offer for a home! One of the most important interview question to consider asking potential buyers agent's is whether they have experience selling homes in the desired neighborhoods.  An experienced Realtor who has sold homes in a specific neighborhood should be able to have a good idea whether a home is priced accurately or not simply by walking through the property. A top Realtor should be honest with their client and inform them if they feel a home is overpriced, priced well, or possibly under priced.  Unfortunately, there are some Realtors who will try and up-sell buyers, in order to make a few additional bucks and not advise the buyer the home maybe overpriced. Ultimately the decision of  how much to offer for a home is the buyers and not the Realtors.  Even though it ultimately is the buyers decision on how much to offer for a home, taking the advice of a top Realtor is high suggested.  Buyers who completely ignore what a Realtor suggests for an offer price is one of the top things home buyers do that real estate agents hate. Request A Comparative Market Analysis Be Completed Another excellent tip to help home buyers determine how much to offer for a home is by requesting a comparative market analysis be completed by their Realtor.  A comparative market analysis, also known as a CMA, is a very popular method Realtors use to determine market values. Having a comparative market analysis completed can be very helpful for a buyer when determining how much to offer for a home for several reasons.  First and foremost, a comparative market analysis is likely the method a listing agent utilized to determine the list price.  If the listing agent has experience selling homes in the area and is one of the top Realtors in the area, the price they listed the home for sale is likely close to the homes true market value. Another benefit to having a comparative market analysis completed prior to making an offer is it can eliminate possible low appraisal problems.  Just because a home is listed at a specific price, does not mean the home is worth that price, even if a buyer agrees to pay the full list price.  A comparative market analysis can help reduce the chances that a buyer overpays for a home and that the bank cannot justify the agreed sale price. A professionally completed comparative market analysis is a tool that can be a huge help when it comes to determining how much to offer for a home.  The value range that a comparative market analysis suggests, if done properly, should be relatively close to what a home sells for. Determine What The Highest Price You Will Pay Is And Stick To It One of the biggest mistakes that buyers make when buying a home is not sticking to their budget.  Once a buyer finds their "perfect home," it's important they set what the highest price they are willing to pay for that specific property is. Buying a home can be an emotional decision.  Without setting a maximum price, it's possible that a buyer will pay more for a home than they can afford.  By setting a maximum price, a buyer knows that if the negotiations push the price above that maximum number, it's time to walk away.  While it's easier said than done to walk away from a "perfect home," determining a maximum price can be a helpful tip to help determine what to offer for a home. Final Thoughts Determining how much to offer for a home is a big decision and can be tricky.  There is no absolute formula or method to help buyers determine what the purchase offer price should be.  The above tips should make deciding what to offer for a home much easier and less stressful.  Ultimately it is the buyers decision, however, by choosing a top Realtor and having the proper tools and information, buyers will be more comfortable with their decision. Other Top Home Buying Resources If you're buying a home in Rochester, NY, these tips to help determine how much to offer for a home will give you a huge advantage over your competition.  A buyer who has the "know-how" when it comes to determining how much to offer for a home will greatly increase their chances of successfully getting their "perfect home!"  If you haven't selected a top Rochester, NY realtor yet, please contact me, and I'd love to share my experience and expertise about buying a home in the local Rochester real estate market!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Tips To Help Determine How Much To Offer For A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Top 5 Things To Know When Flipping Your First House https://www.rochesterrealestateblog.com/5-things-to-know-when-flipping-your-first-house/ Tue, 19 May 2015 11:00:25 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=13574 Tips To Help Determine How Much To Offer For A Home[/caption] Finding just the right home for some buyers is a difficult task and can be emotionally and physically draining.  Once a buyer finds their "perfect home," only a small portion of the home buying process has been completed. One of the most important steps in the home buying process is successfully negotiating with the home owner.  There are many things that a buyer must decide on when negotiating with the seller.  What contingencies do they want to include?  When do they want to close on the home?  Do they want to have a home inspection? One of the top frequently asked questions from home buyers relates to price.  What should we offer the sellers?  Ultimately the buyer is the person in charge of making the final decision on what amount they should offer the home owner. There are many ways to help home buyers determine how much to offer for a home.  Here are some of the the best tips, and also things to avoid, when determining how much to offer for a home! What Should You Avoid When Determining How Much To Offer For A Home? Unfortunately there are many home buyers in the market place who have no idea when it comes to determining how much to offer for a home.  There are several things that home buyers need to avoid when figuring out how much to offer for a home, otherwise, the probability their offer is accepted is slim to none! Using Online Home Value Estimates One of the most popular misconceptions when it comes to home buying is that online home value estimates are accurate.  Home buyers who believe this "BS" fact about home buying will be extremely disappointed when offer after offer is rejected. When determining how much to offer for a home, make sure you avoid at all costs, online home value estimates.  Online home value estimates, such as Zillow's "Zestimate," are in many cases very inaccurate.  In a recent study of Rochester, NY homes that recently closed, almost 40% of the homes that closed on a specific date had "Zestimates" which were $15,000-$20,000 lower or higher than the actual sale prices. [caption id="attachment_2698" align="alignleft" width="450"]What Should Home Buyers Avoid When Determining How Much To Offer For A Home What Should Home Buyers Avoid When Determining How Much To Offer For A Home[/caption] A buyer who believes any online home value estimates will put themselves at a huge disadvantage when it comes to buying a home.  It's important to remember when determining how much to offer for a home, these online home value estimates are often generated by a computer formula and can be very inaccurate. Don't Be Fooled By Tax Assessments It's important to understand when buying a home, there is a difference between market value, assessed value, and appraised value.  One of the biggest thing to avoid when determining how much to offer for a home is using a homes assessed value as an offer price. The assessed value of a home is used for one thing, to determine how much the property taxes will be.  Assessed value has no correlation to a homes market value.  There are many real estate markets where the assessed value of homes will be significantly lower or higher than what homes are selling for. For example, a significant percentage of recently sold Webster, NY homes have sold for much higher than their  assessed values.  This is great for the local residents as it helps keep the property taxes lower. What Are The Top Tips To Help Buyers Determine How Much To Offer For A Home? There is no absolute way to determine how much to offer for a home.  Due to the fact that every seller has different reasons and different expectations, as well as the fact that homes are rarely identical, knowing how much to offer for a home can sometimes be tricky.  Here are several top tips to help buyers determine how much to offer for a home. Review The Current State Of The Local Real Estate Market It's important that buyers keep in mind what the current state of their local real estate market is when deciding how much to offer for a home.  Every real estate market is different.  Some real estate markets are neutral, some markets are buyers markets, and some markets are sellers market. If the local real estate market is a buyers market, it's possible that many of the homes for sale have been listed for quite some time.  It's fairly common that the longer a home is for sale, the lower the home can be bought for, but this isn't always the case.  In a buyers market, the chance that multiple offers will be received is greatly reduced as there are more homes available. If the local real estate market is a sellers market, it's likely that the homes for sale are sold fairly quickly, within the first week of being listed.  Buying a home in a sellers market can be more difficult for many reasons.  A few factors that contribute to the difficulty level of buying a home in a sellers market include low housing inventory, multiple offers, and a greater number of pre-approved buyers. Remember when determining how much to offer for a home that the condition of the local real estate market is vital.  A sellers market will generally demand an asking price or over asking price offer while a buyers market may warrant a significantly lower offer. Find Out How Much The Home Owner Paid Knowing how much the current owner paid previously for their home sometimes has no relation to how much to offer for a home, but, it certainly can.  Once a buyer finds the home they want to make an offer on, they should attempt to find out how much the current owners paid for the home. In some cases, the homeowners could be an original owner that built the house 40 years ago and obviously with inflation and other factors will make the amount they paid an irrelevant number.  The same can be said with newly built homes.  The cost of new construction is generally much higher than the homes value will be in a handful of years, due to the costs of building.  For example, a home that cost $300,000 to build a handful of years ago may only have a market value of $275,000. The opposite can be true for a homeowner who purchased a home in the past 5 or 6 years.  Finding out how much the current owner paid should be relatively easy as the information is still very likely to be in the local multiple listing service (MLS).  If a homeowner purchased a home for $150,000 a few years ago and they are trying to sell if for $200,000 now, it would be helpful to know what improvements they made to warrant a $50,000 increase in the value. Knowing the history of past transactions of a home can be a very helpful piece of information when determining how much to offer for a home. [caption id="attachment_2702" align="alignright" width="450"]When Determining How Much To Offer For A Home, Ask An Expert! When Determining How Much To Offer For A Home, Ask An Expert![/caption] Ask The Professionals Buying a home is an experience that many people are not familiar with.  When buying a home, it's critical that buyers have a top Realtor representing their best interests.  A top Realtor can help a buyer determine how much to offer for a home, which is a quality tip when it comes to determining the amount to offer for a home! One of the most important interview question to consider asking potential buyers agent's is whether they have experience selling homes in the desired neighborhoods.  An experienced Realtor who has sold homes in a specific neighborhood should be able to have a good idea whether a home is priced accurately or not simply by walking through the property. A top Realtor should be honest with their client and inform them if they feel a home is overpriced, priced well, or possibly under priced.  Unfortunately, there are some Realtors who will try and up-sell buyers, in order to make a few additional bucks and not advise the buyer the home maybe overpriced. Ultimately the decision of  how much to offer for a home is the buyers and not the Realtors.  Even though it ultimately is the buyers decision on how much to offer for a home, taking the advice of a top Realtor is high suggested.  Buyers who completely ignore what a Realtor suggests for an offer price is one of the top things home buyers do that real estate agents hate. Request A Comparative Market Analysis Be Completed Another excellent tip to help home buyers determine how much to offer for a home is by requesting a comparative market analysis be completed by their Realtor.  A comparative market analysis, also known as a CMA, is a very popular method Realtors use to determine market values. Having a comparative market analysis completed can be very helpful for a buyer when determining how much to offer for a home for several reasons.  First and foremost, a comparative market analysis is likely the method a listing agent utilized to determine the list price.  If the listing agent has experience selling homes in the area and is one of the top Realtors in the area, the price they listed the home for sale is likely close to the homes true market value. Another benefit to having a comparative market analysis completed prior to making an offer is it can eliminate possible low appraisal problems.  Just because a home is listed at a specific price, does not mean the home is worth that price, even if a buyer agrees to pay the full list price.  A comparative market analysis can help reduce the chances that a buyer overpays for a home and that the bank cannot justify the agreed sale price. A professionally completed comparative market analysis is a tool that can be a huge help when it comes to determining how much to offer for a home.  The value range that a comparative market analysis suggests, if done properly, should be relatively close to what a home sells for. Determine What The Highest Price You Will Pay Is And Stick To It One of the biggest mistakes that buyers make when buying a home is not sticking to their budget.  Once a buyer finds their "perfect home," it's important they set what the highest price they are willing to pay for that specific property is. Buying a home can be an emotional decision.  Without setting a maximum price, it's possible that a buyer will pay more for a home than they can afford.  By setting a maximum price, a buyer knows that if the negotiations push the price above that maximum number, it's time to walk away.  While it's easier said than done to walk away from a "perfect home," determining a maximum price can be a helpful tip to help determine what to offer for a home. Final Thoughts Determining how much to offer for a home is a big decision and can be tricky.  There is no absolute formula or method to help buyers determine what the purchase offer price should be.  The above tips should make deciding what to offer for a home much easier and less stressful.  Ultimately it is the buyers decision, however, by choosing a top Realtor and having the proper tools and information, buyers will be more comfortable with their decision. Other Top Home Buying Resources If you're buying a home in Rochester, NY, these tips to help determine how much to offer for a home will give you a huge advantage over your competition.  A buyer who has the "know-how" when it comes to determining how much to offer for a home will greatly increase their chances of successfully getting their "perfect home!"  If you haven't selected a top Rochester, NY realtor yet, please contact me, and I'd love to share my experience and expertise about buying a home in the local Rochester real estate market!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Tips To Help Determine How Much To Offer For A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> What Are The Best Mortgage Options for Self Employed Borrowers? https://www.rochesterrealestateblog.com/mortgage-options-for-self-employed-borrowers/ Tue, 19 May 2015 11:00:25 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=13450 Tips To Help Determine How Much To Offer For A Home[/caption] Finding just the right home for some buyers is a difficult task and can be emotionally and physically draining.  Once a buyer finds their "perfect home," only a small portion of the home buying process has been completed. One of the most important steps in the home buying process is successfully negotiating with the home owner.  There are many things that a buyer must decide on when negotiating with the seller.  What contingencies do they want to include?  When do they want to close on the home?  Do they want to have a home inspection? One of the top frequently asked questions from home buyers relates to price.  What should we offer the sellers?  Ultimately the buyer is the person in charge of making the final decision on what amount they should offer the home owner. There are many ways to help home buyers determine how much to offer for a home.  Here are some of the the best tips, and also things to avoid, when determining how much to offer for a home! What Should You Avoid When Determining How Much To Offer For A Home? Unfortunately there are many home buyers in the market place who have no idea when it comes to determining how much to offer for a home.  There are several things that home buyers need to avoid when figuring out how much to offer for a home, otherwise, the probability their offer is accepted is slim to none! Using Online Home Value Estimates One of the most popular misconceptions when it comes to home buying is that online home value estimates are accurate.  Home buyers who believe this "BS" fact about home buying will be extremely disappointed when offer after offer is rejected. When determining how much to offer for a home, make sure you avoid at all costs, online home value estimates.  Online home value estimates, such as Zillow's "Zestimate," are in many cases very inaccurate.  In a recent study of Rochester, NY homes that recently closed, almost 40% of the homes that closed on a specific date had "Zestimates" which were $15,000-$20,000 lower or higher than the actual sale prices. [caption id="attachment_2698" align="alignleft" width="450"]What Should Home Buyers Avoid When Determining How Much To Offer For A Home What Should Home Buyers Avoid When Determining How Much To Offer For A Home[/caption] A buyer who believes any online home value estimates will put themselves at a huge disadvantage when it comes to buying a home.  It's important to remember when determining how much to offer for a home, these online home value estimates are often generated by a computer formula and can be very inaccurate. Don't Be Fooled By Tax Assessments It's important to understand when buying a home, there is a difference between market value, assessed value, and appraised value.  One of the biggest thing to avoid when determining how much to offer for a home is using a homes assessed value as an offer price. The assessed value of a home is used for one thing, to determine how much the property taxes will be.  Assessed value has no correlation to a homes market value.  There are many real estate markets where the assessed value of homes will be significantly lower or higher than what homes are selling for. For example, a significant percentage of recently sold Webster, NY homes have sold for much higher than their  assessed values.  This is great for the local residents as it helps keep the property taxes lower. What Are The Top Tips To Help Buyers Determine How Much To Offer For A Home? There is no absolute way to determine how much to offer for a home.  Due to the fact that every seller has different reasons and different expectations, as well as the fact that homes are rarely identical, knowing how much to offer for a home can sometimes be tricky.  Here are several top tips to help buyers determine how much to offer for a home. Review The Current State Of The Local Real Estate Market It's important that buyers keep in mind what the current state of their local real estate market is when deciding how much to offer for a home.  Every real estate market is different.  Some real estate markets are neutral, some markets are buyers markets, and some markets are sellers market. If the local real estate market is a buyers market, it's possible that many of the homes for sale have been listed for quite some time.  It's fairly common that the longer a home is for sale, the lower the home can be bought for, but this isn't always the case.  In a buyers market, the chance that multiple offers will be received is greatly reduced as there are more homes available. If the local real estate market is a sellers market, it's likely that the homes for sale are sold fairly quickly, within the first week of being listed.  Buying a home in a sellers market can be more difficult for many reasons.  A few factors that contribute to the difficulty level of buying a home in a sellers market include low housing inventory, multiple offers, and a greater number of pre-approved buyers. Remember when determining how much to offer for a home that the condition of the local real estate market is vital.  A sellers market will generally demand an asking price or over asking price offer while a buyers market may warrant a significantly lower offer. Find Out How Much The Home Owner Paid Knowing how much the current owner paid previously for their home sometimes has no relation to how much to offer for a home, but, it certainly can.  Once a buyer finds the home they want to make an offer on, they should attempt to find out how much the current owners paid for the home. In some cases, the homeowners could be an original owner that built the house 40 years ago and obviously with inflation and other factors will make the amount they paid an irrelevant number.  The same can be said with newly built homes.  The cost of new construction is generally much higher than the homes value will be in a handful of years, due to the costs of building.  For example, a home that cost $300,000 to build a handful of years ago may only have a market value of $275,000. The opposite can be true for a homeowner who purchased a home in the past 5 or 6 years.  Finding out how much the current owner paid should be relatively easy as the information is still very likely to be in the local multiple listing service (MLS).  If a homeowner purchased a home for $150,000 a few years ago and they are trying to sell if for $200,000 now, it would be helpful to know what improvements they made to warrant a $50,000 increase in the value. Knowing the history of past transactions of a home can be a very helpful piece of information when determining how much to offer for a home. [caption id="attachment_2702" align="alignright" width="450"]When Determining How Much To Offer For A Home, Ask An Expert! When Determining How Much To Offer For A Home, Ask An Expert![/caption] Ask The Professionals Buying a home is an experience that many people are not familiar with.  When buying a home, it's critical that buyers have a top Realtor representing their best interests.  A top Realtor can help a buyer determine how much to offer for a home, which is a quality tip when it comes to determining the amount to offer for a home! One of the most important interview question to consider asking potential buyers agent's is whether they have experience selling homes in the desired neighborhoods.  An experienced Realtor who has sold homes in a specific neighborhood should be able to have a good idea whether a home is priced accurately or not simply by walking through the property. A top Realtor should be honest with their client and inform them if they feel a home is overpriced, priced well, or possibly under priced.  Unfortunately, there are some Realtors who will try and up-sell buyers, in order to make a few additional bucks and not advise the buyer the home maybe overpriced. Ultimately the decision of  how much to offer for a home is the buyers and not the Realtors.  Even though it ultimately is the buyers decision on how much to offer for a home, taking the advice of a top Realtor is high suggested.  Buyers who completely ignore what a Realtor suggests for an offer price is one of the top things home buyers do that real estate agents hate. Request A Comparative Market Analysis Be Completed Another excellent tip to help home buyers determine how much to offer for a home is by requesting a comparative market analysis be completed by their Realtor.  A comparative market analysis, also known as a CMA, is a very popular method Realtors use to determine market values. Having a comparative market analysis completed can be very helpful for a buyer when determining how much to offer for a home for several reasons.  First and foremost, a comparative market analysis is likely the method a listing agent utilized to determine the list price.  If the listing agent has experience selling homes in the area and is one of the top Realtors in the area, the price they listed the home for sale is likely close to the homes true market value. Another benefit to having a comparative market analysis completed prior to making an offer is it can eliminate possible low appraisal problems.  Just because a home is listed at a specific price, does not mean the home is worth that price, even if a buyer agrees to pay the full list price.  A comparative market analysis can help reduce the chances that a buyer overpays for a home and that the bank cannot justify the agreed sale price. A professionally completed comparative market analysis is a tool that can be a huge help when it comes to determining how much to offer for a home.  The value range that a comparative market analysis suggests, if done properly, should be relatively close to what a home sells for. Determine What The Highest Price You Will Pay Is And Stick To It One of the biggest mistakes that buyers make when buying a home is not sticking to their budget.  Once a buyer finds their "perfect home," it's important they set what the highest price they are willing to pay for that specific property is. Buying a home can be an emotional decision.  Without setting a maximum price, it's possible that a buyer will pay more for a home than they can afford.  By setting a maximum price, a buyer knows that if the negotiations push the price above that maximum number, it's time to walk away.  While it's easier said than done to walk away from a "perfect home," determining a maximum price can be a helpful tip to help determine what to offer for a home. Final Thoughts Determining how much to offer for a home is a big decision and can be tricky.  There is no absolute formula or method to help buyers determine what the purchase offer price should be.  The above tips should make deciding what to offer for a home much easier and less stressful.  Ultimately it is the buyers decision, however, by choosing a top Realtor and having the proper tools and information, buyers will be more comfortable with their decision. Other Top Home Buying Resources If you're buying a home in Rochester, NY, these tips to help determine how much to offer for a home will give you a huge advantage over your competition.  A buyer who has the "know-how" when it comes to determining how much to offer for a home will greatly increase their chances of successfully getting their "perfect home!"  If you haven't selected a top Rochester, NY realtor yet, please contact me, and I'd love to share my experience and expertise about buying a home in the local Rochester real estate market!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Tips To Help Determine How Much To Offer For A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Top 10 Best Places To See Christmas Lights In Rochester NY https://www.rochesterrealestateblog.com/top-10-best-places-see-christmas-lights-rochester-ny/ Tue, 19 May 2015 11:00:25 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=10236 Tips To Help Determine How Much To Offer For A Home[/caption] Finding just the right home for some buyers is a difficult task and can be emotionally and physically draining.  Once a buyer finds their "perfect home," only a small portion of the home buying process has been completed. One of the most important steps in the home buying process is successfully negotiating with the home owner.  There are many things that a buyer must decide on when negotiating with the seller.  What contingencies do they want to include?  When do they want to close on the home?  Do they want to have a home inspection? One of the top frequently asked questions from home buyers relates to price.  What should we offer the sellers?  Ultimately the buyer is the person in charge of making the final decision on what amount they should offer the home owner. There are many ways to help home buyers determine how much to offer for a home.  Here are some of the the best tips, and also things to avoid, when determining how much to offer for a home! What Should You Avoid When Determining How Much To Offer For A Home? Unfortunately there are many home buyers in the market place who have no idea when it comes to determining how much to offer for a home.  There are several things that home buyers need to avoid when figuring out how much to offer for a home, otherwise, the probability their offer is accepted is slim to none! Using Online Home Value Estimates One of the most popular misconceptions when it comes to home buying is that online home value estimates are accurate.  Home buyers who believe this "BS" fact about home buying will be extremely disappointed when offer after offer is rejected. When determining how much to offer for a home, make sure you avoid at all costs, online home value estimates.  Online home value estimates, such as Zillow's "Zestimate," are in many cases very inaccurate.  