Kalamazoo Real Estate - Making Your Offer One They Can't Refuse

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July 4, 2009, by Joel Nelson in Home Buying Process

What is the Right Price to Offer for homes for sale in the Kalamazoo MI area?

by, Joel Nelson Top Kalamazoo Realtor

Experienced Kalamazoo Realtors have much to share with you. The more active, full time Kalamazoo real estate professionals have put together numerous buyers and sellers of Kalamamzoo MI homes and they've seen what works and what doesn't.

The next thing to do after finding a property you want to purchase is to make an offer. How do you determine that right price for homes for sale Kalamazoo MI? In the following home buyer tips, I'll suggest what to think about when choosing a number for your offer.

Tip 1 - Understand the real estate market in Kalamazoo & Portage MI.

Look at what has sold lately and in the last few months in the immediate area of the home in which you have an interest. Look into what other similar houses in the area are selling for. Look at what their list price was and look at what price they actually sold. Look for "seller concessions". This will give you a basic value of the property to better prepare you to make an offer.

Tip 2 - Understand Your Seller's Mind-set

The goal of making an offer isn't to offer market price. Your objective is to make the lowest offer you can that would still be accepted by the seller.

In order to achieve this, it's important to understand the mindset of the seller.

Make sure you check out how long the house has been on the market. If it has been on the market for quite some time the seller may be willing to lower the price. They MAY be willing, but not always able. On the other hand, they may not be truly motivated. But you need to know everything you can, so Days on the Market (or DOM) can be important.

An additional point that one must consider is how much the person who sold the property paid for it. It may have some bearing on the seller's frame of mind, however, it doesn't have any effect on the value. If the seller is already making a profit no matter how much they sell it for, they're likely to be more lenient. If they're losing big money by selling right now, they may be more likely to pinch pennies.

Tip 3 - It's Not Just the Dollars and Cents

Your offer must be considered in its entirety. Your offer's success in getting accepted is highly influenced by the clauses and contingencies you add to your contract. Craft the best Kalamazoo real estate offer possible by working with your agent. Sometimes it isn't the dollars at all. Sometimes it's an emotional thing. If the seller LIKES you, you may get a better price. Hey, it isn't actually common, but it happens. Another factor to consider is when are you asking to take possession of the property? If you can give the seller a few days after closing to make their move, it will be a more attractive offer than one which asks for possession AT closing.

There is a lot of free information available to you about buying, selling or investing in Kalamazoo real estate. For complete information about the Kalamazoo MI real estate market including Kalamazoo homes for sale, property values and more, please visit the most complete website dedicated to everything Kalamazoo real estate. Visit http://HomesofSWMichigan.com for a few minutes and see for yourself.

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If you or someone you know are in need of a competent and caring Kalamazoo real estate professional in or near Kalamazoo MI, I hope you will contact me.