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You’re in the market to buy a home and you’ve found the perfect property. The rest is smooth sailing, right? Not exactly. My clients tell me all the time the hardest part about buying a house isn’t actually the looking, but the offering. If you’ve been looking for a new home you know the market right now is extremely competitive. You don’t want to offer too much, but you also don’t want to lose out on your dream house. So how do you know what you should offer? Here are some questions to consider:


1. What have comparable homes in the area sold for?

This is by far the most important question to ask. Comparables – often called ‘comps’ – are used to determine the value of a home by not only Realtors, but appraisers as well. If you’re securing a mortgage, and a home doesn’t appraise for what you offered, you’ll have to come out of pocket for the additional expense. This is why it’s critical to go over the comparable homes in the area. For my clients, I always do a market analysis on the home they are interested in purchasing so that we can present a great offer to the sellers.

2. What amenities does this home offer?

A key part of choosing the right comparables is looking for homes that have not only sold in the area, but have similar features to the home you’re putting in an offer for. A few things to consider when choosing comps:

· Age of the home & if it’s new construction
· The amount of bedrooms & bathrooms
· If the home has a garage and/or basement
· Square footage & land acreage
· Any special upgrades to the home – I.e. remodeled kitchen, new windows, finished basement, etc.
· Condition of the home – is the roof damaged? Is the foundation or driveway cracked?

These considerations can sway the home’s value by thousands of dollars. It’s so important to make sure your agent obtains all of the disclosures from the seller to determine a proper offer.

3. When did the home hit the market?

Lately, homes have been selling at light speed. The average days on market in the Metro Detroit area is 23.5 days compared to 37.25 just one year ago. Really hot properties have been selling within hours on the market. If a property has been on the market for a while, it’s typically okay to offer under asking as they have usually been overpriced. Conversely, super hot homes with lots of showings may require an over-asking price & additional concessions.

4. Are you flexible on price?

Speaking of concessions, there are other ways to sweeten your offer aside from adding money to the bottom line. If you are flexible on things like the closing schedule, repairs, closing costs and other seller expenses, you might beat out a higher priced offer.


As always, it’s so important to consult with a Realtor so that you put forth the best offer. Real Estate Agents have access to comparables and other data to ensure you have all the information for an informed decision. If you want to purchase a home – give me a call! I’d love to help you on your journey to buying your dream home.