In a recent study of Rochester, NY homes that recently closed, almost 40% of the homes that closed on a specific date had "Zestimates" which were $15,000-$20,000 lower or higher than the actual sale prices. [caption id="attachment_2698" align="alignleft" width="450"]What Should Home Buyers Avoid When Determining How Much To Offer For A Home What Should Home Buyers Avoid When Determining How Much To Offer For A Home[/caption] A buyer who believes any online home value estimates will put themselves at a huge disadvantage when it comes to buying a home.  It's important to remember when determining how much to offer for a home, these online home value estimates are often generated by a computer formula and can be very inaccurate. Don't Be Fooled By Tax Assessments It's important to understand when buying a home, there is a difference between market value, assessed value, and appraised value.  One of the biggest thing to avoid when determining how much to offer for a home is using a homes assessed value as an offer price. The assessed value of a home is used for one thing, to determine how much the property taxes will be.  Assessed value has no correlation to a homes market value.  There are many real estate markets where the assessed value of homes will be significantly lower or higher than what homes are selling for. For example, a significant percentage of recently sold Webster, NY homes have sold for much higher than their  assessed values.  This is great for the local residents as it helps keep the property taxes lower. What Are The Top Tips To Help Buyers Determine How Much To Offer For A Home? There is no absolute way to determine how much to offer for a home.  Due to the fact that every seller has different reasons and different expectations, as well as the fact that homes are rarely identical, knowing how much to offer for a home can sometimes be tricky.  Here are several top tips to help buyers determine how much to offer for a home. Review The Current State Of The Local Real Estate Market It's important that buyers keep in mind what the current state of their local real estate market is when deciding how much to offer for a home.  Every real estate market is different.  Some real estate markets are neutral, some markets are buyers markets, and some markets are sellers market. If the local real estate market is a buyers market, it's possible that many of the homes for sale have been listed for quite some time.  It's fairly common that the longer a home is for sale, the lower the home can be bought for, but this isn't always the case.  In a buyers market, the chance that multiple offers will be received is greatly reduced as there are more homes available. If the local real estate market is a sellers market, it's likely that the homes for sale are sold fairly quickly, within the first week of being listed.  Buying a home in a sellers market can be more difficult for many reasons.  A few factors that contribute to the difficulty level of buying a home in a sellers market include low housing inventory, multiple offers, and a greater number of pre-approved buyers. Remember when determining how much to offer for a home that the condition of the local real estate market is vital.  A sellers market will generally demand an asking price or over asking price offer while a buyers market may warrant a significantly lower offer. Find Out How Much The Home Owner Paid Knowing how much the current owner paid previously for their home sometimes has no relation to how much to offer for a home, but, it certainly can.  Once a buyer finds the home they want to make an offer on, they should attempt to find out how much the current owners paid for the home. In some cases, the homeowners could be an original owner that built the house 40 years ago and obviously with inflation and other factors will make the amount they paid an irrelevant number.  The same can be said with newly built homes.  The cost of new construction is generally much higher than the homes value will be in a handful of years, due to the costs of building.  For example, a home that cost $300,000 to build a handful of years ago may only have a market value of $275,000. The opposite can be true for a homeowner who purchased a home in the past 5 or 6 years.  Finding out how much the current owner paid should be relatively easy as the information is still very likely to be in the local multiple listing service (MLS).  If a homeowner purchased a home for $150,000 a few years ago and they are trying to sell if for $200,000 now, it would be helpful to know what improvements they made to warrant a $50,000 increase in the value. Knowing the history of past transactions of a home can be a very helpful piece of information when determining how much to offer for a home. [caption id="attachment_2702" align="alignright" width="450"]When Determining How Much To Offer For A Home, Ask An Expert! When Determining How Much To Offer For A Home, Ask An Expert![/caption] Ask The Professionals Buying a home is an experience that many people are not familiar with.  When buying a home, it's critical that buyers have a top Realtor representing their best interests.  A top Realtor can help a buyer determine how much to offer for a home, which is a quality tip when it comes to determining the amount to offer for a home! One of the most important interview question to consider asking potential buyers agent's is whether they have experience selling homes in the desired neighborhoods.  An experienced Realtor who has sold homes in a specific neighborhood should be able to have a good idea whether a home is priced accurately or not simply by walking through the property. A top Realtor should be honest with their client and inform them if they feel a home is overpriced, priced well, or possibly under priced.  Unfortunately, there are some Realtors who will try and up-sell buyers, in order to make a few additional bucks and not advise the buyer the home maybe overpriced. Ultimately the decision of  how much to offer for a home is the buyers and not the Realtors.  Even though it ultimately is the buyers decision on how much to offer for a home, taking the advice of a top Realtor is high suggested.  Buyers who completely ignore what a Realtor suggests for an offer price is one of the top things home buyers do that real estate agents hate. Request A Comparative Market Analysis Be Completed Another excellent tip to help home buyers determine how much to offer for a home is by requesting a comparative market analysis be completed by their Realtor.  A comparative market analysis, also known as a CMA, is a very popular method Realtors use to determine market values. Having a comparative market analysis completed can be very helpful for a buyer when determining how much to offer for a home for several reasons.  First and foremost, a comparative market analysis is likely the method a listing agent utilized to determine the list price.  If the listing agent has experience selling homes in the area and is one of the top Realtors in the area, the price they listed the home for sale is likely close to the homes true market value. Another benefit to having a comparative market analysis completed prior to making an offer is it can eliminate possible low appraisal problems.  Just because a home is listed at a specific price, does not mean the home is worth that price, even if a buyer agrees to pay the full list price.  A comparative market analysis can help reduce the chances that a buyer overpays for a home and that the bank cannot justify the agreed sale price. A professionally completed comparative market analysis is a tool that can be a huge help when it comes to determining how much to offer for a home.  The value range that a comparative market analysis suggests, if done properly, should be relatively close to what a home sells for. Determine What The Highest Price You Will Pay Is And Stick To It One of the biggest mistakes that buyers make when buying a home is not sticking to their budget.  Once a buyer finds their "perfect home," it's important they set what the highest price they are willing to pay for that specific property is. Buying a home can be an emotional decision.  Without setting a maximum price, it's possible that a buyer will pay more for a home than they can afford.  By setting a maximum price, a buyer knows that if the negotiations push the price above that maximum number, it's time to walk away.  While it's easier said than done to walk away from a "perfect home," determining a maximum price can be a helpful tip to help determine what to offer for a home. Final Thoughts Determining how much to offer for a home is a big decision and can be tricky.  There is no absolute formula or method to help buyers determine what the purchase offer price should be.  The above tips should make deciding what to offer for a home much easier and less stressful.  Ultimately it is the buyers decision, however, by choosing a top Realtor and having the proper tools and information, buyers will be more comfortable with their decision. Other Top Home Buying Resources If you're buying a home in Rochester, NY, these tips to help determine how much to offer for a home will give you a huge advantage over your competition.  A buyer who has the "know-how" when it comes to determining how much to offer for a home will greatly increase their chances of successfully getting their "perfect home!"  If you haven't selected a top Rochester, NY realtor yet, please contact me, and I'd love to share my experience and expertise about buying a home in the local Rochester real estate market!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Tips To Help Determine How Much To Offer For A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> What Are The PROs And CONs Of Multifamily Homes? https://www.rochesterrealestateblog.com/what-are-the-pros-and-cons-of-multifamily-homes/ Tue, 19 May 2015 11:00:25 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=13219 Tips To Help Determine How Much To Offer For A Home[/caption] Finding just the right home for some buyers is a difficult task and can be emotionally and physically draining.  Once a buyer finds their "perfect home," only a small portion of the home buying process has been completed. One of the most important steps in the home buying process is successfully negotiating with the home owner.  There are many things that a buyer must decide on when negotiating with the seller.  What contingencies do they want to include?  When do they want to close on the home?  Do they want to have a home inspection? One of the top frequently asked questions from home buyers relates to price.  What should we offer the sellers?  Ultimately the buyer is the person in charge of making the final decision on what amount they should offer the home owner. There are many ways to help home buyers determine how much to offer for a home.  Here are some of the the best tips, and also things to avoid, when determining how much to offer for a home! What Should You Avoid When Determining How Much To Offer For A Home? Unfortunately there are many home buyers in the market place who have no idea when it comes to determining how much to offer for a home.  There are several things that home buyers need to avoid when figuring out how much to offer for a home, otherwise, the probability their offer is accepted is slim to none! Using Online Home Value Estimates One of the most popular misconceptions when it comes to home buying is that online home value estimates are accurate.  Home buyers who believe this "BS" fact about home buying will be extremely disappointed when offer after offer is rejected. When determining how much to offer for a home, make sure you avoid at all costs, online home value estimates.  Online home value estimates, such as Zillow's "Zestimate," are in many cases very inaccurate.  In a recent study of Rochester, NY homes that recently closed, almost 40% of the homes that closed on a specific date had "Zestimates" which were $15,000-$20,000 lower or higher than the actual sale prices. [caption id="attachment_2698" align="alignleft" width="450"]What Should Home Buyers Avoid When Determining How Much To Offer For A Home What Should Home Buyers Avoid When Determining How Much To Offer For A Home[/caption] A buyer who believes any online home value estimates will put themselves at a huge disadvantage when it comes to buying a home.  It's important to remember when determining how much to offer for a home, these online home value estimates are often generated by a computer formula and can be very inaccurate. Don't Be Fooled By Tax Assessments It's important to understand when buying a home, there is a difference between market value, assessed value, and appraised value.  One of the biggest thing to avoid when determining how much to offer for a home is using a homes assessed value as an offer price. The assessed value of a home is used for one thing, to determine how much the property taxes will be.  Assessed value has no correlation to a homes market value.  There are many real estate markets where the assessed value of homes will be significantly lower or higher than what homes are selling for. For example, a significant percentage of recently sold Webster, NY homes have sold for much higher than their  assessed values.  This is great for the local residents as it helps keep the property taxes lower. What Are The Top Tips To Help Buyers Determine How Much To Offer For A Home? There is no absolute way to determine how much to offer for a home.  Due to the fact that every seller has different reasons and different expectations, as well as the fact that homes are rarely identical, knowing how much to offer for a home can sometimes be tricky.  Here are several top tips to help buyers determine how much to offer for a home. Review The Current State Of The Local Real Estate Market It's important that buyers keep in mind what the current state of their local real estate market is when deciding how much to offer for a home.  Every real estate market is different.  Some real estate markets are neutral, some markets are buyers markets, and some markets are sellers market. If the local real estate market is a buyers market, it's possible that many of the homes for sale have been listed for quite some time.  It's fairly common that the longer a home is for sale, the lower the home can be bought for, but this isn't always the case.  In a buyers market, the chance that multiple offers will be received is greatly reduced as there are more homes available. If the local real estate market is a sellers market, it's likely that the homes for sale are sold fairly quickly, within the first week of being listed.  Buying a home in a sellers market can be more difficult for many reasons.  A few factors that contribute to the difficulty level of buying a home in a sellers market include low housing inventory, multiple offers, and a greater number of pre-approved buyers. Remember when determining how much to offer for a home that the condition of the local real estate market is vital.  A sellers market will generally demand an asking price or over asking price offer while a buyers market may warrant a significantly lower offer. Find Out How Much The Home Owner Paid Knowing how much the current owner paid previously for their home sometimes has no relation to how much to offer for a home, but, it certainly can.  Once a buyer finds the home they want to make an offer on, they should attempt to find out how much the current owners paid for the home. In some cases, the homeowners could be an original owner that built the house 40 years ago and obviously with inflation and other factors will make the amount they paid an irrelevant number.  The same can be said with newly built homes.  The cost of new construction is generally much higher than the homes value will be in a handful of years, due to the costs of building.  For example, a home that cost $300,000 to build a handful of years ago may only have a market value of $275,000. The opposite can be true for a homeowner who purchased a home in the past 5 or 6 years.  Finding out how much the current owner paid should be relatively easy as the information is still very likely to be in the local multiple listing service (MLS).  If a homeowner purchased a home for $150,000 a few years ago and they are trying to sell if for $200,000 now, it would be helpful to know what improvements they made to warrant a $50,000 increase in the value. Knowing the history of past transactions of a home can be a very helpful piece of information when determining how much to offer for a home. [caption id="attachment_2702" align="alignright" width="450"]When Determining How Much To Offer For A Home, Ask An Expert! When Determining How Much To Offer For A Home, Ask An Expert![/caption] Ask The Professionals Buying a home is an experience that many people are not familiar with.  When buying a home, it's critical that buyers have a top Realtor representing their best interests.  A top Realtor can help a buyer determine how much to offer for a home, which is a quality tip when it comes to determining the amount to offer for a home! One of the most important interview question to consider asking potential buyers agent's is whether they have experience selling homes in the desired neighborhoods.  An experienced Realtor who has sold homes in a specific neighborhood should be able to have a good idea whether a home is priced accurately or not simply by walking through the property. A top Realtor should be honest with their client and inform them if they feel a home is overpriced, priced well, or possibly under priced.  Unfortunately, there are some Realtors who will try and up-sell buyers, in order to make a few additional bucks and not advise the buyer the home maybe overpriced. Ultimately the decision of  how much to offer for a home is the buyers and not the Realtors.  Even though it ultimately is the buyers decision on how much to offer for a home, taking the advice of a top Realtor is high suggested.  Buyers who completely ignore what a Realtor suggests for an offer price is one of the top things home buyers do that real estate agents hate. Request A Comparative Market Analysis Be Completed Another excellent tip to help home buyers determine how much to offer for a home is by requesting a comparative market analysis be completed by their Realtor.  A comparative market analysis, also known as a CMA, is a very popular method Realtors use to determine market values. Having a comparative market analysis completed can be very helpful for a buyer when determining how much to offer for a home for several reasons.  First and foremost, a comparative market analysis is likely the method a listing agent utilized to determine the list price.  If the listing agent has experience selling homes in the area and is one of the top Realtors in the area, the price they listed the home for sale is likely close to the homes true market value. Another benefit to having a comparative market analysis completed prior to making an offer is it can eliminate possible low appraisal problems.  Just because a home is listed at a specific price, does not mean the home is worth that price, even if a buyer agrees to pay the full list price.  A comparative market analysis can help reduce the chances that a buyer overpays for a home and that the bank cannot justify the agreed sale price. A professionally completed comparative market analysis is a tool that can be a huge help when it comes to determining how much to offer for a home.  The value range that a comparative market analysis suggests, if done properly, should be relatively close to what a home sells for. Determine What The Highest Price You Will Pay Is And Stick To It One of the biggest mistakes that buyers make when buying a home is not sticking to their budget.  Once a buyer finds their "perfect home," it's important they set what the highest price they are willing to pay for that specific property is. Buying a home can be an emotional decision.  Without setting a maximum price, it's possible that a buyer will pay more for a home than they can afford.  By setting a maximum price, a buyer knows that if the negotiations push the price above that maximum number, it's time to walk away.  While it's easier said than done to walk away from a "perfect home," determining a maximum price can be a helpful tip to help determine what to offer for a home. Final Thoughts Determining how much to offer for a home is a big decision and can be tricky.  There is no absolute formula or method to help buyers determine what the purchase offer price should be.  The above tips should make deciding what to offer for a home much easier and less stressful.  Ultimately it is the buyers decision, however, by choosing a top Realtor and having the proper tools and information, buyers will be more comfortable with their decision. Other Top Home Buying Resources If you're buying a home in Rochester, NY, these tips to help determine how much to offer for a home will give you a huge advantage over your competition.  A buyer who has the "know-how" when it comes to determining how much to offer for a home will greatly increase their chances of successfully getting their "perfect home!"  If you haven't selected a top Rochester, NY realtor yet, please contact me, and I'd love to share my experience and expertise about buying a home in the local Rochester real estate market!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Tips To Help Determine How Much To Offer For A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> What Low-Cost Home Improvements Should You Make Before Selling Your Home? https://www.rochesterrealestateblog.com/low-cost-home-improvements-you-should-make-before-selling-your-home/ Tue, 19 May 2015 11:00:25 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=13114 Tips To Help Determine How Much To Offer For A Home[/caption] Finding just the right home for some buyers is a difficult task and can be emotionally and physically draining.  Once a buyer finds their "perfect home," only a small portion of the home buying process has been completed. One of the most important steps in the home buying process is successfully negotiating with the home owner.  There are many things that a buyer must decide on when negotiating with the seller.  What contingencies do they want to include?  When do they want to close on the home?  Do they want to have a home inspection? One of the top frequently asked questions from home buyers relates to price.  What should we offer the sellers?  Ultimately the buyer is the person in charge of making the final decision on what amount they should offer the home owner. There are many ways to help home buyers determine how much to offer for a home.  Here are some of the the best tips, and also things to avoid, when determining how much to offer for a home! What Should You Avoid When Determining How Much To Offer For A Home? Unfortunately there are many home buyers in the market place who have no idea when it comes to determining how much to offer for a home.  There are several things that home buyers need to avoid when figuring out how much to offer for a home, otherwise, the probability their offer is accepted is slim to none! Using Online Home Value Estimates One of the most popular misconceptions when it comes to home buying is that online home value estimates are accurate.  Home buyers who believe this "BS" fact about home buying will be extremely disappointed when offer after offer is rejected. When determining how much to offer for a home, make sure you avoid at all costs, online home value estimates.  Online home value estimates, such as Zillow's "Zestimate," are in many cases very inaccurate.  In a recent study of Rochester, NY homes that recently closed, almost 40% of the homes that closed on a specific date had "Zestimates" which were $15,000-$20,000 lower or higher than the actual sale prices. [caption id="attachment_2698" align="alignleft" width="450"]What Should Home Buyers Avoid When Determining How Much To Offer For A Home What Should Home Buyers Avoid When Determining How Much To Offer For A Home[/caption] A buyer who believes any online home value estimates will put themselves at a huge disadvantage when it comes to buying a home.  It's important to remember when determining how much to offer for a home, these online home value estimates are often generated by a computer formula and can be very inaccurate. Don't Be Fooled By Tax Assessments It's important to understand when buying a home, there is a difference between market value, assessed value, and appraised value.  One of the biggest thing to avoid when determining how much to offer for a home is using a homes assessed value as an offer price. The assessed value of a home is used for one thing, to determine how much the property taxes will be.  Assessed value has no correlation to a homes market value.  There are many real estate markets where the assessed value of homes will be significantly lower or higher than what homes are selling for. For example, a significant percentage of recently sold Webster, NY homes have sold for much higher than their  assessed values.  This is great for the local residents as it helps keep the property taxes lower. What Are The Top Tips To Help Buyers Determine How Much To Offer For A Home? There is no absolute way to determine how much to offer for a home.  Due to the fact that every seller has different reasons and different expectations, as well as the fact that homes are rarely identical, knowing how much to offer for a home can sometimes be tricky.  Here are several top tips to help buyers determine how much to offer for a home. Review The Current State Of The Local Real Estate Market It's important that buyers keep in mind what the current state of their local real estate market is when deciding how much to offer for a home.  Every real estate market is different.  Some real estate markets are neutral, some markets are buyers markets, and some markets are sellers market. If the local real estate market is a buyers market, it's possible that many of the homes for sale have been listed for quite some time.  It's fairly common that the longer a home is for sale, the lower the home can be bought for, but this isn't always the case.  In a buyers market, the chance that multiple offers will be received is greatly reduced as there are more homes available. If the local real estate market is a sellers market, it's likely that the homes for sale are sold fairly quickly, within the first week of being listed.  Buying a home in a sellers market can be more difficult for many reasons.  A few factors that contribute to the difficulty level of buying a home in a sellers market include low housing inventory, multiple offers, and a greater number of pre-approved buyers. Remember when determining how much to offer for a home that the condition of the local real estate market is vital.  A sellers market will generally demand an asking price or over asking price offer while a buyers market may warrant a significantly lower offer. Find Out How Much The Home Owner Paid Knowing how much the current owner paid previously for their home sometimes has no relation to how much to offer for a home, but, it certainly can.  Once a buyer finds the home they want to make an offer on, they should attempt to find out how much the current owners paid for the home. In some cases, the homeowners could be an original owner that built the house 40 years ago and obviously with inflation and other factors will make the amount they paid an irrelevant number.  The same can be said with newly built homes.  The cost of new construction is generally much higher than the homes value will be in a handful of years, due to the costs of building.  For example, a home that cost $300,000 to build a handful of years ago may only have a market value of $275,000. The opposite can be true for a homeowner who purchased a home in the past 5 or 6 years.  Finding out how much the current owner paid should be relatively easy as the information is still very likely to be in the local multiple listing service (MLS).  If a homeowner purchased a home for $150,000 a few years ago and they are trying to sell if for $200,000 now, it would be helpful to know what improvements they made to warrant a $50,000 increase in the value. Knowing the history of past transactions of a home can be a very helpful piece of information when determining how much to offer for a home. [caption id="attachment_2702" align="alignright" width="450"]When Determining How Much To Offer For A Home, Ask An Expert! When Determining How Much To Offer For A Home, Ask An Expert![/caption] Ask The Professionals Buying a home is an experience that many people are not familiar with.  When buying a home, it's critical that buyers have a top Realtor representing their best interests.  A top Realtor can help a buyer determine how much to offer for a home, which is a quality tip when it comes to determining the amount to offer for a home! One of the most important interview question to consider asking potential buyers agent's is whether they have experience selling homes in the desired neighborhoods.  An experienced Realtor who has sold homes in a specific neighborhood should be able to have a good idea whether a home is priced accurately or not simply by walking through the property. A top Realtor should be honest with their client and inform them if they feel a home is overpriced, priced well, or possibly under priced.  Unfortunately, there are some Realtors who will try and up-sell buyers, in order to make a few additional bucks and not advise the buyer the home maybe overpriced. Ultimately the decision of  how much to offer for a home is the buyers and not the Realtors.  Even though it ultimately is the buyers decision on how much to offer for a home, taking the advice of a top Realtor is high suggested.  Buyers who completely ignore what a Realtor suggests for an offer price is one of the top things home buyers do that real estate agents hate. Request A Comparative Market Analysis Be Completed Another excellent tip to help home buyers determine how much to offer for a home is by requesting a comparative market analysis be completed by their Realtor.  A comparative market analysis, also known as a CMA, is a very popular method Realtors use to determine market values. Having a comparative market analysis completed can be very helpful for a buyer when determining how much to offer for a home for several reasons.  First and foremost, a comparative market analysis is likely the method a listing agent utilized to determine the list price.  If the listing agent has experience selling homes in the area and is one of the top Realtors in the area, the price they listed the home for sale is likely close to the homes true market value. Another benefit to having a comparative market analysis completed prior to making an offer is it can eliminate possible low appraisal problems.  Just because a home is listed at a specific price, does not mean the home is worth that price, even if a buyer agrees to pay the full list price.  A comparative market analysis can help reduce the chances that a buyer overpays for a home and that the bank cannot justify the agreed sale price. A professionally completed comparative market analysis is a tool that can be a huge help when it comes to determining how much to offer for a home.  The value range that a comparative market analysis suggests, if done properly, should be relatively close to what a home sells for. Determine What The Highest Price You Will Pay Is And Stick To It One of the biggest mistakes that buyers make when buying a home is not sticking to their budget.  Once a buyer finds their "perfect home," it's important they set what the highest price they are willing to pay for that specific property is. Buying a home can be an emotional decision.  Without setting a maximum price, it's possible that a buyer will pay more for a home than they can afford.  By setting a maximum price, a buyer knows that if the negotiations push the price above that maximum number, it's time to walk away.  While it's easier said than done to walk away from a "perfect home," determining a maximum price can be a helpful tip to help determine what to offer for a home. Final Thoughts Determining how much to offer for a home is a big decision and can be tricky.  There is no absolute formula or method to help buyers determine what the purchase offer price should be.  The above tips should make deciding what to offer for a home much easier and less stressful.  Ultimately it is the buyers decision, however, by choosing a top Realtor and having the proper tools and information, buyers will be more comfortable with their decision. Other Top Home Buying Resources If you're buying a home in Rochester, NY, these tips to help determine how much to offer for a home will give you a huge advantage over your competition.  A buyer who has the "know-how" when it comes to determining how much to offer for a home will greatly increase their chances of successfully getting their "perfect home!"  If you haven't selected a top Rochester, NY realtor yet, please contact me, and I'd love to share my experience and expertise about buying a home in the local Rochester real estate market!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Tips To Help Determine How Much To Offer For A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> 15 Things Millennial Home Buyers Look At While Buying A House https://www.rochesterrealestateblog.com/15-things-millennial-home-buyers-look-at-while-buying-a-house/ Tue, 19 May 2015 11:00:25 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=13028 Tips To Help Determine How Much To Offer For A Home[/caption] Finding just the right home for some buyers is a difficult task and can be emotionally and physically draining.  Once a buyer finds their "perfect home," only a small portion of the home buying process has been completed. One of the most important steps in the home buying process is successfully negotiating with the home owner.  There are many things that a buyer must decide on when negotiating with the seller.  What contingencies do they want to include?  When do they want to close on the home?  Do they want to have a home inspection? One of the top frequently asked questions from home buyers relates to price.  What should we offer the sellers?  Ultimately the buyer is the person in charge of making the final decision on what amount they should offer the home owner. There are many ways to help home buyers determine how much to offer for a home.  Here are some of the the best tips, and also things to avoid, when determining how much to offer for a home! What Should You Avoid When Determining How Much To Offer For A Home? Unfortunately there are many home buyers in the market place who have no idea when it comes to determining how much to offer for a home.  There are several things that home buyers need to avoid when figuring out how much to offer for a home, otherwise, the probability their offer is accepted is slim to none! Using Online Home Value Estimates One of the most popular misconceptions when it comes to home buying is that online home value estimates are accurate.  Home buyers who believe this "BS" fact about home buying will be extremely disappointed when offer after offer is rejected. When determining how much to offer for a home, make sure you avoid at all costs, online home value estimates.  Online home value estimates, such as Zillow's "Zestimate," are in many cases very inaccurate.  In a recent study of Rochester, NY homes that recently closed, almost 40% of the homes that closed on a specific date had "Zestimates" which were $15,000-$20,000 lower or higher than the actual sale prices. [caption id="attachment_2698" align="alignleft" width="450"]What Should Home Buyers Avoid When Determining How Much To Offer For A Home What Should Home Buyers Avoid When Determining How Much To Offer For A Home[/caption] A buyer who believes any online home value estimates will put themselves at a huge disadvantage when it comes to buying a home.  It's important to remember when determining how much to offer for a home, these online home value estimates are often generated by a computer formula and can be very inaccurate. Don't Be Fooled By Tax Assessments It's important to understand when buying a home, there is a difference between market value, assessed value, and appraised value.  One of the biggest thing to avoid when determining how much to offer for a home is using a homes assessed value as an offer price. The assessed value of a home is used for one thing, to determine how much the property taxes will be.  Assessed value has no correlation to a homes market value.  There are many real estate markets where the assessed value of homes will be significantly lower or higher than what homes are selling for. For example, a significant percentage of recently sold Webster, NY homes have sold for much higher than their  assessed values.  This is great for the local residents as it helps keep the property taxes lower. What Are The Top Tips To Help Buyers Determine How Much To Offer For A Home? There is no absolute way to determine how much to offer for a home.  Due to the fact that every seller has different reasons and different expectations, as well as the fact that homes are rarely identical, knowing how much to offer for a home can sometimes be tricky.  Here are several top tips to help buyers determine how much to offer for a home. Review The Current State Of The Local Real Estate Market It's important that buyers keep in mind what the current state of their local real estate market is when deciding how much to offer for a home.  Every real estate market is different.  Some real estate markets are neutral, some markets are buyers markets, and some markets are sellers market. If the local real estate market is a buyers market, it's possible that many of the homes for sale have been listed for quite some time.  It's fairly common that the longer a home is for sale, the lower the home can be bought for, but this isn't always the case.  In a buyers market, the chance that multiple offers will be received is greatly reduced as there are more homes available. If the local real estate market is a sellers market, it's likely that the homes for sale are sold fairly quickly, within the first week of being listed.  Buying a home in a sellers market can be more difficult for many reasons.  A few factors that contribute to the difficulty level of buying a home in a sellers market include low housing inventory, multiple offers, and a greater number of pre-approved buyers. Remember when determining how much to offer for a home that the condition of the local real estate market is vital.  A sellers market will generally demand an asking price or over asking price offer while a buyers market may warrant a significantly lower offer. Find Out How Much The Home Owner Paid Knowing how much the current owner paid previously for their home sometimes has no relation to how much to offer for a home, but, it certainly can.  Once a buyer finds the home they want to make an offer on, they should attempt to find out how much the current owners paid for the home. In some cases, the homeowners could be an original owner that built the house 40 years ago and obviously with inflation and other factors will make the amount they paid an irrelevant number.  The same can be said with newly built homes.  The cost of new construction is generally much higher than the homes value will be in a handful of years, due to the costs of building.  For example, a home that cost $300,000 to build a handful of years ago may only have a market value of $275,000. The opposite can be true for a homeowner who purchased a home in the past 5 or 6 years.  Finding out how much the current owner paid should be relatively easy as the information is still very likely to be in the local multiple listing service (MLS).  If a homeowner purchased a home for $150,000 a few years ago and they are trying to sell if for $200,000 now, it would be helpful to know what improvements they made to warrant a $50,000 increase in the value. Knowing the history of past transactions of a home can be a very helpful piece of information when determining how much to offer for a home. [caption id="attachment_2702" align="alignright" width="450"]When Determining How Much To Offer For A Home, Ask An Expert! When Determining How Much To Offer For A Home, Ask An Expert![/caption] Ask The Professionals Buying a home is an experience that many people are not familiar with.  When buying a home, it's critical that buyers have a top Realtor representing their best interests.  A top Realtor can help a buyer determine how much to offer for a home, which is a quality tip when it comes to determining the amount to offer for a home! One of the most important interview question to consider asking potential buyers agent's is whether they have experience selling homes in the desired neighborhoods.  An experienced Realtor who has sold homes in a specific neighborhood should be able to have a good idea whether a home is priced accurately or not simply by walking through the property. A top Realtor should be honest with their client and inform them if they feel a home is overpriced, priced well, or possibly under priced.  Unfortunately, there are some Realtors who will try and up-sell buyers, in order to make a few additional bucks and not advise the buyer the home maybe overpriced. Ultimately the decision of  how much to offer for a home is the buyers and not the Realtors.  Even though it ultimately is the buyers decision on how much to offer for a home, taking the advice of a top Realtor is high suggested.  Buyers who completely ignore what a Realtor suggests for an offer price is one of the top things home buyers do that real estate agents hate. Request A Comparative Market Analysis Be Completed Another excellent tip to help home buyers determine how much to offer for a home is by requesting a comparative market analysis be completed by their Realtor.  A comparative market analysis, also known as a CMA, is a very popular method Realtors use to determine market values. Having a comparative market analysis completed can be very helpful for a buyer when determining how much to offer for a home for several reasons.  First and foremost, a comparative market analysis is likely the method a listing agent utilized to determine the list price.  If the listing agent has experience selling homes in the area and is one of the top Realtors in the area, the price they listed the home for sale is likely close to the homes true market value. Another benefit to having a comparative market analysis completed prior to making an offer is it can eliminate possible low appraisal problems.  Just because a home is listed at a specific price, does not mean the home is worth that price, even if a buyer agrees to pay the full list price.  A comparative market analysis can help reduce the chances that a buyer overpays for a home and that the bank cannot justify the agreed sale price. A professionally completed comparative market analysis is a tool that can be a huge help when it comes to determining how much to offer for a home.  The value range that a comparative market analysis suggests, if done properly, should be relatively close to what a home sells for. Determine What The Highest Price You Will Pay Is And Stick To It One of the biggest mistakes that buyers make when buying a home is not sticking to their budget.  Once a buyer finds their "perfect home," it's important they set what the highest price they are willing to pay for that specific property is. Buying a home can be an emotional decision.  Without setting a maximum price, it's possible that a buyer will pay more for a home than they can afford.  By setting a maximum price, a buyer knows that if the negotiations push the price above that maximum number, it's time to walk away.  While it's easier said than done to walk away from a "perfect home," determining a maximum price can be a helpful tip to help determine what to offer for a home. Final Thoughts Determining how much to offer for a home is a big decision and can be tricky.  There is no absolute formula or method to help buyers determine what the purchase offer price should be.  The above tips should make deciding what to offer for a home much easier and less stressful.  Ultimately it is the buyers decision, however, by choosing a top Realtor and having the proper tools and information, buyers will be more comfortable with their decision. Other Top Home Buying Resources If you're buying a home in Rochester, NY, these tips to help determine how much to offer for a home will give you a huge advantage over your competition.  A buyer who has the "know-how" when it comes to determining how much to offer for a home will greatly increase their chances of successfully getting their "perfect home!"  If you haven't selected a top Rochester, NY realtor yet, please contact me, and I'd love to share my experience and expertise about buying a home in the local Rochester real estate market!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Tips To Help Determine How Much To Offer For A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> How Does A Fence Increase The Value Of Your Home https://www.rochesterrealestateblog.com/how-does-a-fence-increase-the-value-of-your-home/ Tue, 19 May 2015 11:00:25 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12995 Tips To Help Determine How Much To Offer For A Home[/caption] Finding just the right home for some buyers is a difficult task and can be emotionally and physically draining.  Once a buyer finds their "perfect home," only a small portion of the home buying process has been completed. One of the most important steps in the home buying process is successfully negotiating with the home owner.  There are many things that a buyer must decide on when negotiating with the seller.  What contingencies do they want to include?  When do they want to close on the home?  Do they want to have a home inspection? One of the top frequently asked questions from home buyers relates to price.  What should we offer the sellers?  Ultimately the buyer is the person in charge of making the final decision on what amount they should offer the home owner. There are many ways to help home buyers determine how much to offer for a home.  Here are some of the the best tips, and also things to avoid, when determining how much to offer for a home! What Should You Avoid When Determining How Much To Offer For A Home? Unfortunately there are many home buyers in the market place who have no idea when it comes to determining how much to offer for a home.  There are several things that home buyers need to avoid when figuring out how much to offer for a home, otherwise, the probability their offer is accepted is slim to none! Using Online Home Value Estimates One of the most popular misconceptions when it comes to home buying is that online home value estimates are accurate.  Home buyers who believe this "BS" fact about home buying will be extremely disappointed when offer after offer is rejected. When determining how much to offer for a home, make sure you avoid at all costs, online home value estimates.  Online home value estimates, such as Zillow's "Zestimate," are in many cases very inaccurate.  In a recent study of Rochester, NY homes that recently closed, almost 40% of the homes that closed on a specific date had "Zestimates" which were $15,000-$20,000 lower or higher than the actual sale prices. [caption id="attachment_2698" align="alignleft" width="450"]What Should Home Buyers Avoid When Determining How Much To Offer For A Home What Should Home Buyers Avoid When Determining How Much To Offer For A Home[/caption] A buyer who believes any online home value estimates will put themselves at a huge disadvantage when it comes to buying a home.  It's important to remember when determining how much to offer for a home, these online home value estimates are often generated by a computer formula and can be very inaccurate. Don't Be Fooled By Tax Assessments It's important to understand when buying a home, there is a difference between market value, assessed value, and appraised value.  One of the biggest thing to avoid when determining how much to offer for a home is using a homes assessed value as an offer price. The assessed value of a home is used for one thing, to determine how much the property taxes will be.  Assessed value has no correlation to a homes market value.  There are many real estate markets where the assessed value of homes will be significantly lower or higher than what homes are selling for. For example, a significant percentage of recently sold Webster, NY homes have sold for much higher than their  assessed values.  This is great for the local residents as it helps keep the property taxes lower. What Are The Top Tips To Help Buyers Determine How Much To Offer For A Home? There is no absolute way to determine how much to offer for a home.  Due to the fact that every seller has different reasons and different expectations, as well as the fact that homes are rarely identical, knowing how much to offer for a home can sometimes be tricky.  Here are several top tips to help buyers determine how much to offer for a home. Review The Current State Of The Local Real Estate Market It's important that buyers keep in mind what the current state of their local real estate market is when deciding how much to offer for a home.  Every real estate market is different.  Some real estate markets are neutral, some markets are buyers markets, and some markets are sellers market. If the local real estate market is a buyers market, it's possible that many of the homes for sale have been listed for quite some time.  It's fairly common that the longer a home is for sale, the lower the home can be bought for, but this isn't always the case.  In a buyers market, the chance that multiple offers will be received is greatly reduced as there are more homes available. If the local real estate market is a sellers market, it's likely that the homes for sale are sold fairly quickly, within the first week of being listed.  Buying a home in a sellers market can be more difficult for many reasons.  A few factors that contribute to the difficulty level of buying a home in a sellers market include low housing inventory, multiple offers, and a greater number of pre-approved buyers. Remember when determining how much to offer for a home that the condition of the local real estate market is vital.  A sellers market will generally demand an asking price or over asking price offer while a buyers market may warrant a significantly lower offer. Find Out How Much The Home Owner Paid Knowing how much the current owner paid previously for their home sometimes has no relation to how much to offer for a home, but, it certainly can.  Once a buyer finds the home they want to make an offer on, they should attempt to find out how much the current owners paid for the home. In some cases, the homeowners could be an original owner that built the house 40 years ago and obviously with inflation and other factors will make the amount they paid an irrelevant number.  The same can be said with newly built homes.  The cost of new construction is generally much higher than the homes value will be in a handful of years, due to the costs of building.  For example, a home that cost $300,000 to build a handful of years ago may only have a market value of $275,000. The opposite can be true for a homeowner who purchased a home in the past 5 or 6 years.  Finding out how much the current owner paid should be relatively easy as the information is still very likely to be in the local multiple listing service (MLS).  If a homeowner purchased a home for $150,000 a few years ago and they are trying to sell if for $200,000 now, it would be helpful to know what improvements they made to warrant a $50,000 increase in the value. Knowing the history of past transactions of a home can be a very helpful piece of information when determining how much to offer for a home. [caption id="attachment_2702" align="alignright" width="450"]When Determining How Much To Offer For A Home, Ask An Expert! When Determining How Much To Offer For A Home, Ask An Expert![/caption] Ask The Professionals Buying a home is an experience that many people are not familiar with.  When buying a home, it's critical that buyers have a top Realtor representing their best interests.  A top Realtor can help a buyer determine how much to offer for a home, which is a quality tip when it comes to determining the amount to offer for a home! One of the most important interview question to consider asking potential buyers agent's is whether they have experience selling homes in the desired neighborhoods.  An experienced Realtor who has sold homes in a specific neighborhood should be able to have a good idea whether a home is priced accurately or not simply by walking through the property. A top Realtor should be honest with their client and inform them if they feel a home is overpriced, priced well, or possibly under priced.  Unfortunately, there are some Realtors who will try and up-sell buyers, in order to make a few additional bucks and not advise the buyer the home maybe overpriced. Ultimately the decision of  how much to offer for a home is the buyers and not the Realtors.  Even though it ultimately is the buyers decision on how much to offer for a home, taking the advice of a top Realtor is high suggested.  Buyers who completely ignore what a Realtor suggests for an offer price is one of the top things home buyers do that real estate agents hate. Request A Comparative Market Analysis Be Completed Another excellent tip to help home buyers determine how much to offer for a home is by requesting a comparative market analysis be completed by their Realtor.  A comparative market analysis, also known as a CMA, is a very popular method Realtors use to determine market values. Having a comparative market analysis completed can be very helpful for a buyer when determining how much to offer for a home for several reasons.  First and foremost, a comparative market analysis is likely the method a listing agent utilized to determine the list price.  If the listing agent has experience selling homes in the area and is one of the top Realtors in the area, the price they listed the home for sale is likely close to the homes true market value. Another benefit to having a comparative market analysis completed prior to making an offer is it can eliminate possible low appraisal problems.  Just because a home is listed at a specific price, does not mean the home is worth that price, even if a buyer agrees to pay the full list price.  A comparative market analysis can help reduce the chances that a buyer overpays for a home and that the bank cannot justify the agreed sale price. A professionally completed comparative market analysis is a tool that can be a huge help when it comes to determining how much to offer for a home.  The value range that a comparative market analysis suggests, if done properly, should be relatively close to what a home sells for. Determine What The Highest Price You Will Pay Is And Stick To It One of the biggest mistakes that buyers make when buying a home is not sticking to their budget.  Once a buyer finds their "perfect home," it's important they set what the highest price they are willing to pay for that specific property is. Buying a home can be an emotional decision.  Without setting a maximum price, it's possible that a buyer will pay more for a home than they can afford.  By setting a maximum price, a buyer knows that if the negotiations push the price above that maximum number, it's time to walk away.  While it's easier said than done to walk away from a "perfect home," determining a maximum price can be a helpful tip to help determine what to offer for a home. Final Thoughts Determining how much to offer for a home is a big decision and can be tricky.  There is no absolute formula or method to help buyers determine what the purchase offer price should be.  The above tips should make deciding what to offer for a home much easier and less stressful.  Ultimately it is the buyers decision, however, by choosing a top Realtor and having the proper tools and information, buyers will be more comfortable with their decision. Other Top Home Buying Resources If you're buying a home in Rochester, NY, these tips to help determine how much to offer for a home will give you a huge advantage over your competition.  A buyer who has the "know-how" when it comes to determining how much to offer for a home will greatly increase their chances of successfully getting their "perfect home!"  If you haven't selected a top Rochester, NY realtor yet, please contact me, and I'd love to share my experience and expertise about buying a home in the local Rochester real estate market!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Tips To Help Determine How Much To Offer For A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> 5 Simple &#038; Low Cost Fixes To Make Your Home More Appealing To Buyers https://www.rochesterrealestateblog.com/5-simple-and-low-cost-fixes-to-make-your-home-more-appealing-to-buyers/ Tue, 19 May 2015 11:00:25 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12779 Tips To Help Determine How Much To Offer For A Home[/caption] Finding just the right home for some buyers is a difficult task and can be emotionally and physically draining.  Once a buyer finds their "perfect home," only a small portion of the home buying process has been completed. One of the most important steps in the home buying process is successfully negotiating with the home owner.  There are many things that a buyer must decide on when negotiating with the seller.  What contingencies do they want to include?  When do they want to close on the home?  Do they want to have a home inspection? One of the top frequently asked questions from home buyers relates to price.  What should we offer the sellers?  Ultimately the buyer is the person in charge of making the final decision on what amount they should offer the home owner. There are many ways to help home buyers determine how much to offer for a home.  Here are some of the the best tips, and also things to avoid, when determining how much to offer for a home! What Should You Avoid When Determining How Much To Offer For A Home? Unfortunately there are many home buyers in the market place who have no idea when it comes to determining how much to offer for a home.  There are several things that home buyers need to avoid when figuring out how much to offer for a home, otherwise, the probability their offer is accepted is slim to none! Using Online Home Value Estimates One of the most popular misconceptions when it comes to home buying is that online home value estimates are accurate.  Home buyers who believe this "BS" fact about home buying will be extremely disappointed when offer after offer is rejected. When determining how much to offer for a home, make sure you avoid at all costs, online home value estimates.  Online home value estimates, such as Zillow's "Zestimate," are in many cases very inaccurate.  In a recent study of Rochester, NY homes that recently closed, almost 40% of the homes that closed on a specific date had "Zestimates" which were $15,000-$20,000 lower or higher than the actual sale prices. [caption id="attachment_2698" align="alignleft" width="450"]What Should Home Buyers Avoid When Determining How Much To Offer For A Home What Should Home Buyers Avoid When Determining How Much To Offer For A Home[/caption] A buyer who believes any online home value estimates will put themselves at a huge disadvantage when it comes to buying a home.  It's important to remember when determining how much to offer for a home, these online home value estimates are often generated by a computer formula and can be very inaccurate. Don't Be Fooled By Tax Assessments It's important to understand when buying a home, there is a difference between market value, assessed value, and appraised value.  One of the biggest thing to avoid when determining how much to offer for a home is using a homes assessed value as an offer price. The assessed value of a home is used for one thing, to determine how much the property taxes will be.  Assessed value has no correlation to a homes market value.  There are many real estate markets where the assessed value of homes will be significantly lower or higher than what homes are selling for. For example, a significant percentage of recently sold Webster, NY homes have sold for much higher than their  assessed values.  This is great for the local residents as it helps keep the property taxes lower. What Are The Top Tips To Help Buyers Determine How Much To Offer For A Home? There is no absolute way to determine how much to offer for a home.  Due to the fact that every seller has different reasons and different expectations, as well as the fact that homes are rarely identical, knowing how much to offer for a home can sometimes be tricky.  Here are several top tips to help buyers determine how much to offer for a home. Review The Current State Of The Local Real Estate Market It's important that buyers keep in mind what the current state of their local real estate market is when deciding how much to offer for a home.  Every real estate market is different.  Some real estate markets are neutral, some markets are buyers markets, and some markets are sellers market. If the local real estate market is a buyers market, it's possible that many of the homes for sale have been listed for quite some time.  It's fairly common that the longer a home is for sale, the lower the home can be bought for, but this isn't always the case.  In a buyers market, the chance that multiple offers will be received is greatly reduced as there are more homes available. If the local real estate market is a sellers market, it's likely that the homes for sale are sold fairly quickly, within the first week of being listed.  Buying a home in a sellers market can be more difficult for many reasons.  A few factors that contribute to the difficulty level of buying a home in a sellers market include low housing inventory, multiple offers, and a greater number of pre-approved buyers. Remember when determining how much to offer for a home that the condition of the local real estate market is vital.  A sellers market will generally demand an asking price or over asking price offer while a buyers market may warrant a significantly lower offer. Find Out How Much The Home Owner Paid Knowing how much the current owner paid previously for their home sometimes has no relation to how much to offer for a home, but, it certainly can.  Once a buyer finds the home they want to make an offer on, they should attempt to find out how much the current owners paid for the home. In some cases, the homeowners could be an original owner that built the house 40 years ago and obviously with inflation and other factors will make the amount they paid an irrelevant number.  The same can be said with newly built homes.  The cost of new construction is generally much higher than the homes value will be in a handful of years, due to the costs of building.  For example, a home that cost $300,000 to build a handful of years ago may only have a market value of $275,000. The opposite can be true for a homeowner who purchased a home in the past 5 or 6 years.  Finding out how much the current owner paid should be relatively easy as the information is still very likely to be in the local multiple listing service (MLS).  If a homeowner purchased a home for $150,000 a few years ago and they are trying to sell if for $200,000 now, it would be helpful to know what improvements they made to warrant a $50,000 increase in the value. Knowing the history of past transactions of a home can be a very helpful piece of information when determining how much to offer for a home. [caption id="attachment_2702" align="alignright" width="450"]When Determining How Much To Offer For A Home, Ask An Expert! When Determining How Much To Offer For A Home, Ask An Expert![/caption] Ask The Professionals Buying a home is an experience that many people are not familiar with.  When buying a home, it's critical that buyers have a top Realtor representing their best interests.  A top Realtor can help a buyer determine how much to offer for a home, which is a quality tip when it comes to determining the amount to offer for a home! One of the most important interview question to consider asking potential buyers agent's is whether they have experience selling homes in the desired neighborhoods.  An experienced Realtor who has sold homes in a specific neighborhood should be able to have a good idea whether a home is priced accurately or not simply by walking through the property. A top Realtor should be honest with their client and inform them if they feel a home is overpriced, priced well, or possibly under priced.  Unfortunately, there are some Realtors who will try and up-sell buyers, in order to make a few additional bucks and not advise the buyer the home maybe overpriced. Ultimately the decision of  how much to offer for a home is the buyers and not the Realtors.  Even though it ultimately is the buyers decision on how much to offer for a home, taking the advice of a top Realtor is high suggested.  Buyers who completely ignore what a Realtor suggests for an offer price is one of the top things home buyers do that real estate agents hate. Request A Comparative Market Analysis Be Completed Another excellent tip to help home buyers determine how much to offer for a home is by requesting a comparative market analysis be completed by their Realtor.  A comparative market analysis, also known as a CMA, is a very popular method Realtors use to determine market values. Having a comparative market analysis completed can be very helpful for a buyer when determining how much to offer for a home for several reasons.  First and foremost, a comparative market analysis is likely the method a listing agent utilized to determine the list price.  If the listing agent has experience selling homes in the area and is one of the top Realtors in the area, the price they listed the home for sale is likely close to the homes true market value. Another benefit to having a comparative market analysis completed prior to making an offer is it can eliminate possible low appraisal problems.  Just because a home is listed at a specific price, does not mean the home is worth that price, even if a buyer agrees to pay the full list price.  A comparative market analysis can help reduce the chances that a buyer overpays for a home and that the bank cannot justify the agreed sale price. A professionally completed comparative market analysis is a tool that can be a huge help when it comes to determining how much to offer for a home.  The value range that a comparative market analysis suggests, if done properly, should be relatively close to what a home sells for. Determine What The Highest Price You Will Pay Is And Stick To It One of the biggest mistakes that buyers make when buying a home is not sticking to their budget.  Once a buyer finds their "perfect home," it's important they set what the highest price they are willing to pay for that specific property is. Buying a home can be an emotional decision.  Without setting a maximum price, it's possible that a buyer will pay more for a home than they can afford.  By setting a maximum price, a buyer knows that if the negotiations push the price above that maximum number, it's time to walk away.  While it's easier said than done to walk away from a "perfect home," determining a maximum price can be a helpful tip to help determine what to offer for a home. Final Thoughts Determining how much to offer for a home is a big decision and can be tricky.  There is no absolute formula or method to help buyers determine what the purchase offer price should be.  The above tips should make deciding what to offer for a home much easier and less stressful.  Ultimately it is the buyers decision, however, by choosing a top Realtor and having the proper tools and information, buyers will be more comfortable with their decision. Other Top Home Buying Resources If you're buying a home in Rochester, NY, these tips to help determine how much to offer for a home will give you a huge advantage over your competition.  A buyer who has the "know-how" when it comes to determining how much to offer for a home will greatly increase their chances of successfully getting their "perfect home!"  If you haven't selected a top Rochester, NY realtor yet, please contact me, and I'd love to share my experience and expertise about buying a home in the local Rochester real estate market!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Tips To Help Determine How Much To Offer For A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> How To Improve A Homes Curb Appeal In Rochester NY https://www.rochesterrealestateblog.com/how-to-improve-a-homes-curb-appeal-rochester-ny/ Tue, 19 May 2015 11:00:25 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12665 Tips To Help Determine How Much To Offer For A Home[/caption] Finding just the right home for some buyers is a difficult task and can be emotionally and physically draining.  Once a buyer finds their "perfect home," only a small portion of the home buying process has been completed. One of the most important steps in the home buying process is successfully negotiating with the home owner.  There are many things that a buyer must decide on when negotiating with the seller.  What contingencies do they want to include?  When do they want to close on the home?  Do they want to have a home inspection? One of the top frequently asked questions from home buyers relates to price.  What should we offer the sellers?  Ultimately the buyer is the person in charge of making the final decision on what amount they should offer the home owner. There are many ways to help home buyers determine how much to offer for a home.  Here are some of the the best tips, and also things to avoid, when determining how much to offer for a home! What Should You Avoid When Determining How Much To Offer For A Home? Unfortunately there are many home buyers in the market place who have no idea when it comes to determining how much to offer for a home.  There are several things that home buyers need to avoid when figuring out how much to offer for a home, otherwise, the probability their offer is accepted is slim to none! Using Online Home Value Estimates One of the most popular misconceptions when it comes to home buying is that online home value estimates are accurate.  Home buyers who believe this "BS" fact about home buying will be extremely disappointed when offer after offer is rejected. When determining how much to offer for a home, make sure you avoid at all costs, online home value estimates.  Online home value estimates, such as Zillow's "Zestimate," are in many cases very inaccurate.  In a recent study of Rochester, NY homes that recently closed, almost 40% of the homes that closed on a specific date had "Zestimates" which were $15,000-$20,000 lower or higher than the actual sale prices. [caption id="attachment_2698" align="alignleft" width="450"]What Should Home Buyers Avoid When Determining How Much To Offer For A Home What Should Home Buyers Avoid When Determining How Much To Offer For A Home[/caption] A buyer who believes any online home value estimates will put themselves at a huge disadvantage when it comes to buying a home.  It's important to remember when determining how much to offer for a home, these online home value estimates are often generated by a computer formula and can be very inaccurate. Don't Be Fooled By Tax Assessments It's important to understand when buying a home, there is a difference between market value, assessed value, and appraised value.  One of the biggest thing to avoid when determining how much to offer for a home is using a homes assessed value as an offer price. The assessed value of a home is used for one thing, to determine how much the property taxes will be.  Assessed value has no correlation to a homes market value.  There are many real estate markets where the assessed value of homes will be significantly lower or higher than what homes are selling for. For example, a significant percentage of recently sold Webster, NY homes have sold for much higher than their  assessed values.  This is great for the local residents as it helps keep the property taxes lower. What Are The Top Tips To Help Buyers Determine How Much To Offer For A Home? There is no absolute way to determine how much to offer for a home.  Due to the fact that every seller has different reasons and different expectations, as well as the fact that homes are rarely identical, knowing how much to offer for a home can sometimes be tricky.  Here are several top tips to help buyers determine how much to offer for a home. Review The Current State Of The Local Real Estate Market It's important that buyers keep in mind what the current state of their local real estate market is when deciding how much to offer for a home.  Every real estate market is different.  Some real estate markets are neutral, some markets are buyers markets, and some markets are sellers market. If the local real estate market is a buyers market, it's possible that many of the homes for sale have been listed for quite some time.  It's fairly common that the longer a home is for sale, the lower the home can be bought for, but this isn't always the case.  In a buyers market, the chance that multiple offers will be received is greatly reduced as there are more homes available. If the local real estate market is a sellers market, it's likely that the homes for sale are sold fairly quickly, within the first week of being listed.  Buying a home in a sellers market can be more difficult for many reasons.  A few factors that contribute to the difficulty level of buying a home in a sellers market include low housing inventory, multiple offers, and a greater number of pre-approved buyers. Remember when determining how much to offer for a home that the condition of the local real estate market is vital.  A sellers market will generally demand an asking price or over asking price offer while a buyers market may warrant a significantly lower offer. Find Out How Much The Home Owner Paid Knowing how much the current owner paid previously for their home sometimes has no relation to how much to offer for a home, but, it certainly can.  Once a buyer finds the home they want to make an offer on, they should attempt to find out how much the current owners paid for the home. In some cases, the homeowners could be an original owner that built the house 40 years ago and obviously with inflation and other factors will make the amount they paid an irrelevant number.  The same can be said with newly built homes.  The cost of new construction is generally much higher than the homes value will be in a handful of years, due to the costs of building.  For example, a home that cost $300,000 to build a handful of years ago may only have a market value of $275,000. The opposite can be true for a homeowner who purchased a home in the past 5 or 6 years.  Finding out how much the current owner paid should be relatively easy as the information is still very likely to be in the local multiple listing service (MLS).  If a homeowner purchased a home for $150,000 a few years ago and they are trying to sell if for $200,000 now, it would be helpful to know what improvements they made to warrant a $50,000 increase in the value. Knowing the history of past transactions of a home can be a very helpful piece of information when determining how much to offer for a home. [caption id="attachment_2702" align="alignright" width="450"]When Determining How Much To Offer For A Home, Ask An Expert! When Determining How Much To Offer For A Home, Ask An Expert![/caption] Ask The Professionals Buying a home is an experience that many people are not familiar with.  When buying a home, it's critical that buyers have a top Realtor representing their best interests.  A top Realtor can help a buyer determine how much to offer for a home, which is a quality tip when it comes to determining the amount to offer for a home! One of the most important interview question to consider asking potential buyers agent's is whether they have experience selling homes in the desired neighborhoods.  An experienced Realtor who has sold homes in a specific neighborhood should be able to have a good idea whether a home is priced accurately or not simply by walking through the property. A top Realtor should be honest with their client and inform them if they feel a home is overpriced, priced well, or possibly under priced.  Unfortunately, there are some Realtors who will try and up-sell buyers, in order to make a few additional bucks and not advise the buyer the home maybe overpriced. Ultimately the decision of  how much to offer for a home is the buyers and not the Realtors.  Even though it ultimately is the buyers decision on how much to offer for a home, taking the advice of a top Realtor is high suggested.  Buyers who completely ignore what a Realtor suggests for an offer price is one of the top things home buyers do that real estate agents hate. Request A Comparative Market Analysis Be Completed Another excellent tip to help home buyers determine how much to offer for a home is by requesting a comparative market analysis be completed by their Realtor.  A comparative market analysis, also known as a CMA, is a very popular method Realtors use to determine market values. Having a comparative market analysis completed can be very helpful for a buyer when determining how much to offer for a home for several reasons.  First and foremost, a comparative market analysis is likely the method a listing agent utilized to determine the list price.  If the listing agent has experience selling homes in the area and is one of the top Realtors in the area, the price they listed the home for sale is likely close to the homes true market value. Another benefit to having a comparative market analysis completed prior to making an offer is it can eliminate possible low appraisal problems.  Just because a home is listed at a specific price, does not mean the home is worth that price, even if a buyer agrees to pay the full list price.  A comparative market analysis can help reduce the chances that a buyer overpays for a home and that the bank cannot justify the agreed sale price. A professionally completed comparative market analysis is a tool that can be a huge help when it comes to determining how much to offer for a home.  The value range that a comparative market analysis suggests, if done properly, should be relatively close to what a home sells for. Determine What The Highest Price You Will Pay Is And Stick To It One of the biggest mistakes that buyers make when buying a home is not sticking to their budget.  Once a buyer finds their "perfect home," it's important they set what the highest price they are willing to pay for that specific property is. Buying a home can be an emotional decision.  Without setting a maximum price, it's possible that a buyer will pay more for a home than they can afford.  By setting a maximum price, a buyer knows that if the negotiations push the price above that maximum number, it's time to walk away.  While it's easier said than done to walk away from a "perfect home," determining a maximum price can be a helpful tip to help determine what to offer for a home. Final Thoughts Determining how much to offer for a home is a big decision and can be tricky.  There is no absolute formula or method to help buyers determine what the purchase offer price should be.  The above tips should make deciding what to offer for a home much easier and less stressful.  Ultimately it is the buyers decision, however, by choosing a top Realtor and having the proper tools and information, buyers will be more comfortable with their decision. Other Top Home Buying Resources If you're buying a home in Rochester, NY, these tips to help determine how much to offer for a home will give you a huge advantage over your competition.  A buyer who has the "know-how" when it comes to determining how much to offer for a home will greatly increase their chances of successfully getting their "perfect home!"  If you haven't selected a top Rochester, NY realtor yet, please contact me, and I'd love to share my experience and expertise about buying a home in the local Rochester real estate market!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Tips To Help Determine How Much To Offer For A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> 7 Ways to Create an Energy-Efficient Home While Conserving Your Budget https://www.rochesterrealestateblog.com/7-ways-create-an-energy-efficient-home/ Tue, 19 May 2015 11:00:25 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12633 Tips To Help Determine How Much To Offer For A Home[/caption] Finding just the right home for some buyers is a difficult task and can be emotionally and physically draining.  Once a buyer finds their "perfect home," only a small portion of the home buying process has been completed. One of the most important steps in the home buying process is successfully negotiating with the home owner.  There are many things that a buyer must decide on when negotiating with the seller.  What contingencies do they want to include?  When do they want to close on the home?  Do they want to have a home inspection? One of the top frequently asked questions from home buyers relates to price.  What should we offer the sellers?  Ultimately the buyer is the person in charge of making the final decision on what amount they should offer the home owner. There are many ways to help home buyers determine how much to offer for a home.  Here are some of the the best tips, and also things to avoid, when determining how much to offer for a home! What Should You Avoid When Determining How Much To Offer For A Home? Unfortunately there are many home buyers in the market place who have no idea when it comes to determining how much to offer for a home.  There are several things that home buyers need to avoid when figuring out how much to offer for a home, otherwise, the probability their offer is accepted is slim to none! Using Online Home Value Estimates One of the most popular misconceptions when it comes to home buying is that online home value estimates are accurate.  Home buyers who believe this "BS" fact about home buying will be extremely disappointed when offer after offer is rejected. When determining how much to offer for a home, make sure you avoid at all costs, online home value estimates.  Online home value estimates, such as Zillow's "Zestimate," are in many cases very inaccurate.  In a recent study of Rochester, NY homes that recently closed, almost 40% of the homes that closed on a specific date had "Zestimates" which were $15,000-$20,000 lower or higher than the actual sale prices. [caption id="attachment_2698" align="alignleft" width="450"]What Should Home Buyers Avoid When Determining How Much To Offer For A Home What Should Home Buyers Avoid When Determining How Much To Offer For A Home[/caption] A buyer who believes any online home value estimates will put themselves at a huge disadvantage when it comes to buying a home.  It's important to remember when determining how much to offer for a home, these online home value estimates are often generated by a computer formula and can be very inaccurate. Don't Be Fooled By Tax Assessments It's important to understand when buying a home, there is a difference between market value, assessed value, and appraised value.  One of the biggest thing to avoid when determining how much to offer for a home is using a homes assessed value as an offer price. The assessed value of a home is used for one thing, to determine how much the property taxes will be.  Assessed value has no correlation to a homes market value.  There are many real estate markets where the assessed value of homes will be significantly lower or higher than what homes are selling for. For example, a significant percentage of recently sold Webster, NY homes have sold for much higher than their  assessed values.  This is great for the local residents as it helps keep the property taxes lower. What Are The Top Tips To Help Buyers Determine How Much To Offer For A Home? There is no absolute way to determine how much to offer for a home.  Due to the fact that every seller has different reasons and different expectations, as well as the fact that homes are rarely identical, knowing how much to offer for a home can sometimes be tricky.  Here are several top tips to help buyers determine how much to offer for a home. Review The Current State Of The Local Real Estate Market It's important that buyers keep in mind what the current state of their local real estate market is when deciding how much to offer for a home.  Every real estate market is different.  Some real estate markets are neutral, some markets are buyers markets, and some markets are sellers market. If the local real estate market is a buyers market, it's possible that many of the homes for sale have been listed for quite some time.  It's fairly common that the longer a home is for sale, the lower the home can be bought for, but this isn't always the case.  In a buyers market, the chance that multiple offers will be received is greatly reduced as there are more homes available. If the local real estate market is a sellers market, it's likely that the homes for sale are sold fairly quickly, within the first week of being listed.  Buying a home in a sellers market can be more difficult for many reasons.  A few factors that contribute to the difficulty level of buying a home in a sellers market include low housing inventory, multiple offers, and a greater number of pre-approved buyers. Remember when determining how much to offer for a home that the condition of the local real estate market is vital.  A sellers market will generally demand an asking price or over asking price offer while a buyers market may warrant a significantly lower offer. Find Out How Much The Home Owner Paid Knowing how much the current owner paid previously for their home sometimes has no relation to how much to offer for a home, but, it certainly can.  Once a buyer finds the home they want to make an offer on, they should attempt to find out how much the current owners paid for the home. In some cases, the homeowners could be an original owner that built the house 40 years ago and obviously with inflation and other factors will make the amount they paid an irrelevant number.  The same can be said with newly built homes.  The cost of new construction is generally much higher than the homes value will be in a handful of years, due to the costs of building.  For example, a home that cost $300,000 to build a handful of years ago may only have a market value of $275,000. The opposite can be true for a homeowner who purchased a home in the past 5 or 6 years.  Finding out how much the current owner paid should be relatively easy as the information is still very likely to be in the local multiple listing service (MLS).  If a homeowner purchased a home for $150,000 a few years ago and they are trying to sell if for $200,000 now, it would be helpful to know what improvements they made to warrant a $50,000 increase in the value. Knowing the history of past transactions of a home can be a very helpful piece of information when determining how much to offer for a home. [caption id="attachment_2702" align="alignright" width="450"]When Determining How Much To Offer For A Home, Ask An Expert! When Determining How Much To Offer For A Home, Ask An Expert![/caption] Ask The Professionals Buying a home is an experience that many people are not familiar with.  When buying a home, it's critical that buyers have a top Realtor representing their best interests.  A top Realtor can help a buyer determine how much to offer for a home, which is a quality tip when it comes to determining the amount to offer for a home! One of the most important interview question to consider asking potential buyers agent's is whether they have experience selling homes in the desired neighborhoods.  An experienced Realtor who has sold homes in a specific neighborhood should be able to have a good idea whether a home is priced accurately or not simply by walking through the property. A top Realtor should be honest with their client and inform them if they feel a home is overpriced, priced well, or possibly under priced.  Unfortunately, there are some Realtors who will try and up-sell buyers, in order to make a few additional bucks and not advise the buyer the home maybe overpriced. Ultimately the decision of  how much to offer for a home is the buyers and not the Realtors.  Even though it ultimately is the buyers decision on how much to offer for a home, taking the advice of a top Realtor is high suggested.  Buyers who completely ignore what a Realtor suggests for an offer price is one of the top things home buyers do that real estate agents hate. Request A Comparative Market Analysis Be Completed Another excellent tip to help home buyers determine how much to offer for a home is by requesting a comparative market analysis be completed by their Realtor.  A comparative market analysis, also known as a CMA, is a very popular method Realtors use to determine market values. Having a comparative market analysis completed can be very helpful for a buyer when determining how much to offer for a home for several reasons.  First and foremost, a comparative market analysis is likely the method a listing agent utilized to determine the list price.  If the listing agent has experience selling homes in the area and is one of the top Realtors in the area, the price they listed the home for sale is likely close to the homes true market value. Another benefit to having a comparative market analysis completed prior to making an offer is it can eliminate possible low appraisal problems.  Just because a home is listed at a specific price, does not mean the home is worth that price, even if a buyer agrees to pay the full list price.  A comparative market analysis can help reduce the chances that a buyer overpays for a home and that the bank cannot justify the agreed sale price. A professionally completed comparative market analysis is a tool that can be a huge help when it comes to determining how much to offer for a home.  The value range that a comparative market analysis suggests, if done properly, should be relatively close to what a home sells for. Determine What The Highest Price You Will Pay Is And Stick To It One of the biggest mistakes that buyers make when buying a home is not sticking to their budget.  Once a buyer finds their "perfect home," it's important they set what the highest price they are willing to pay for that specific property is. Buying a home can be an emotional decision.  Without setting a maximum price, it's possible that a buyer will pay more for a home than they can afford.  By setting a maximum price, a buyer knows that if the negotiations push the price above that maximum number, it's time to walk away.  While it's easier said than done to walk away from a "perfect home," determining a maximum price can be a helpful tip to help determine what to offer for a home. Final Thoughts Determining how much to offer for a home is a big decision and can be tricky.  There is no absolute formula or method to help buyers determine what the purchase offer price should be.  The above tips should make deciding what to offer for a home much easier and less stressful.  Ultimately it is the buyers decision, however, by choosing a top Realtor and having the proper tools and information, buyers will be more comfortable with their decision. Other Top Home Buying Resources If you're buying a home in Rochester, NY, these tips to help determine how much to offer for a home will give you a huge advantage over your competition.  A buyer who has the "know-how" when it comes to determining how much to offer for a home will greatly increase their chances of successfully getting their "perfect home!"  If you haven't selected a top Rochester, NY realtor yet, please contact me, and I'd love to share my experience and expertise about buying a home in the local Rochester real estate market!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Tips To Help Determine How Much To Offer For A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Hiring Movers Vs. Moving Yourself | The PROs &#038; CONs Of Each https://www.rochesterrealestateblog.com/hiring-movers-vs-moving-yourself/ Tue, 19 May 2015 11:00:25 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12592 Tips To Help Determine How Much To Offer For A Home[/caption] Finding just the right home for some buyers is a difficult task and can be emotionally and physically draining.  Once a buyer finds their "perfect home," only a small portion of the home buying process has been completed. One of the most important steps in the home buying process is successfully negotiating with the home owner.  There are many things that a buyer must decide on when negotiating with the seller.  What contingencies do they want to include?  When do they want to close on the home?  Do they want to have a home inspection? One of the top frequently asked questions from home buyers relates to price.  What should we offer the sellers?  Ultimately the buyer is the person in charge of making the final decision on what amount they should offer the home owner. There are many ways to help home buyers determine how much to offer for a home.  Here are some of the the best tips, and also things to avoid, when determining how much to offer for a home! What Should You Avoid When Determining How Much To Offer For A Home? Unfortunately there are many home buyers in the market place who have no idea when it comes to determining how much to offer for a home.  There are several things that home buyers need to avoid when figuring out how much to offer for a home, otherwise, the probability their offer is accepted is slim to none! Using Online Home Value Estimates One of the most popular misconceptions when it comes to home buying is that online home value estimates are accurate.  Home buyers who believe this "BS" fact about home buying will be extremely disappointed when offer after offer is rejected. When determining how much to offer for a home, make sure you avoid at all costs, online home value estimates.  Online home value estimates, such as Zillow's "Zestimate," are in many cases very inaccurate.  In a recent study of Rochester, NY homes that recently closed, almost 40% of the homes that closed on a specific date had "Zestimates" which were $15,000-$20,000 lower or higher than the actual sale prices. [caption id="attachment_2698" align="alignleft" width="450"]What Should Home Buyers Avoid When Determining How Much To Offer For A Home What Should Home Buyers Avoid When Determining How Much To Offer For A Home[/caption] A buyer who believes any online home value estimates will put themselves at a huge disadvantage when it comes to buying a home.  It's important to remember when determining how much to offer for a home, these online home value estimates are often generated by a computer formula and can be very inaccurate. Don't Be Fooled By Tax Assessments It's important to understand when buying a home, there is a difference between market value, assessed value, and appraised value.  One of the biggest thing to avoid when determining how much to offer for a home is using a homes assessed value as an offer price. The assessed value of a home is used for one thing, to determine how much the property taxes will be.  Assessed value has no correlation to a homes market value.  There are many real estate markets where the assessed value of homes will be significantly lower or higher than what homes are selling for. For example, a significant percentage of recently sold Webster, NY homes have sold for much higher than their  assessed values.  This is great for the local residents as it helps keep the property taxes lower. What Are The Top Tips To Help Buyers Determine How Much To Offer For A Home? There is no absolute way to determine how much to offer for a home.  Due to the fact that every seller has different reasons and different expectations, as well as the fact that homes are rarely identical, knowing how much to offer for a home can sometimes be tricky.  Here are several top tips to help buyers determine how much to offer for a home. Review The Current State Of The Local Real Estate Market It's important that buyers keep in mind what the current state of their local real estate market is when deciding how much to offer for a home.  Every real estate market is different.  Some real estate markets are neutral, some markets are buyers markets, and some markets are sellers market. If the local real estate market is a buyers market, it's possible that many of the homes for sale have been listed for quite some time.  It's fairly common that the longer a home is for sale, the lower the home can be bought for, but this isn't always the case.  In a buyers market, the chance that multiple offers will be received is greatly reduced as there are more homes available. If the local real estate market is a sellers market, it's likely that the homes for sale are sold fairly quickly, within the first week of being listed.  Buying a home in a sellers market can be more difficult for many reasons.  A few factors that contribute to the difficulty level of buying a home in a sellers market include low housing inventory, multiple offers, and a greater number of pre-approved buyers. Remember when determining how much to offer for a home that the condition of the local real estate market is vital.  A sellers market will generally demand an asking price or over asking price offer while a buyers market may warrant a significantly lower offer. Find Out How Much The Home Owner Paid Knowing how much the current owner paid previously for their home sometimes has no relation to how much to offer for a home, but, it certainly can.  Once a buyer finds the home they want to make an offer on, they should attempt to find out how much the current owners paid for the home. In some cases, the homeowners could be an original owner that built the house 40 years ago and obviously with inflation and other factors will make the amount they paid an irrelevant number.  The same can be said with newly built homes.  The cost of new construction is generally much higher than the homes value will be in a handful of years, due to the costs of building.  For example, a home that cost $300,000 to build a handful of years ago may only have a market value of $275,000. The opposite can be true for a homeowner who purchased a home in the past 5 or 6 years.  Finding out how much the current owner paid should be relatively easy as the information is still very likely to be in the local multiple listing service (MLS).  If a homeowner purchased a home for $150,000 a few years ago and they are trying to sell if for $200,000 now, it would be helpful to know what improvements they made to warrant a $50,000 increase in the value. Knowing the history of past transactions of a home can be a very helpful piece of information when determining how much to offer for a home. [caption id="attachment_2702" align="alignright" width="450"]When Determining How Much To Offer For A Home, Ask An Expert! When Determining How Much To Offer For A Home, Ask An Expert![/caption] Ask The Professionals Buying a home is an experience that many people are not familiar with.  When buying a home, it's critical that buyers have a top Realtor representing their best interests.  A top Realtor can help a buyer determine how much to offer for a home, which is a quality tip when it comes to determining the amount to offer for a home! One of the most important interview question to consider asking potential buyers agent's is whether they have experience selling homes in the desired neighborhoods.  An experienced Realtor who has sold homes in a specific neighborhood should be able to have a good idea whether a home is priced accurately or not simply by walking through the property. A top Realtor should be honest with their client and inform them if they feel a home is overpriced, priced well, or possibly under priced.  Unfortunately, there are some Realtors who will try and up-sell buyers, in order to make a few additional bucks and not advise the buyer the home maybe overpriced. Ultimately the decision of  how much to offer for a home is the buyers and not the Realtors.  Even though it ultimately is the buyers decision on how much to offer for a home, taking the advice of a top Realtor is high suggested.  Buyers who completely ignore what a Realtor suggests for an offer price is one of the top things home buyers do that real estate agents hate. Request A Comparative Market Analysis Be Completed Another excellent tip to help home buyers determine how much to offer for a home is by requesting a comparative market analysis be completed by their Realtor.  A comparative market analysis, also known as a CMA, is a very popular method Realtors use to determine market values. Having a comparative market analysis completed can be very helpful for a buyer when determining how much to offer for a home for several reasons.  First and foremost, a comparative market analysis is likely the method a listing agent utilized to determine the list price.  If the listing agent has experience selling homes in the area and is one of the top Realtors in the area, the price they listed the home for sale is likely close to the homes true market value. Another benefit to having a comparative market analysis completed prior to making an offer is it can eliminate possible low appraisal problems.  Just because a home is listed at a specific price, does not mean the home is worth that price, even if a buyer agrees to pay the full list price.  A comparative market analysis can help reduce the chances that a buyer overpays for a home and that the bank cannot justify the agreed sale price. A professionally completed comparative market analysis is a tool that can be a huge help when it comes to determining how much to offer for a home.  The value range that a comparative market analysis suggests, if done properly, should be relatively close to what a home sells for. Determine What The Highest Price You Will Pay Is And Stick To It One of the biggest mistakes that buyers make when buying a home is not sticking to their budget.  Once a buyer finds their "perfect home," it's important they set what the highest price they are willing to pay for that specific property is. Buying a home can be an emotional decision.  Without setting a maximum price, it's possible that a buyer will pay more for a home than they can afford.  By setting a maximum price, a buyer knows that if the negotiations push the price above that maximum number, it's time to walk away.  While it's easier said than done to walk away from a "perfect home," determining a maximum price can be a helpful tip to help determine what to offer for a home. Final Thoughts Determining how much to offer for a home is a big decision and can be tricky.  There is no absolute formula or method to help buyers determine what the purchase offer price should be.  The above tips should make deciding what to offer for a home much easier and less stressful.  Ultimately it is the buyers decision, however, by choosing a top Realtor and having the proper tools and information, buyers will be more comfortable with their decision. Other Top Home Buying Resources If you're buying a home in Rochester, NY, these tips to help determine how much to offer for a home will give you a huge advantage over your competition.  A buyer who has the "know-how" when it comes to determining how much to offer for a home will greatly increase their chances of successfully getting their "perfect home!"  If you haven't selected a top Rochester, NY realtor yet, please contact me, and I'd love to share my experience and expertise about buying a home in the local Rochester real estate market!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Tips To Help Determine How Much To Offer For A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Should You Pay Off Student Loans Before Purchasing a Home? https://www.rochesterrealestateblog.com/pay-off-student-loans-before-purchasing-a-home/ Tue, 19 May 2015 11:00:25 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12531 Tips To Help Determine How Much To Offer For A Home[/caption] Finding just the right home for some buyers is a difficult task and can be emotionally and physically draining.  Once a buyer finds their "perfect home," only a small portion of the home buying process has been completed. One of the most important steps in the home buying process is successfully negotiating with the home owner.  There are many things that a buyer must decide on when negotiating with the seller.  What contingencies do they want to include?  When do they want to close on the home?  Do they want to have a home inspection? One of the top frequently asked questions from home buyers relates to price.  What should we offer the sellers?  Ultimately the buyer is the person in charge of making the final decision on what amount they should offer the home owner. There are many ways to help home buyers determine how much to offer for a home.  Here are some of the the best tips, and also things to avoid, when determining how much to offer for a home! What Should You Avoid When Determining How Much To Offer For A Home? Unfortunately there are many home buyers in the market place who have no idea when it comes to determining how much to offer for a home.  There are several things that home buyers need to avoid when figuring out how much to offer for a home, otherwise, the probability their offer is accepted is slim to none! Using Online Home Value Estimates One of the most popular misconceptions when it comes to home buying is that online home value estimates are accurate.  Home buyers who believe this "BS" fact about home buying will be extremely disappointed when offer after offer is rejected. When determining how much to offer for a home, make sure you avoid at all costs, online home value estimates.  Online home value estimates, such as Zillow's "Zestimate," are in many cases very inaccurate.  In a recent study of Rochester, NY homes that recently closed, almost 40% of the homes that closed on a specific date had "Zestimates" which were $15,000-$20,000 lower or higher than the actual sale prices. [caption id="attachment_2698" align="alignleft" width="450"]What Should Home Buyers Avoid When Determining How Much To Offer For A Home What Should Home Buyers Avoid When Determining How Much To Offer For A Home[/caption] A buyer who believes any online home value estimates will put themselves at a huge disadvantage when it comes to buying a home.  It's important to remember when determining how much to offer for a home, these online home value estimates are often generated by a computer formula and can be very inaccurate. Don't Be Fooled By Tax Assessments It's important to understand when buying a home, there is a difference between market value, assessed value, and appraised value.  One of the biggest thing to avoid when determining how much to offer for a home is using a homes assessed value as an offer price. The assessed value of a home is used for one thing, to determine how much the property taxes will be.  Assessed value has no correlation to a homes market value.  There are many real estate markets where the assessed value of homes will be significantly lower or higher than what homes are selling for. For example, a significant percentage of recently sold Webster, NY homes have sold for much higher than their  assessed values.  This is great for the local residents as it helps keep the property taxes lower. What Are The Top Tips To Help Buyers Determine How Much To Offer For A Home? There is no absolute way to determine how much to offer for a home.  Due to the fact that every seller has different reasons and different expectations, as well as the fact that homes are rarely identical, knowing how much to offer for a home can sometimes be tricky.  Here are several top tips to help buyers determine how much to offer for a home. Review The Current State Of The Local Real Estate Market It's important that buyers keep in mind what the current state of their local real estate market is when deciding how much to offer for a home.  Every real estate market is different.  Some real estate markets are neutral, some markets are buyers markets, and some markets are sellers market. If the local real estate market is a buyers market, it's possible that many of the homes for sale have been listed for quite some time.  It's fairly common that the longer a home is for sale, the lower the home can be bought for, but this isn't always the case.  In a buyers market, the chance that multiple offers will be received is greatly reduced as there are more homes available. If the local real estate market is a sellers market, it's likely that the homes for sale are sold fairly quickly, within the first week of being listed.  Buying a home in a sellers market can be more difficult for many reasons.  A few factors that contribute to the difficulty level of buying a home in a sellers market include low housing inventory, multiple offers, and a greater number of pre-approved buyers. Remember when determining how much to offer for a home that the condition of the local real estate market is vital.  A sellers market will generally demand an asking price or over asking price offer while a buyers market may warrant a significantly lower offer. Find Out How Much The Home Owner Paid Knowing how much the current owner paid previously for their home sometimes has no relation to how much to offer for a home, but, it certainly can.  Once a buyer finds the home they want to make an offer on, they should attempt to find out how much the current owners paid for the home. In some cases, the homeowners could be an original owner that built the house 40 years ago and obviously with inflation and other factors will make the amount they paid an irrelevant number.  The same can be said with newly built homes.  The cost of new construction is generally much higher than the homes value will be in a handful of years, due to the costs of building.  For example, a home that cost $300,000 to build a handful of years ago may only have a market value of $275,000. The opposite can be true for a homeowner who purchased a home in the past 5 or 6 years.  Finding out how much the current owner paid should be relatively easy as the information is still very likely to be in the local multiple listing service (MLS).  If a homeowner purchased a home for $150,000 a few years ago and they are trying to sell if for $200,000 now, it would be helpful to know what improvements they made to warrant a $50,000 increase in the value. Knowing the history of past transactions of a home can be a very helpful piece of information when determining how much to offer for a home. [caption id="attachment_2702" align="alignright" width="450"]When Determining How Much To Offer For A Home, Ask An Expert! When Determining How Much To Offer For A Home, Ask An Expert![/caption] Ask The Professionals Buying a home is an experience that many people are not familiar with.  When buying a home, it's critical that buyers have a top Realtor representing their best interests.  A top Realtor can help a buyer determine how much to offer for a home, which is a quality tip when it comes to determining the amount to offer for a home! One of the most important interview question to consider asking potential buyers agent's is whether they have experience selling homes in the desired neighborhoods.  An experienced Realtor who has sold homes in a specific neighborhood should be able to have a good idea whether a home is priced accurately or not simply by walking through the property. A top Realtor should be honest with their client and inform them if they feel a home is overpriced, priced well, or possibly under priced.  Unfortunately, there are some Realtors who will try and up-sell buyers, in order to make a few additional bucks and not advise the buyer the home maybe overpriced. Ultimately the decision of  how much to offer for a home is the buyers and not the Realtors.  Even though it ultimately is the buyers decision on how much to offer for a home, taking the advice of a top Realtor is high suggested.  Buyers who completely ignore what a Realtor suggests for an offer price is one of the top things home buyers do that real estate agents hate. Request A Comparative Market Analysis Be Completed Another excellent tip to help home buyers determine how much to offer for a home is by requesting a comparative market analysis be completed by their Realtor.  A comparative market analysis, also known as a CMA, is a very popular method Realtors use to determine market values. Having a comparative market analysis completed can be very helpful for a buyer when determining how much to offer for a home for several reasons.  First and foremost, a comparative market analysis is likely the method a listing agent utilized to determine the list price.  If the listing agent has experience selling homes in the area and is one of the top Realtors in the area, the price they listed the home for sale is likely close to the homes true market value. Another benefit to having a comparative market analysis completed prior to making an offer is it can eliminate possible low appraisal problems.  Just because a home is listed at a specific price, does not mean the home is worth that price, even if a buyer agrees to pay the full list price.  A comparative market analysis can help reduce the chances that a buyer overpays for a home and that the bank cannot justify the agreed sale price. A professionally completed comparative market analysis is a tool that can be a huge help when it comes to determining how much to offer for a home.  The value range that a comparative market analysis suggests, if done properly, should be relatively close to what a home sells for. Determine What The Highest Price You Will Pay Is And Stick To It One of the biggest mistakes that buyers make when buying a home is not sticking to their budget.  Once a buyer finds their "perfect home," it's important they set what the highest price they are willing to pay for that specific property is. Buying a home can be an emotional decision.  Without setting a maximum price, it's possible that a buyer will pay more for a home than they can afford.  By setting a maximum price, a buyer knows that if the negotiations push the price above that maximum number, it's time to walk away.  While it's easier said than done to walk away from a "perfect home," determining a maximum price can be a helpful tip to help determine what to offer for a home. Final Thoughts Determining how much to offer for a home is a big decision and can be tricky.  There is no absolute formula or method to help buyers determine what the purchase offer price should be.  The above tips should make deciding what to offer for a home much easier and less stressful.  Ultimately it is the buyers decision, however, by choosing a top Realtor and having the proper tools and information, buyers will be more comfortable with their decision. Other Top Home Buying Resources If you're buying a home in Rochester, NY, these tips to help determine how much to offer for a home will give you a huge advantage over your competition.  A buyer who has the "know-how" when it comes to determining how much to offer for a home will greatly increase their chances of successfully getting their "perfect home!"  If you haven't selected a top Rochester, NY realtor yet, please contact me, and I'd love to share my experience and expertise about buying a home in the local Rochester real estate market!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Tips To Help Determine How Much To Offer For A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Should I Build A New Home Or Buy An Existing Home? https://www.rochesterrealestateblog.com/should-i-build-a-new-home-or-buy-an-existing-home/ Tue, 19 May 2015 11:00:25 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=2497 Tips To Help Determine How Much To Offer For A Home[/caption] Finding just the right home for some buyers is a difficult task and can be emotionally and physically draining.  Once a buyer finds their "perfect home," only a small portion of the home buying process has been completed. One of the most important steps in the home buying process is successfully negotiating with the home owner.  There are many things that a buyer must decide on when negotiating with the seller.  What contingencies do they want to include?  When do they want to close on the home?  Do they want to have a home inspection? One of the top frequently asked questions from home buyers relates to price.  What should we offer the sellers?  Ultimately the buyer is the person in charge of making the final decision on what amount they should offer the home owner. There are many ways to help home buyers determine how much to offer for a home.  Here are some of the the best tips, and also things to avoid, when determining how much to offer for a home! What Should You Avoid When Determining How Much To Offer For A Home? Unfortunately there are many home buyers in the market place who have no idea when it comes to determining how much to offer for a home.  There are several things that home buyers need to avoid when figuring out how much to offer for a home, otherwise, the probability their offer is accepted is slim to none! Using Online Home Value Estimates One of the most popular misconceptions when it comes to home buying is that online home value estimates are accurate.  Home buyers who believe this "BS" fact about home buying will be extremely disappointed when offer after offer is rejected. When determining how much to offer for a home, make sure you avoid at all costs, online home value estimates.  Online home value estimates, such as Zillow's "Zestimate," are in many cases very inaccurate.  In a recent study of Rochester, NY homes that recently closed, almost 40% of the homes that closed on a specific date had "Zestimates" which were $15,000-$20,000 lower or higher than the actual sale prices. [caption id="attachment_2698" align="alignleft" width="450"]What Should Home Buyers Avoid When Determining How Much To Offer For A Home What Should Home Buyers Avoid When Determining How Much To Offer For A Home[/caption] A buyer who believes any online home value estimates will put themselves at a huge disadvantage when it comes to buying a home.  It's important to remember when determining how much to offer for a home, these online home value estimates are often generated by a computer formula and can be very inaccurate. Don't Be Fooled By Tax Assessments It's important to understand when buying a home, there is a difference between market value, assessed value, and appraised value.  One of the biggest thing to avoid when determining how much to offer for a home is using a homes assessed value as an offer price. The assessed value of a home is used for one thing, to determine how much the property taxes will be.  Assessed value has no correlation to a homes market value.  There are many real estate markets where the assessed value of homes will be significantly lower or higher than what homes are selling for. For example, a significant percentage of recently sold Webster, NY homes have sold for much higher than their  assessed values.  This is great for the local residents as it helps keep the property taxes lower. What Are The Top Tips To Help Buyers Determine How Much To Offer For A Home? There is no absolute way to determine how much to offer for a home.  Due to the fact that every seller has different reasons and different expectations, as well as the fact that homes are rarely identical, knowing how much to offer for a home can sometimes be tricky.  Here are several top tips to help buyers determine how much to offer for a home. Review The Current State Of The Local Real Estate Market It's important that buyers keep in mind what the current state of their local real estate market is when deciding how much to offer for a home.  Every real estate market is different.  Some real estate markets are neutral, some markets are buyers markets, and some markets are sellers market. If the local real estate market is a buyers market, it's possible that many of the homes for sale have been listed for quite some time.  It's fairly common that the longer a home is for sale, the lower the home can be bought for, but this isn't always the case.  In a buyers market, the chance that multiple offers will be received is greatly reduced as there are more homes available. If the local real estate market is a sellers market, it's likely that the homes for sale are sold fairly quickly, within the first week of being listed.  Buying a home in a sellers market can be more difficult for many reasons.  A few factors that contribute to the difficulty level of buying a home in a sellers market include low housing inventory, multiple offers, and a greater number of pre-approved buyers. Remember when determining how much to offer for a home that the condition of the local real estate market is vital.  A sellers market will generally demand an asking price or over asking price offer while a buyers market may warrant a significantly lower offer. Find Out How Much The Home Owner Paid Knowing how much the current owner paid previously for their home sometimes has no relation to how much to offer for a home, but, it certainly can.  Once a buyer finds the home they want to make an offer on, they should attempt to find out how much the current owners paid for the home. In some cases, the homeowners could be an original owner that built the house 40 years ago and obviously with inflation and other factors will make the amount they paid an irrelevant number.  The same can be said with newly built homes.  The cost of new construction is generally much higher than the homes value will be in a handful of years, due to the costs of building.  For example, a home that cost $300,000 to build a handful of years ago may only have a market value of $275,000. The opposite can be true for a homeowner who purchased a home in the past 5 or 6 years.  Finding out how much the current owner paid should be relatively easy as the information is still very likely to be in the local multiple listing service (MLS).  If a homeowner purchased a home for $150,000 a few years ago and they are trying to sell if for $200,000 now, it would be helpful to know what improvements they made to warrant a $50,000 increase in the value. Knowing the history of past transactions of a home can be a very helpful piece of information when determining how much to offer for a home. [caption id="attachment_2702" align="alignright" width="450"]When Determining How Much To Offer For A Home, Ask An Expert! When Determining How Much To Offer For A Home, Ask An Expert![/caption] Ask The Professionals Buying a home is an experience that many people are not familiar with.  When buying a home, it's critical that buyers have a top Realtor representing their best interests.  A top Realtor can help a buyer determine how much to offer for a home, which is a quality tip when it comes to determining the amount to offer for a home! One of the most important interview question to consider asking potential buyers agent's is whether they have experience selling homes in the desired neighborhoods.  An experienced Realtor who has sold homes in a specific neighborhood should be able to have a good idea whether a home is priced accurately or not simply by walking through the property. A top Realtor should be honest with their client and inform them if they feel a home is overpriced, priced well, or possibly under priced.  Unfortunately, there are some Realtors who will try and up-sell buyers, in order to make a few additional bucks and not advise the buyer the home maybe overpriced. Ultimately the decision of  how much to offer for a home is the buyers and not the Realtors.  Even though it ultimately is the buyers decision on how much to offer for a home, taking the advice of a top Realtor is high suggested.  Buyers who completely ignore what a Realtor suggests for an offer price is one of the top things home buyers do that real estate agents hate. Request A Comparative Market Analysis Be Completed Another excellent tip to help home buyers determine how much to offer for a home is by requesting a comparative market analysis be completed by their Realtor.  A comparative market analysis, also known as a CMA, is a very popular method Realtors use to determine market values. Having a comparative market analysis completed can be very helpful for a buyer when determining how much to offer for a home for several reasons.  First and foremost, a comparative market analysis is likely the method a listing agent utilized to determine the list price.  If the listing agent has experience selling homes in the area and is one of the top Realtors in the area, the price they listed the home for sale is likely close to the homes true market value. Another benefit to having a comparative market analysis completed prior to making an offer is it can eliminate possible low appraisal problems.  Just because a home is listed at a specific price, does not mean the home is worth that price, even if a buyer agrees to pay the full list price.  A comparative market analysis can help reduce the chances that a buyer overpays for a home and that the bank cannot justify the agreed sale price. A professionally completed comparative market analysis is a tool that can be a huge help when it comes to determining how much to offer for a home.  The value range that a comparative market analysis suggests, if done properly, should be relatively close to what a home sells for. Determine What The Highest Price You Will Pay Is And Stick To It One of the biggest mistakes that buyers make when buying a home is not sticking to their budget.  Once a buyer finds their "perfect home," it's important they set what the highest price they are willing to pay for that specific property is. Buying a home can be an emotional decision.  Without setting a maximum price, it's possible that a buyer will pay more for a home than they can afford.  By setting a maximum price, a buyer knows that if the negotiations push the price above that maximum number, it's time to walk away.  While it's easier said than done to walk away from a "perfect home," determining a maximum price can be a helpful tip to help determine what to offer for a home. Final Thoughts Determining how much to offer for a home is a big decision and can be tricky.  There is no absolute formula or method to help buyers determine what the purchase offer price should be.  The above tips should make deciding what to offer for a home much easier and less stressful.  Ultimately it is the buyers decision, however, by choosing a top Realtor and having the proper tools and information, buyers will be more comfortable with their decision. Other Top Home Buying Resources If you're buying a home in Rochester, NY, these tips to help determine how much to offer for a home will give you a huge advantage over your competition.  A buyer who has the "know-how" when it comes to determining how much to offer for a home will greatly increase their chances of successfully getting their "perfect home!"  If you haven't selected a top Rochester, NY realtor yet, please contact me, and I'd love to share my experience and expertise about buying a home in the local Rochester real estate market!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Tips To Help Determine How Much To Offer For A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> Buying A Condo Vs. Renting A Condo | What Are The PROs &#038; CONs? https://www.rochesterrealestateblog.com/buying-a-condo-vs-renting-a-condo/ Tue, 19 May 2015 11:00:25 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12402 Tips To Help Determine How Much To Offer For A Home[/caption] Finding just the right home for some buyers is a difficult task and can be emotionally and physically draining.  Once a buyer finds their "perfect home," only a small portion of the home buying process has been completed. One of the most important steps in the home buying process is successfully negotiating with the home owner.  There are many things that a buyer must decide on when negotiating with the seller.  What contingencies do they want to include?  When do they want to close on the home?  Do they want to have a home inspection? One of the top frequently asked questions from home buyers relates to price.  What should we offer the sellers?  Ultimately the buyer is the person in charge of making the final decision on what amount they should offer the home owner. There are many ways to help home buyers determine how much to offer for a home.  Here are some of the the best tips, and also things to avoid, when determining how much to offer for a home! What Should You Avoid When Determining How Much To Offer For A Home? Unfortunately there are many home buyers in the market place who have no idea when it comes to determining how much to offer for a home.  There are several things that home buyers need to avoid when figuring out how much to offer for a home, otherwise, the probability their offer is accepted is slim to none! Using Online Home Value Estimates One of the most popular misconceptions when it comes to home buying is that online home value estimates are accurate.  Home buyers who believe this "BS" fact about home buying will be extremely disappointed when offer after offer is rejected. When determining how much to offer for a home, make sure you avoid at all costs, online home value estimates.  Online home value estimates, such as Zillow's "Zestimate," are in many cases very inaccurate.  In a recent study of Rochester, NY homes that recently closed, almost 40% of the homes that closed on a specific date had "Zestimates" which were $15,000-$20,000 lower or higher than the actual sale prices. [caption id="attachment_2698" align="alignleft" width="450"]What Should Home Buyers Avoid When Determining How Much To Offer For A Home What Should Home Buyers Avoid When Determining How Much To Offer For A Home[/caption] A buyer who believes any online home value estimates will put themselves at a huge disadvantage when it comes to buying a home.  It's important to remember when determining how much to offer for a home, these online home value estimates are often generated by a computer formula and can be very inaccurate. Don't Be Fooled By Tax Assessments It's important to understand when buying a home, there is a difference between market value, assessed value, and appraised value.  One of the biggest thing to avoid when determining how much to offer for a home is using a homes assessed value as an offer price. The assessed value of a home is used for one thing, to determine how much the property taxes will be.  Assessed value has no correlation to a homes market value.  There are many real estate markets where the assessed value of homes will be significantly lower or higher than what homes are selling for. For example, a significant percentage of recently sold Webster, NY homes have sold for much higher than their  assessed values.  This is great for the local residents as it helps keep the property taxes lower. What Are The Top Tips To Help Buyers Determine How Much To Offer For A Home? There is no absolute way to determine how much to offer for a home.  Due to the fact that every seller has different reasons and different expectations, as well as the fact that homes are rarely identical, knowing how much to offer for a home can sometimes be tricky.  Here are several top tips to help buyers determine how much to offer for a home. Review The Current State Of The Local Real Estate Market It's important that buyers keep in mind what the current state of their local real estate market is when deciding how much to offer for a home.  Every real estate market is different.  Some real estate markets are neutral, some markets are buyers markets, and some markets are sellers market. If the local real estate market is a buyers market, it's possible that many of the homes for sale have been listed for quite some time.  It's fairly common that the longer a home is for sale, the lower the home can be bought for, but this isn't always the case.  In a buyers market, the chance that multiple offers will be received is greatly reduced as there are more homes available. If the local real estate market is a sellers market, it's likely that the homes for sale are sold fairly quickly, within the first week of being listed.  Buying a home in a sellers market can be more difficult for many reasons.  A few factors that contribute to the difficulty level of buying a home in a sellers market include low housing inventory, multiple offers, and a greater number of pre-approved buyers. Remember when determining how much to offer for a home that the condition of the local real estate market is vital.  A sellers market will generally demand an asking price or over asking price offer while a buyers market may warrant a significantly lower offer. Find Out How Much The Home Owner Paid Knowing how much the current owner paid previously for their home sometimes has no relation to how much to offer for a home, but, it certainly can.  Once a buyer finds the home they want to make an offer on, they should attempt to find out how much the current owners paid for the home. In some cases, the homeowners could be an original owner that built the house 40 years ago and obviously with inflation and other factors will make the amount they paid an irrelevant number.  The same can be said with newly built homes.  The cost of new construction is generally much higher than the homes value will be in a handful of years, due to the costs of building.  For example, a home that cost $300,000 to build a handful of years ago may only have a market value of $275,000. The opposite can be true for a homeowner who purchased a home in the past 5 or 6 years.  Finding out how much the current owner paid should be relatively easy as the information is still very likely to be in the local multiple listing service (MLS).  If a homeowner purchased a home for $150,000 a few years ago and they are trying to sell if for $200,000 now, it would be helpful to know what improvements they made to warrant a $50,000 increase in the value. Knowing the history of past transactions of a home can be a very helpful piece of information when determining how much to offer for a home. [caption id="attachment_2702" align="alignright" width="450"]When Determining How Much To Offer For A Home, Ask An Expert! When Determining How Much To Offer For A Home, Ask An Expert![/caption] Ask The Professionals Buying a home is an experience that many people are not familiar with.  When buying a home, it's critical that buyers have a top Realtor representing their best interests.  A top Realtor can help a buyer determine how much to offer for a home, which is a quality tip when it comes to determining the amount to offer for a home! One of the most important interview question to consider asking potential buyers agent's is whether they have experience selling homes in the desired neighborhoods.  An experienced Realtor who has sold homes in a specific neighborhood should be able to have a good idea whether a home is priced accurately or not simply by walking through the property. A top Realtor should be honest with their client and inform them if they feel a home is overpriced, priced well, or possibly under priced.  Unfortunately, there are some Realtors who will try and up-sell buyers, in order to make a few additional bucks and not advise the buyer the home maybe overpriced. Ultimately the decision of  how much to offer for a home is the buyers and not the Realtors.  Even though it ultimately is the buyers decision on how much to offer for a home, taking the advice of a top Realtor is high suggested.  Buyers who completely ignore what a Realtor suggests for an offer price is one of the top things home buyers do that real estate agents hate. Request A Comparative Market Analysis Be Completed Another excellent tip to help home buyers determine how much to offer for a home is by requesting a comparative market analysis be completed by their Realtor.  A comparative market analysis, also known as a CMA, is a very popular method Realtors use to determine market values. Having a comparative market analysis completed can be very helpful for a buyer when determining how much to offer for a home for several reasons.  First and foremost, a comparative market analysis is likely the method a listing agent utilized to determine the list price.  If the listing agent has experience selling homes in the area and is one of the top Realtors in the area, the price they listed the home for sale is likely close to the homes true market value. Another benefit to having a comparative market analysis completed prior to making an offer is it can eliminate possible low appraisal problems.  Just because a home is listed at a specific price, does not mean the home is worth that price, even if a buyer agrees to pay the full list price.  A comparative market analysis can help reduce the chances that a buyer overpays for a home and that the bank cannot justify the agreed sale price. A professionally completed comparative market analysis is a tool that can be a huge help when it comes to determining how much to offer for a home.  The value range that a comparative market analysis suggests, if done properly, should be relatively close to what a home sells for. Determine What The Highest Price You Will Pay Is And Stick To It One of the biggest mistakes that buyers make when buying a home is not sticking to their budget.  Once a buyer finds their "perfect home," it's important they set what the highest price they are willing to pay for that specific property is. Buying a home can be an emotional decision.  Without setting a maximum price, it's possible that a buyer will pay more for a home than they can afford.  By setting a maximum price, a buyer knows that if the negotiations push the price above that maximum number, it's time to walk away.  While it's easier said than done to walk away from a "perfect home," determining a maximum price can be a helpful tip to help determine what to offer for a home. Final Thoughts Determining how much to offer for a home is a big decision and can be tricky.  There is no absolute formula or method to help buyers determine what the purchase offer price should be.  The above tips should make deciding what to offer for a home much easier and less stressful.  Ultimately it is the buyers decision, however, by choosing a top Realtor and having the proper tools and information, buyers will be more comfortable with their decision. Other Top Home Buying Resources If you're buying a home in Rochester, NY, these tips to help determine how much to offer for a home will give you a huge advantage over your competition.  A buyer who has the "know-how" when it comes to determining how much to offer for a home will greatly increase their chances of successfully getting their "perfect home!"  If you haven't selected a top Rochester, NY realtor yet, please contact me, and I'd love to share my experience and expertise about buying a home in the local Rochester real estate market!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Tips To Help Determine How Much To Offer For A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> 9 Money Saving Moving Tips | How To Cut Costs When Moving https://www.rochesterrealestateblog.com/9-money-saving-moving-tips/ Tue, 19 May 2015 11:00:25 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12341 Tips To Help Determine How Much To Offer For A Home[/caption] Finding just the right home for some buyers is a difficult task and can be emotionally and physically draining.  Once a buyer finds their "perfect home," only a small portion of the home buying process has been completed. One of the most important steps in the home buying process is successfully negotiating with the home owner.  There are many things that a buyer must decide on when negotiating with the seller.  What contingencies do they want to include?  When do they want to close on the home?  Do they want to have a home inspection? One of the top frequently asked questions from home buyers relates to price.  What should we offer the sellers?  Ultimately the buyer is the person in charge of making the final decision on what amount they should offer the home owner. There are many ways to help home buyers determine how much to offer for a home.  Here are some of the the best tips, and also things to avoid, when determining how much to offer for a home! What Should You Avoid When Determining How Much To Offer For A Home? Unfortunately there are many home buyers in the market place who have no idea when it comes to determining how much to offer for a home.  There are several things that home buyers need to avoid when figuring out how much to offer for a home, otherwise, the probability their offer is accepted is slim to none! Using Online Home Value Estimates One of the most popular misconceptions when it comes to home buying is that online home value estimates are accurate.  Home buyers who believe this "BS" fact about home buying will be extremely disappointed when offer after offer is rejected. When determining how much to offer for a home, make sure you avoid at all costs, online home value estimates.  Online home value estimates, such as Zillow's "Zestimate," are in many cases very inaccurate.  In a recent study of Rochester, NY homes that recently closed, almost 40% of the homes that closed on a specific date had "Zestimates" which were $15,000-$20,000 lower or higher than the actual sale prices. [caption id="attachment_2698" align="alignleft" width="450"]What Should Home Buyers Avoid When Determining How Much To Offer For A Home What Should Home Buyers Avoid When Determining How Much To Offer For A Home[/caption] A buyer who believes any online home value estimates will put themselves at a huge disadvantage when it comes to buying a home.  It's important to remember when determining how much to offer for a home, these online home value estimates are often generated by a computer formula and can be very inaccurate. Don't Be Fooled By Tax Assessments It's important to understand when buying a home, there is a difference between market value, assessed value, and appraised value.  One of the biggest thing to avoid when determining how much to offer for a home is using a homes assessed value as an offer price. The assessed value of a home is used for one thing, to determine how much the property taxes will be.  Assessed value has no correlation to a homes market value.  There are many real estate markets where the assessed value of homes will be significantly lower or higher than what homes are selling for. For example, a significant percentage of recently sold Webster, NY homes have sold for much higher than their  assessed values.  This is great for the local residents as it helps keep the property taxes lower. What Are The Top Tips To Help Buyers Determine How Much To Offer For A Home? There is no absolute way to determine how much to offer for a home.  Due to the fact that every seller has different reasons and different expectations, as well as the fact that homes are rarely identical, knowing how much to offer for a home can sometimes be tricky.  Here are several top tips to help buyers determine how much to offer for a home. Review The Current State Of The Local Real Estate Market It's important that buyers keep in mind what the current state of their local real estate market is when deciding how much to offer for a home.  Every real estate market is different.  Some real estate markets are neutral, some markets are buyers markets, and some markets are sellers market. If the local real estate market is a buyers market, it's possible that many of the homes for sale have been listed for quite some time.  It's fairly common that the longer a home is for sale, the lower the home can be bought for, but this isn't always the case.  In a buyers market, the chance that multiple offers will be received is greatly reduced as there are more homes available. If the local real estate market is a sellers market, it's likely that the homes for sale are sold fairly quickly, within the first week of being listed.  Buying a home in a sellers market can be more difficult for many reasons.  A few factors that contribute to the difficulty level of buying a home in a sellers market include low housing inventory, multiple offers, and a greater number of pre-approved buyers. Remember when determining how much to offer for a home that the condition of the local real estate market is vital.  A sellers market will generally demand an asking price or over asking price offer while a buyers market may warrant a significantly lower offer. Find Out How Much The Home Owner Paid Knowing how much the current owner paid previously for their home sometimes has no relation to how much to offer for a home, but, it certainly can.  Once a buyer finds the home they want to make an offer on, they should attempt to find out how much the current owners paid for the home. In some cases, the homeowners could be an original owner that built the house 40 years ago and obviously with inflation and other factors will make the amount they paid an irrelevant number.  The same can be said with newly built homes.  The cost of new construction is generally much higher than the homes value will be in a handful of years, due to the costs of building.  For example, a home that cost $300,000 to build a handful of years ago may only have a market value of $275,000. The opposite can be true for a homeowner who purchased a home in the past 5 or 6 years.  Finding out how much the current owner paid should be relatively easy as the information is still very likely to be in the local multiple listing service (MLS).  If a homeowner purchased a home for $150,000 a few years ago and they are trying to sell if for $200,000 now, it would be helpful to know what improvements they made to warrant a $50,000 increase in the value. Knowing the history of past transactions of a home can be a very helpful piece of information when determining how much to offer for a home. [caption id="attachment_2702" align="alignright" width="450"]When Determining How Much To Offer For A Home, Ask An Expert! When Determining How Much To Offer For A Home, Ask An Expert![/caption] Ask The Professionals Buying a home is an experience that many people are not familiar with.  When buying a home, it's critical that buyers have a top Realtor representing their best interests.  A top Realtor can help a buyer determine how much to offer for a home, which is a quality tip when it comes to determining the amount to offer for a home! One of the most important interview question to consider asking potential buyers agent's is whether they have experience selling homes in the desired neighborhoods.  An experienced Realtor who has sold homes in a specific neighborhood should be able to have a good idea whether a home is priced accurately or not simply by walking through the property. A top Realtor should be honest with their client and inform them if they feel a home is overpriced, priced well, or possibly under priced.  Unfortunately, there are some Realtors who will try and up-sell buyers, in order to make a few additional bucks and not advise the buyer the home maybe overpriced. Ultimately the decision of  how much to offer for a home is the buyers and not the Realtors.  Even though it ultimately is the buyers decision on how much to offer for a home, taking the advice of a top Realtor is high suggested.  Buyers who completely ignore what a Realtor suggests for an offer price is one of the top things home buyers do that real estate agents hate. Request A Comparative Market Analysis Be Completed Another excellent tip to help home buyers determine how much to offer for a home is by requesting a comparative market analysis be completed by their Realtor.  A comparative market analysis, also known as a CMA, is a very popular method Realtors use to determine market values. Having a comparative market analysis completed can be very helpful for a buyer when determining how much to offer for a home for several reasons.  First and foremost, a comparative market analysis is likely the method a listing agent utilized to determine the list price.  If the listing agent has experience selling homes in the area and is one of the top Realtors in the area, the price they listed the home for sale is likely close to the homes true market value. Another benefit to having a comparative market analysis completed prior to making an offer is it can eliminate possible low appraisal problems.  Just because a home is listed at a specific price, does not mean the home is worth that price, even if a buyer agrees to pay the full list price.  A comparative market analysis can help reduce the chances that a buyer overpays for a home and that the bank cannot justify the agreed sale price. A professionally completed comparative market analysis is a tool that can be a huge help when it comes to determining how much to offer for a home.  The value range that a comparative market analysis suggests, if done properly, should be relatively close to what a home sells for. Determine What The Highest Price You Will Pay Is And Stick To It One of the biggest mistakes that buyers make when buying a home is not sticking to their budget.  Once a buyer finds their "perfect home," it's important they set what the highest price they are willing to pay for that specific property is. Buying a home can be an emotional decision.  Without setting a maximum price, it's possible that a buyer will pay more for a home than they can afford.  By setting a maximum price, a buyer knows that if the negotiations push the price above that maximum number, it's time to walk away.  While it's easier said than done to walk away from a "perfect home," determining a maximum price can be a helpful tip to help determine what to offer for a home. Final Thoughts Determining how much to offer for a home is a big decision and can be tricky.  There is no absolute formula or method to help buyers determine what the purchase offer price should be.  The above tips should make deciding what to offer for a home much easier and less stressful.  Ultimately it is the buyers decision, however, by choosing a top Realtor and having the proper tools and information, buyers will be more comfortable with their decision. Other Top Home Buying Resources If you're buying a home in Rochester, NY, these tips to help determine how much to offer for a home will give you a huge advantage over your competition.  A buyer who has the "know-how" when it comes to determining how much to offer for a home will greatly increase their chances of successfully getting their "perfect home!"  If you haven't selected a top Rochester, NY realtor yet, please contact me, and I'd love to share my experience and expertise about buying a home in the local Rochester real estate market!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Tips To Help Determine How Much To Offer For A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> How to Create a Proper Home Maintenance Checklist https://www.rochesterrealestateblog.com/how-to-create-a-proper-home-maintenance-checklist/ Tue, 19 May 2015 11:00:25 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12300 Tips To Help Determine How Much To Offer For A Home[/caption] Finding just the right home for some buyers is a difficult task and can be emotionally and physically draining.  Once a buyer finds their "perfect home," only a small portion of the home buying process has been completed. One of the most important steps in the home buying process is successfully negotiating with the home owner.  There are many things that a buyer must decide on when negotiating with the seller.  What contingencies do they want to include?  When do they want to close on the home?  Do they want to have a home inspection? One of the top frequently asked questions from home buyers relates to price.  What should we offer the sellers?  Ultimately the buyer is the person in charge of making the final decision on what amount they should offer the home owner. There are many ways to help home buyers determine how much to offer for a home.  Here are some of the the best tips, and also things to avoid, when determining how much to offer for a home! What Should You Avoid When Determining How Much To Offer For A Home? Unfortunately there are many home buyers in the market place who have no idea when it comes to determining how much to offer for a home.  There are several things that home buyers need to avoid when figuring out how much to offer for a home, otherwise, the probability their offer is accepted is slim to none! Using Online Home Value Estimates One of the most popular misconceptions when it comes to home buying is that online home value estimates are accurate.  Home buyers who believe this "BS" fact about home buying will be extremely disappointed when offer after offer is rejected. When determining how much to offer for a home, make sure you avoid at all costs, online home value estimates.  Online home value estimates, such as Zillow's "Zestimate," are in many cases very inaccurate.  In a recent study of Rochester, NY homes that recently closed, almost 40% of the homes that closed on a specific date had "Zestimates" which were $15,000-$20,000 lower or higher than the actual sale prices. [caption id="attachment_2698" align="alignleft" width="450"]What Should Home Buyers Avoid When Determining How Much To Offer For A Home What Should Home Buyers Avoid When Determining How Much To Offer For A Home[/caption] A buyer who believes any online home value estimates will put themselves at a huge disadvantage when it comes to buying a home.  It's important to remember when determining how much to offer for a home, these online home value estimates are often generated by a computer formula and can be very inaccurate. Don't Be Fooled By Tax Assessments It's important to understand when buying a home, there is a difference between market value, assessed value, and appraised value.  One of the biggest thing to avoid when determining how much to offer for a home is using a homes assessed value as an offer price. The assessed value of a home is used for one thing, to determine how much the property taxes will be.  Assessed value has no correlation to a homes market value.  There are many real estate markets where the assessed value of homes will be significantly lower or higher than what homes are selling for. For example, a significant percentage of recently sold Webster, NY homes have sold for much higher than their  assessed values.  This is great for the local residents as it helps keep the property taxes lower. What Are The Top Tips To Help Buyers Determine How Much To Offer For A Home? There is no absolute way to determine how much to offer for a home.  Due to the fact that every seller has different reasons and different expectations, as well as the fact that homes are rarely identical, knowing how much to offer for a home can sometimes be tricky.  Here are several top tips to help buyers determine how much to offer for a home. Review The Current State Of The Local Real Estate Market It's important that buyers keep in mind what the current state of their local real estate market is when deciding how much to offer for a home.  Every real estate market is different.  Some real estate markets are neutral, some markets are buyers markets, and some markets are sellers market. If the local real estate market is a buyers market, it's possible that many of the homes for sale have been listed for quite some time.  It's fairly common that the longer a home is for sale, the lower the home can be bought for, but this isn't always the case.  In a buyers market, the chance that multiple offers will be received is greatly reduced as there are more homes available. If the local real estate market is a sellers market, it's likely that the homes for sale are sold fairly quickly, within the first week of being listed.  Buying a home in a sellers market can be more difficult for many reasons.  A few factors that contribute to the difficulty level of buying a home in a sellers market include low housing inventory, multiple offers, and a greater number of pre-approved buyers. Remember when determining how much to offer for a home that the condition of the local real estate market is vital.  A sellers market will generally demand an asking price or over asking price offer while a buyers market may warrant a significantly lower offer. Find Out How Much The Home Owner Paid Knowing how much the current owner paid previously for their home sometimes has no relation to how much to offer for a home, but, it certainly can.  Once a buyer finds the home they want to make an offer on, they should attempt to find out how much the current owners paid for the home. In some cases, the homeowners could be an original owner that built the house 40 years ago and obviously with inflation and other factors will make the amount they paid an irrelevant number.  The same can be said with newly built homes.  The cost of new construction is generally much higher than the homes value will be in a handful of years, due to the costs of building.  For example, a home that cost $300,000 to build a handful of years ago may only have a market value of $275,000. The opposite can be true for a homeowner who purchased a home in the past 5 or 6 years.  Finding out how much the current owner paid should be relatively easy as the information is still very likely to be in the local multiple listing service (MLS).  If a homeowner purchased a home for $150,000 a few years ago and they are trying to sell if for $200,000 now, it would be helpful to know what improvements they made to warrant a $50,000 increase in the value. Knowing the history of past transactions of a home can be a very helpful piece of information when determining how much to offer for a home. [caption id="attachment_2702" align="alignright" width="450"]When Determining How Much To Offer For A Home, Ask An Expert! When Determining How Much To Offer For A Home, Ask An Expert![/caption] Ask The Professionals Buying a home is an experience that many people are not familiar with.  When buying a home, it's critical that buyers have a top Realtor representing their best interests.  A top Realtor can help a buyer determine how much to offer for a home, which is a quality tip when it comes to determining the amount to offer for a home! One of the most important interview question to consider asking potential buyers agent's is whether they have experience selling homes in the desired neighborhoods.  An experienced Realtor who has sold homes in a specific neighborhood should be able to have a good idea whether a home is priced accurately or not simply by walking through the property. A top Realtor should be honest with their client and inform them if they feel a home is overpriced, priced well, or possibly under priced.  Unfortunately, there are some Realtors who will try and up-sell buyers, in order to make a few additional bucks and not advise the buyer the home maybe overpriced. Ultimately the decision of  how much to offer for a home is the buyers and not the Realtors.  Even though it ultimately is the buyers decision on how much to offer for a home, taking the advice of a top Realtor is high suggested.  Buyers who completely ignore what a Realtor suggests for an offer price is one of the top things home buyers do that real estate agents hate. Request A Comparative Market Analysis Be Completed Another excellent tip to help home buyers determine how much to offer for a home is by requesting a comparative market analysis be completed by their Realtor.  A comparative market analysis, also known as a CMA, is a very popular method Realtors use to determine market values. Having a comparative market analysis completed can be very helpful for a buyer when determining how much to offer for a home for several reasons.  First and foremost, a comparative market analysis is likely the method a listing agent utilized to determine the list price.  If the listing agent has experience selling homes in the area and is one of the top Realtors in the area, the price they listed the home for sale is likely close to the homes true market value. Another benefit to having a comparative market analysis completed prior to making an offer is it can eliminate possible low appraisal problems.  Just because a home is listed at a specific price, does not mean the home is worth that price, even if a buyer agrees to pay the full list price.  A comparative market analysis can help reduce the chances that a buyer overpays for a home and that the bank cannot justify the agreed sale price. A professionally completed comparative market analysis is a tool that can be a huge help when it comes to determining how much to offer for a home.  The value range that a comparative market analysis suggests, if done properly, should be relatively close to what a home sells for. Determine What The Highest Price You Will Pay Is And Stick To It One of the biggest mistakes that buyers make when buying a home is not sticking to their budget.  Once a buyer finds their "perfect home," it's important they set what the highest price they are willing to pay for that specific property is. Buying a home can be an emotional decision.  Without setting a maximum price, it's possible that a buyer will pay more for a home than they can afford.  By setting a maximum price, a buyer knows that if the negotiations push the price above that maximum number, it's time to walk away.  While it's easier said than done to walk away from a "perfect home," determining a maximum price can be a helpful tip to help determine what to offer for a home. Final Thoughts Determining how much to offer for a home is a big decision and can be tricky.  There is no absolute formula or method to help buyers determine what the purchase offer price should be.  The above tips should make deciding what to offer for a home much easier and less stressful.  Ultimately it is the buyers decision, however, by choosing a top Realtor and having the proper tools and information, buyers will be more comfortable with their decision. Other Top Home Buying Resources If you're buying a home in Rochester, NY, these tips to help determine how much to offer for a home will give you a huge advantage over your competition.  A buyer who has the "know-how" when it comes to determining how much to offer for a home will greatly increase their chances of successfully getting their "perfect home!"  If you haven't selected a top Rochester, NY realtor yet, please contact me, and I'd love to share my experience and expertise about buying a home in the local Rochester real estate market!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Tips To Help Determine How Much To Offer For A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> 5 Tips For Tenant Screening | How To Weed Out Bad Tenant Applicants https://www.rochesterrealestateblog.com/tips-for-tenant-screening/ Tue, 19 May 2015 11:00:25 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12291 Tips To Help Determine How Much To Offer For A Home[/caption] Finding just the right home for some buyers is a difficult task and can be emotionally and physically draining.  Once a buyer finds their "perfect home," only a small portion of the home buying process has been completed. One of the most important steps in the home buying process is successfully negotiating with the home owner.  There are many things that a buyer must decide on when negotiating with the seller.  What contingencies do they want to include?  When do they want to close on the home?  Do they want to have a home inspection? One of the top frequently asked questions from home buyers relates to price.  What should we offer the sellers?  Ultimately the buyer is the person in charge of making the final decision on what amount they should offer the home owner. There are many ways to help home buyers determine how much to offer for a home.  Here are some of the the best tips, and also things to avoid, when determining how much to offer for a home! What Should You Avoid When Determining How Much To Offer For A Home? Unfortunately there are many home buyers in the market place who have no idea when it comes to determining how much to offer for a home.  There are several things that home buyers need to avoid when figuring out how much to offer for a home, otherwise, the probability their offer is accepted is slim to none! Using Online Home Value Estimates One of the most popular misconceptions when it comes to home buying is that online home value estimates are accurate.  Home buyers who believe this "BS" fact about home buying will be extremely disappointed when offer after offer is rejected. When determining how much to offer for a home, make sure you avoid at all costs, online home value estimates.  Online home value estimates, such as Zillow's "Zestimate," are in many cases very inaccurate.  In a recent study of Rochester, NY homes that recently closed, almost 40% of the homes that closed on a specific date had "Zestimates" which were $15,000-$20,000 lower or higher than the actual sale prices. [caption id="attachment_2698" align="alignleft" width="450"]What Should Home Buyers Avoid When Determining How Much To Offer For A Home What Should Home Buyers Avoid When Determining How Much To Offer For A Home[/caption] A buyer who believes any online home value estimates will put themselves at a huge disadvantage when it comes to buying a home.  It's important to remember when determining how much to offer for a home, these online home value estimates are often generated by a computer formula and can be very inaccurate. Don't Be Fooled By Tax Assessments It's important to understand when buying a home, there is a difference between market value, assessed value, and appraised value.  One of the biggest thing to avoid when determining how much to offer for a home is using a homes assessed value as an offer price. The assessed value of a home is used for one thing, to determine how much the property taxes will be.  Assessed value has no correlation to a homes market value.  There are many real estate markets where the assessed value of homes will be significantly lower or higher than what homes are selling for. For example, a significant percentage of recently sold Webster, NY homes have sold for much higher than their  assessed values.  This is great for the local residents as it helps keep the property taxes lower. What Are The Top Tips To Help Buyers Determine How Much To Offer For A Home? There is no absolute way to determine how much to offer for a home.  Due to the fact that every seller has different reasons and different expectations, as well as the fact that homes are rarely identical, knowing how much to offer for a home can sometimes be tricky.  Here are several top tips to help buyers determine how much to offer for a home. Review The Current State Of The Local Real Estate Market It's important that buyers keep in mind what the current state of their local real estate market is when deciding how much to offer for a home.  Every real estate market is different.  Some real estate markets are neutral, some markets are buyers markets, and some markets are sellers market. If the local real estate market is a buyers market, it's possible that many of the homes for sale have been listed for quite some time.  It's fairly common that the longer a home is for sale, the lower the home can be bought for, but this isn't always the case.  In a buyers market, the chance that multiple offers will be received is greatly reduced as there are more homes available. If the local real estate market is a sellers market, it's likely that the homes for sale are sold fairly quickly, within the first week of being listed.  Buying a home in a sellers market can be more difficult for many reasons.  A few factors that contribute to the difficulty level of buying a home in a sellers market include low housing inventory, multiple offers, and a greater number of pre-approved buyers. Remember when determining how much to offer for a home that the condition of the local real estate market is vital.  A sellers market will generally demand an asking price or over asking price offer while a buyers market may warrant a significantly lower offer. Find Out How Much The Home Owner Paid Knowing how much the current owner paid previously for their home sometimes has no relation to how much to offer for a home, but, it certainly can.  Once a buyer finds the home they want to make an offer on, they should attempt to find out how much the current owners paid for the home. In some cases, the homeowners could be an original owner that built the house 40 years ago and obviously with inflation and other factors will make the amount they paid an irrelevant number.  The same can be said with newly built homes.  The cost of new construction is generally much higher than the homes value will be in a handful of years, due to the costs of building.  For example, a home that cost $300,000 to build a handful of years ago may only have a market value of $275,000. The opposite can be true for a homeowner who purchased a home in the past 5 or 6 years.  Finding out how much the current owner paid should be relatively easy as the information is still very likely to be in the local multiple listing service (MLS).  If a homeowner purchased a home for $150,000 a few years ago and they are trying to sell if for $200,000 now, it would be helpful to know what improvements they made to warrant a $50,000 increase in the value. Knowing the history of past transactions of a home can be a very helpful piece of information when determining how much to offer for a home. [caption id="attachment_2702" align="alignright" width="450"]When Determining How Much To Offer For A Home, Ask An Expert! When Determining How Much To Offer For A Home, Ask An Expert![/caption] Ask The Professionals Buying a home is an experience that many people are not familiar with.  When buying a home, it's critical that buyers have a top Realtor representing their best interests.  A top Realtor can help a buyer determine how much to offer for a home, which is a quality tip when it comes to determining the amount to offer for a home! One of the most important interview question to consider asking potential buyers agent's is whether they have experience selling homes in the desired neighborhoods.  An experienced Realtor who has sold homes in a specific neighborhood should be able to have a good idea whether a home is priced accurately or not simply by walking through the property. A top Realtor should be honest with their client and inform them if they feel a home is overpriced, priced well, or possibly under priced.  Unfortunately, there are some Realtors who will try and up-sell buyers, in order to make a few additional bucks and not advise the buyer the home maybe overpriced. Ultimately the decision of  how much to offer for a home is the buyers and not the Realtors.  Even though it ultimately is the buyers decision on how much to offer for a home, taking the advice of a top Realtor is high suggested.  Buyers who completely ignore what a Realtor suggests for an offer price is one of the top things home buyers do that real estate agents hate. Request A Comparative Market Analysis Be Completed Another excellent tip to help home buyers determine how much to offer for a home is by requesting a comparative market analysis be completed by their Realtor.  A comparative market analysis, also known as a CMA, is a very popular method Realtors use to determine market values. Having a comparative market analysis completed can be very helpful for a buyer when determining how much to offer for a home for several reasons.  First and foremost, a comparative market analysis is likely the method a listing agent utilized to determine the list price.  If the listing agent has experience selling homes in the area and is one of the top Realtors in the area, the price they listed the home for sale is likely close to the homes true market value. Another benefit to having a comparative market analysis completed prior to making an offer is it can eliminate possible low appraisal problems.  Just because a home is listed at a specific price, does not mean the home is worth that price, even if a buyer agrees to pay the full list price.  A comparative market analysis can help reduce the chances that a buyer overpays for a home and that the bank cannot justify the agreed sale price. A professionally completed comparative market analysis is a tool that can be a huge help when it comes to determining how much to offer for a home.  The value range that a comparative market analysis suggests, if done properly, should be relatively close to what a home sells for. Determine What The Highest Price You Will Pay Is And Stick To It One of the biggest mistakes that buyers make when buying a home is not sticking to their budget.  Once a buyer finds their "perfect home," it's important they set what the highest price they are willing to pay for that specific property is. Buying a home can be an emotional decision.  Without setting a maximum price, it's possible that a buyer will pay more for a home than they can afford.  By setting a maximum price, a buyer knows that if the negotiations push the price above that maximum number, it's time to walk away.  While it's easier said than done to walk away from a "perfect home," determining a maximum price can be a helpful tip to help determine what to offer for a home. Final Thoughts Determining how much to offer for a home is a big decision and can be tricky.  There is no absolute formula or method to help buyers determine what the purchase offer price should be.  The above tips should make deciding what to offer for a home much easier and less stressful.  Ultimately it is the buyers decision, however, by choosing a top Realtor and having the proper tools and information, buyers will be more comfortable with their decision. Other Top Home Buying Resources If you're buying a home in Rochester, NY, these tips to help determine how much to offer for a home will give you a huge advantage over your competition.  A buyer who has the "know-how" when it comes to determining how much to offer for a home will greatly increase their chances of successfully getting their "perfect home!"  If you haven't selected a top Rochester, NY realtor yet, please contact me, and I'd love to share my experience and expertise about buying a home in the local Rochester real estate market!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Tips To Help Determine How Much To Offer For A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> The Best Social Media Blogs For Real Estate From 2017 https://www.rochesterrealestateblog.com/best-social-media-blogs-2017/ Tue, 19 May 2015 11:00:25 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12045 Tips To Help Determine How Much To Offer For A Home[/caption] Finding just the right home for some buyers is a difficult task and can be emotionally and physically draining.  Once a buyer finds their "perfect home," only a small portion of the home buying process has been completed. One of the most important steps in the home buying process is successfully negotiating with the home owner.  There are many things that a buyer must decide on when negotiating with the seller.  What contingencies do they want to include?  When do they want to close on the home?  Do they want to have a home inspection? One of the top frequently asked questions from home buyers relates to price.  What should we offer the sellers?  Ultimately the buyer is the person in charge of making the final decision on what amount they should offer the home owner. There are many ways to help home buyers determine how much to offer for a home.  Here are some of the the best tips, and also things to avoid, when determining how much to offer for a home! What Should You Avoid When Determining How Much To Offer For A Home? Unfortunately there are many home buyers in the market place who have no idea when it comes to determining how much to offer for a home.  There are several things that home buyers need to avoid when figuring out how much to offer for a home, otherwise, the probability their offer is accepted is slim to none! Using Online Home Value Estimates One of the most popular misconceptions when it comes to home buying is that online home value estimates are accurate.  Home buyers who believe this "BS" fact about home buying will be extremely disappointed when offer after offer is rejected. When determining how much to offer for a home, make sure you avoid at all costs, online home value estimates.  Online home value estimates, such as Zillow's "Zestimate," are in many cases very inaccurate.  In a recent study of Rochester, NY homes that recently closed, almost 40% of the homes that closed on a specific date had "Zestimates" which were $15,000-$20,000 lower or higher than the actual sale prices. [caption id="attachment_2698" align="alignleft" width="450"]What Should Home Buyers Avoid When Determining How Much To Offer For A Home What Should Home Buyers Avoid When Determining How Much To Offer For A Home[/caption] A buyer who believes any online home value estimates will put themselves at a huge disadvantage when it comes to buying a home.  It's important to remember when determining how much to offer for a home, these online home value estimates are often generated by a computer formula and can be very inaccurate. Don't Be Fooled By Tax Assessments It's important to understand when buying a home, there is a difference between market value, assessed value, and appraised value.  One of the biggest thing to avoid when determining how much to offer for a home is using a homes assessed value as an offer price. The assessed value of a home is used for one thing, to determine how much the property taxes will be.  Assessed value has no correlation to a homes market value.  There are many real estate markets where the assessed value of homes will be significantly lower or higher than what homes are selling for. For example, a significant percentage of recently sold Webster, NY homes have sold for much higher than their  assessed values.  This is great for the local residents as it helps keep the property taxes lower. What Are The Top Tips To Help Buyers Determine How Much To Offer For A Home? There is no absolute way to determine how much to offer for a home.  Due to the fact that every seller has different reasons and different expectations, as well as the fact that homes are rarely identical, knowing how much to offer for a home can sometimes be tricky.  Here are several top tips to help buyers determine how much to offer for a home. Review The Current State Of The Local Real Estate Market It's important that buyers keep in mind what the current state of their local real estate market is when deciding how much to offer for a home.  Every real estate market is different.  Some real estate markets are neutral, some markets are buyers markets, and some markets are sellers market. If the local real estate market is a buyers market, it's possible that many of the homes for sale have been listed for quite some time.  It's fairly common that the longer a home is for sale, the lower the home can be bought for, but this isn't always the case.  In a buyers market, the chance that multiple offers will be received is greatly reduced as there are more homes available. If the local real estate market is a sellers market, it's likely that the homes for sale are sold fairly quickly, within the first week of being listed.  Buying a home in a sellers market can be more difficult for many reasons.  A few factors that contribute to the difficulty level of buying a home in a sellers market include low housing inventory, multiple offers, and a greater number of pre-approved buyers. Remember when determining how much to offer for a home that the condition of the local real estate market is vital.  A sellers market will generally demand an asking price or over asking price offer while a buyers market may warrant a significantly lower offer. Find Out How Much The Home Owner Paid Knowing how much the current owner paid previously for their home sometimes has no relation to how much to offer for a home, but, it certainly can.  Once a buyer finds the home they want to make an offer on, they should attempt to find out how much the current owners paid for the home. In some cases, the homeowners could be an original owner that built the house 40 years ago and obviously with inflation and other factors will make the amount they paid an irrelevant number.  The same can be said with newly built homes.  The cost of new construction is generally much higher than the homes value will be in a handful of years, due to the costs of building.  For example, a home that cost $300,000 to build a handful of years ago may only have a market value of $275,000. The opposite can be true for a homeowner who purchased a home in the past 5 or 6 years.  Finding out how much the current owner paid should be relatively easy as the information is still very likely to be in the local multiple listing service (MLS).  If a homeowner purchased a home for $150,000 a few years ago and they are trying to sell if for $200,000 now, it would be helpful to know what improvements they made to warrant a $50,000 increase in the value. Knowing the history of past transactions of a home can be a very helpful piece of information when determining how much to offer for a home. [caption id="attachment_2702" align="alignright" width="450"]When Determining How Much To Offer For A Home, Ask An Expert! When Determining How Much To Offer For A Home, Ask An Expert![/caption] Ask The Professionals Buying a home is an experience that many people are not familiar with.  When buying a home, it's critical that buyers have a top Realtor representing their best interests.  A top Realtor can help a buyer determine how much to offer for a home, which is a quality tip when it comes to determining the amount to offer for a home! One of the most important interview question to consider asking potential buyers agent's is whether they have experience selling homes in the desired neighborhoods.  An experienced Realtor who has sold homes in a specific neighborhood should be able to have a good idea whether a home is priced accurately or not simply by walking through the property. A top Realtor should be honest with their client and inform them if they feel a home is overpriced, priced well, or possibly under priced.  Unfortunately, there are some Realtors who will try and up-sell buyers, in order to make a few additional bucks and not advise the buyer the home maybe overpriced. Ultimately the decision of  how much to offer for a home is the buyers and not the Realtors.  Even though it ultimately is the buyers decision on how much to offer for a home, taking the advice of a top Realtor is high suggested.  Buyers who completely ignore what a Realtor suggests for an offer price is one of the top things home buyers do that real estate agents hate. Request A Comparative Market Analysis Be Completed Another excellent tip to help home buyers determine how much to offer for a home is by requesting a comparative market analysis be completed by their Realtor.  A comparative market analysis, also known as a CMA, is a very popular method Realtors use to determine market values. Having a comparative market analysis completed can be very helpful for a buyer when determining how much to offer for a home for several reasons.  First and foremost, a comparative market analysis is likely the method a listing agent utilized to determine the list price.  If the listing agent has experience selling homes in the area and is one of the top Realtors in the area, the price they listed the home for sale is likely close to the homes true market value. Another benefit to having a comparative market analysis completed prior to making an offer is it can eliminate possible low appraisal problems.  Just because a home is listed at a specific price, does not mean the home is worth that price, even if a buyer agrees to pay the full list price.  A comparative market analysis can help reduce the chances that a buyer overpays for a home and that the bank cannot justify the agreed sale price. A professionally completed comparative market analysis is a tool that can be a huge help when it comes to determining how much to offer for a home.  The value range that a comparative market analysis suggests, if done properly, should be relatively close to what a home sells for. Determine What The Highest Price You Will Pay Is And Stick To It One of the biggest mistakes that buyers make when buying a home is not sticking to their budget.  Once a buyer finds their "perfect home," it's important they set what the highest price they are willing to pay for that specific property is. Buying a home can be an emotional decision.  Without setting a maximum price, it's possible that a buyer will pay more for a home than they can afford.  By setting a maximum price, a buyer knows that if the negotiations push the price above that maximum number, it's time to walk away.  While it's easier said than done to walk away from a "perfect home," determining a maximum price can be a helpful tip to help determine what to offer for a home. Final Thoughts Determining how much to offer for a home is a big decision and can be tricky.  There is no absolute formula or method to help buyers determine what the purchase offer price should be.  The above tips should make deciding what to offer for a home much easier and less stressful.  Ultimately it is the buyers decision, however, by choosing a top Realtor and having the proper tools and information, buyers will be more comfortable with their decision. Other Top Home Buying Resources If you're buying a home in Rochester, NY, these tips to help determine how much to offer for a home will give you a huge advantage over your competition.  A buyer who has the "know-how" when it comes to determining how much to offer for a home will greatly increase their chances of successfully getting their "perfect home!"  If you haven't selected a top Rochester, NY realtor yet, please contact me, and I'd love to share my experience and expertise about buying a home in the local Rochester real estate market!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Tips To Help Determine How Much To Offer For A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> The Best Home Improvement Blogs From 2017 | Advice For Home Remodeling https://www.rochesterrealestateblog.com/best-home-improvement-blogs-2017/ Tue, 19 May 2015 11:00:25 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12044 Tips To Help Determine How Much To Offer For A Home[/caption] Finding just the right home for some buyers is a difficult task and can be emotionally and physically draining.  Once a buyer finds their "perfect home," only a small portion of the home buying process has been completed. One of the most important steps in the home buying process is successfully negotiating with the home owner.  There are many things that a buyer must decide on when negotiating with the seller.  What contingencies do they want to include?  When do they want to close on the home?  Do they want to have a home inspection? One of the top frequently asked questions from home buyers relates to price.  What should we offer the sellers?  Ultimately the buyer is the person in charge of making the final decision on what amount they should offer the home owner. There are many ways to help home buyers determine how much to offer for a home.  Here are some of the the best tips, and also things to avoid, when determining how much to offer for a home! What Should You Avoid When Determining How Much To Offer For A Home? Unfortunately there are many home buyers in the market place who have no idea when it comes to determining how much to offer for a home.  There are several things that home buyers need to avoid when figuring out how much to offer for a home, otherwise, the probability their offer is accepted is slim to none! Using Online Home Value Estimates One of the most popular misconceptions when it comes to home buying is that online home value estimates are accurate.  Home buyers who believe this "BS" fact about home buying will be extremely disappointed when offer after offer is rejected. When determining how much to offer for a home, make sure you avoid at all costs, online home value estimates.  Online home value estimates, such as Zillow's "Zestimate," are in many cases very inaccurate.  In a recent study of Rochester, NY homes that recently closed, almost 40% of the homes that closed on a specific date had "Zestimates" which were $15,000-$20,000 lower or higher than the actual sale prices. [caption id="attachment_2698" align="alignleft" width="450"]What Should Home Buyers Avoid When Determining How Much To Offer For A Home What Should Home Buyers Avoid When Determining How Much To Offer For A Home[/caption] A buyer who believes any online home value estimates will put themselves at a huge disadvantage when it comes to buying a home.  It's important to remember when determining how much to offer for a home, these online home value estimates are often generated by a computer formula and can be very inaccurate. Don't Be Fooled By Tax Assessments It's important to understand when buying a home, there is a difference between market value, assessed value, and appraised value.  One of the biggest thing to avoid when determining how much to offer for a home is using a homes assessed value as an offer price. The assessed value of a home is used for one thing, to determine how much the property taxes will be.  Assessed value has no correlation to a homes market value.  There are many real estate markets where the assessed value of homes will be significantly lower or higher than what homes are selling for. For example, a significant percentage of recently sold Webster, NY homes have sold for much higher than their  assessed values.  This is great for the local residents as it helps keep the property taxes lower. What Are The Top Tips To Help Buyers Determine How Much To Offer For A Home? There is no absolute way to determine how much to offer for a home.  Due to the fact that every seller has different reasons and different expectations, as well as the fact that homes are rarely identical, knowing how much to offer for a home can sometimes be tricky.  Here are several top tips to help buyers determine how much to offer for a home. Review The Current State Of The Local Real Estate Market It's important that buyers keep in mind what the current state of their local real estate market is when deciding how much to offer for a home.  Every real estate market is different.  Some real estate markets are neutral, some markets are buyers markets, and some markets are sellers market. If the local real estate market is a buyers market, it's possible that many of the homes for sale have been listed for quite some time.  It's fairly common that the longer a home is for sale, the lower the home can be bought for, but this isn't always the case.  In a buyers market, the chance that multiple offers will be received is greatly reduced as there are more homes available. If the local real estate market is a sellers market, it's likely that the homes for sale are sold fairly quickly, within the first week of being listed.  Buying a home in a sellers market can be more difficult for many reasons.  A few factors that contribute to the difficulty level of buying a home in a sellers market include low housing inventory, multiple offers, and a greater number of pre-approved buyers. Remember when determining how much to offer for a home that the condition of the local real estate market is vital.  A sellers market will generally demand an asking price or over asking price offer while a buyers market may warrant a significantly lower offer. Find Out How Much The Home Owner Paid Knowing how much the current owner paid previously for their home sometimes has no relation to how much to offer for a home, but, it certainly can.  Once a buyer finds the home they want to make an offer on, they should attempt to find out how much the current owners paid for the home. In some cases, the homeowners could be an original owner that built the house 40 years ago and obviously with inflation and other factors will make the amount they paid an irrelevant number.  The same can be said with newly built homes.  The cost of new construction is generally much higher than the homes value will be in a handful of years, due to the costs of building.  For example, a home that cost $300,000 to build a handful of years ago may only have a market value of $275,000. The opposite can be true for a homeowner who purchased a home in the past 5 or 6 years.  Finding out how much the current owner paid should be relatively easy as the information is still very likely to be in the local multiple listing service (MLS).  If a homeowner purchased a home for $150,000 a few years ago and they are trying to sell if for $200,000 now, it would be helpful to know what improvements they made to warrant a $50,000 increase in the value. Knowing the history of past transactions of a home can be a very helpful piece of information when determining how much to offer for a home. [caption id="attachment_2702" align="alignright" width="450"]When Determining How Much To Offer For A Home, Ask An Expert! When Determining How Much To Offer For A Home, Ask An Expert![/caption] Ask The Professionals Buying a home is an experience that many people are not familiar with.  When buying a home, it's critical that buyers have a top Realtor representing their best interests.  A top Realtor can help a buyer determine how much to offer for a home, which is a quality tip when it comes to determining the amount to offer for a home! One of the most important interview question to consider asking potential buyers agent's is whether they have experience selling homes in the desired neighborhoods.  An experienced Realtor who has sold homes in a specific neighborhood should be able to have a good idea whether a home is priced accurately or not simply by walking through the property. A top Realtor should be honest with their client and inform them if they feel a home is overpriced, priced well, or possibly under priced.  Unfortunately, there are some Realtors who will try and up-sell buyers, in order to make a few additional bucks and not advise the buyer the home maybe overpriced. Ultimately the decision of  how much to offer for a home is the buyers and not the Realtors.  Even though it ultimately is the buyers decision on how much to offer for a home, taking the advice of a top Realtor is high suggested.  Buyers who completely ignore what a Realtor suggests for an offer price is one of the top things home buyers do that real estate agents hate. Request A Comparative Market Analysis Be Completed Another excellent tip to help home buyers determine how much to offer for a home is by requesting a comparative market analysis be completed by their Realtor.  A comparative market analysis, also known as a CMA, is a very popular method Realtors use to determine market values. Having a comparative market analysis completed can be very helpful for a buyer when determining how much to offer for a home for several reasons.  First and foremost, a comparative market analysis is likely the method a listing agent utilized to determine the list price.  If the listing agent has experience selling homes in the area and is one of the top Realtors in the area, the price they listed the home for sale is likely close to the homes true market value. Another benefit to having a comparative market analysis completed prior to making an offer is it can eliminate possible low appraisal problems.  Just because a home is listed at a specific price, does not mean the home is worth that price, even if a buyer agrees to pay the full list price.  A comparative market analysis can help reduce the chances that a buyer overpays for a home and that the bank cannot justify the agreed sale price. A professionally completed comparative market analysis is a tool that can be a huge help when it comes to determining how much to offer for a home.  The value range that a comparative market analysis suggests, if done properly, should be relatively close to what a home sells for. Determine What The Highest Price You Will Pay Is And Stick To It One of the biggest mistakes that buyers make when buying a home is not sticking to their budget.  Once a buyer finds their "perfect home," it's important they set what the highest price they are willing to pay for that specific property is. Buying a home can be an emotional decision.  Without setting a maximum price, it's possible that a buyer will pay more for a home than they can afford.  By setting a maximum price, a buyer knows that if the negotiations push the price above that maximum number, it's time to walk away.  While it's easier said than done to walk away from a "perfect home," determining a maximum price can be a helpful tip to help determine what to offer for a home. Final Thoughts Determining how much to offer for a home is a big decision and can be tricky.  There is no absolute formula or method to help buyers determine what the purchase offer price should be.  The above tips should make deciding what to offer for a home much easier and less stressful.  Ultimately it is the buyers decision, however, by choosing a top Realtor and having the proper tools and information, buyers will be more comfortable with their decision. Other Top Home Buying Resources If you're buying a home in Rochester, NY, these tips to help determine how much to offer for a home will give you a huge advantage over your competition.  A buyer who has the "know-how" when it comes to determining how much to offer for a home will greatly increase their chances of successfully getting their "perfect home!"  If you haven't selected a top Rochester, NY realtor yet, please contact me, and I'd love to share my experience and expertise about buying a home in the local Rochester real estate market!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Tips To Help Determine How Much To Offer For A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]> The Best Mortgage Blogs From 2017 | Advice For Home Financing https://www.rochesterrealestateblog.com/best-mortgage-blogs-2017/ Tue, 19 May 2015 11:00:25 +0000 Kyle Hiscock https://www.rochesterrealestateblog.com/?p=12043 Tips To Help Determine How Much To Offer For A Home[/caption] Finding just the right home for some buyers is a difficult task and can be emotionally and physically draining.  Once a buyer finds their "perfect home," only a small portion of the home buying process has been completed. One of the most important steps in the home buying process is successfully negotiating with the home owner.  There are many things that a buyer must decide on when negotiating with the seller.  What contingencies do they want to include?  When do they want to close on the home?  Do they want to have a home inspection? One of the top frequently asked questions from home buyers relates to price.  What should we offer the sellers?  Ultimately the buyer is the person in charge of making the final decision on what amount they should offer the home owner. There are many ways to help home buyers determine how much to offer for a home.  Here are some of the the best tips, and also things to avoid, when determining how much to offer for a home! What Should You Avoid When Determining How Much To Offer For A Home? Unfortunately there are many home buyers in the market place who have no idea when it comes to determining how much to offer for a home.  There are several things that home buyers need to avoid when figuring out how much to offer for a home, otherwise, the probability their offer is accepted is slim to none! Using Online Home Value Estimates One of the most popular misconceptions when it comes to home buying is that online home value estimates are accurate.  Home buyers who believe this "BS" fact about home buying will be extremely disappointed when offer after offer is rejected. When determining how much to offer for a home, make sure you avoid at all costs, online home value estimates.  Online home value estimates, such as Zillow's "Zestimate," are in many cases very inaccurate.  In a recent study of Rochester, NY homes that recently closed, almost 40% of the homes that closed on a specific date had "Zestimates" which were $15,000-$20,000 lower or higher than the actual sale prices. [caption id="attachment_2698" align="alignleft" width="450"]What Should Home Buyers Avoid When Determining How Much To Offer For A Home What Should Home Buyers Avoid When Determining How Much To Offer For A Home[/caption] A buyer who believes any online home value estimates will put themselves at a huge disadvantage when it comes to buying a home.  It's important to remember when determining how much to offer for a home, these online home value estimates are often generated by a computer formula and can be very inaccurate. Don't Be Fooled By Tax Assessments It's important to understand when buying a home, there is a difference between market value, assessed value, and appraised value.  One of the biggest thing to avoid when determining how much to offer for a home is using a homes assessed value as an offer price. The assessed value of a home is used for one thing, to determine how much the property taxes will be.  Assessed value has no correlation to a homes market value.  There are many real estate markets where the assessed value of homes will be significantly lower or higher than what homes are selling for. For example, a significant percentage of recently sold Webster, NY homes have sold for much higher than their  assessed values.  This is great for the local residents as it helps keep the property taxes lower. What Are The Top Tips To Help Buyers Determine How Much To Offer For A Home? There is no absolute way to determine how much to offer for a home.  Due to the fact that every seller has different reasons and different expectations, as well as the fact that homes are rarely identical, knowing how much to offer for a home can sometimes be tricky.  Here are several top tips to help buyers determine how much to offer for a home. Review The Current State Of The Local Real Estate Market It's important that buyers keep in mind what the current state of their local real estate market is when deciding how much to offer for a home.  Every real estate market is different.  Some real estate markets are neutral, some markets are buyers markets, and some markets are sellers market. If the local real estate market is a buyers market, it's possible that many of the homes for sale have been listed for quite some time.  It's fairly common that the longer a home is for sale, the lower the home can be bought for, but this isn't always the case.  In a buyers market, the chance that multiple offers will be received is greatly reduced as there are more homes available. If the local real estate market is a sellers market, it's likely that the homes for sale are sold fairly quickly, within the first week of being listed.  Buying a home in a sellers market can be more difficult for many reasons.  A few factors that contribute to the difficulty level of buying a home in a sellers market include low housing inventory, multiple offers, and a greater number of pre-approved buyers. Remember when determining how much to offer for a home that the condition of the local real estate market is vital.  A sellers market will generally demand an asking price or over asking price offer while a buyers market may warrant a significantly lower offer. Find Out How Much The Home Owner Paid Knowing how much the current owner paid previously for their home sometimes has no relation to how much to offer for a home, but, it certainly can.  Once a buyer finds the home they want to make an offer on, they should attempt to find out how much the current owners paid for the home. In some cases, the homeowners could be an original owner that built the house 40 years ago and obviously with inflation and other factors will make the amount they paid an irrelevant number.  The same can be said with newly built homes.  The cost of new construction is generally much higher than the homes value will be in a handful of years, due to the costs of building.  For example, a home that cost $300,000 to build a handful of years ago may only have a market value of $275,000. The opposite can be true for a homeowner who purchased a home in the past 5 or 6 years.  Finding out how much the current owner paid should be relatively easy as the information is still very likely to be in the local multiple listing service (MLS).  If a homeowner purchased a home for $150,000 a few years ago and they are trying to sell if for $200,000 now, it would be helpful to know what improvements they made to warrant a $50,000 increase in the value. Knowing the history of past transactions of a home can be a very helpful piece of information when determining how much to offer for a home. [caption id="attachment_2702" align="alignright" width="450"]When Determining How Much To Offer For A Home, Ask An Expert! When Determining How Much To Offer For A Home, Ask An Expert![/caption] Ask The Professionals Buying a home is an experience that many people are not familiar with.  When buying a home, it's critical that buyers have a top Realtor representing their best interests.  A top Realtor can help a buyer determine how much to offer for a home, which is a quality tip when it comes to determining the amount to offer for a home! One of the most important interview question to consider asking potential buyers agent's is whether they have experience selling homes in the desired neighborhoods.  An experienced Realtor who has sold homes in a specific neighborhood should be able to have a good idea whether a home is priced accurately or not simply by walking through the property. A top Realtor should be honest with their client and inform them if they feel a home is overpriced, priced well, or possibly under priced.  Unfortunately, there are some Realtors who will try and up-sell buyers, in order to make a few additional bucks and not advise the buyer the home maybe overpriced. Ultimately the decision of  how much to offer for a home is the buyers and not the Realtors.  Even though it ultimately is the buyers decision on how much to offer for a home, taking the advice of a top Realtor is high suggested.  Buyers who completely ignore what a Realtor suggests for an offer price is one of the top things home buyers do that real estate agents hate. Request A Comparative Market Analysis Be Completed Another excellent tip to help home buyers determine how much to offer for a home is by requesting a comparative market analysis be completed by their Realtor.  A comparative market analysis, also known as a CMA, is a very popular method Realtors use to determine market values. Having a comparative market analysis completed can be very helpful for a buyer when determining how much to offer for a home for several reasons.  First and foremost, a comparative market analysis is likely the method a listing agent utilized to determine the list price.  If the listing agent has experience selling homes in the area and is one of the top Realtors in the area, the price they listed the home for sale is likely close to the homes true market value. Another benefit to having a comparative market analysis completed prior to making an offer is it can eliminate possible low appraisal problems.  Just because a home is listed at a specific price, does not mean the home is worth that price, even if a buyer agrees to pay the full list price.  A comparative market analysis can help reduce the chances that a buyer overpays for a home and that the bank cannot justify the agreed sale price. A professionally completed comparative market analysis is a tool that can be a huge help when it comes to determining how much to offer for a home.  The value range that a comparative market analysis suggests, if done properly, should be relatively close to what a home sells for. Determine What The Highest Price You Will Pay Is And Stick To It One of the biggest mistakes that buyers make when buying a home is not sticking to their budget.  Once a buyer finds their "perfect home," it's important they set what the highest price they are willing to pay for that specific property is. Buying a home can be an emotional decision.  Without setting a maximum price, it's possible that a buyer will pay more for a home than they can afford.  By setting a maximum price, a buyer knows that if the negotiations push the price above that maximum number, it's time to walk away.  While it's easier said than done to walk away from a "perfect home," determining a maximum price can be a helpful tip to help determine what to offer for a home. Final Thoughts Determining how much to offer for a home is a big decision and can be tricky.  There is no absolute formula or method to help buyers determine what the purchase offer price should be.  The above tips should make deciding what to offer for a home much easier and less stressful.  Ultimately it is the buyers decision, however, by choosing a top Realtor and having the proper tools and information, buyers will be more comfortable with their decision. Other Top Home Buying Resources If you're buying a home in Rochester, NY, these tips to help determine how much to offer for a home will give you a huge advantage over your competition.  A buyer who has the "know-how" when it comes to determining how much to offer for a home will greatly increase their chances of successfully getting their "perfect home!"  If you haven't selected a top Rochester, NY realtor yet, please contact me, and I'd love to share my experience and expertise about buying a home in the local Rochester real estate market!
Subscribe To Our Blog (it's FREE) & You'll Receive All The Top Real Estate Tips, Trends, News, and More in your e-mail inbox!:Delivered by FeedBurner
About the authors:  The above article "Tips To Help Determine How Much To Offer For A Home" was provided by the Keith Hiscock Sold Team (Keith & Kyle Hiscock).  With over 30 years combined experience, if you’re thinking of selling or buying, we’d love to share our knowledge and expertise. We service the following Greater Rochester NY areas: Irondequoit, Webster, Penfield, Pittsford, Fairport, Brighton, Greece, Gates, Hilton, Brockport, Mendon, Henrietta, Perinton, Churchville, Scottsville, East Rochester, Rush, Honeoye Falls, Chili, and Victor NY. Visit our website at www.HiscockHomes.com.]]>