Homebuying Tips: Review the Seller's Perspective

by Paul Valeri 03/04/2019

As a homebuyer, you may want to consider the seller's perspective before you submit an offer to purchase your dream house. That way, you can boost the likelihood of receiving an instant "Yes" to your homebuying proposal.

Now, let's take a look at three tips to help you analyze the seller's perspective.

1. Review the Prices of Comparable Homes

Once you find your dream home, you may want to take a look at the prices of comparable residences in the same city or town. This housing market data can help you narrow the price range for houses in a particular area.

With insights into the prices of houses that are similar to your dream home, you can put together a data-driven offer to purchase. Perhaps best of all, you can avoid the risk of submitting a "lowball" homebuying proposal that misses the mark with a home seller.

2. Assess the Housing Market

The current state of the housing market may have far-flung effects on how much you should offer to pay for a residence.

For instance, in a buyer's market, there is an abundance of available houses and a shortage of buyers. This often means buyers can browse dozens of outstanding houses and won't necessarily face steep competition to acquire the right residence at the right price.

On the other hand, a seller's market favors sellers. It generally features an abundance of buyers and a shortage of top-notch residences. Therefore, if you're searching for a home in a seller's market, you may need to submit a competitive offer to purchase to secure your dream house.

Review the housing market closely so you can differentiate a buyer's market from a seller's market. If you find houses are selling quickly at or above sellers' initial asking prices, you likely are operating in a seller's market. Or, if you find houses linger on the real estate market for many weeks or months and sell at or below sellers' initial asking prices, you may be working in a buyer's market.

3. Collaborate with a Real Estate Agent

A real estate agent is a homebuying expert who can provide you with housing market insights that you may struggle to obtain elsewhere. Plus, he or she can help you evaluate the seller's perspective so you can submit a competitive offer to purchase the home of your choice.

Let's not forget about the assistance that a real estate agent provides throughout the property buying journey, either. A real estate agent can help you hone your home search and find your ideal residence in no time at all. Furthermore, if you have concerns or questions at any point during the homebuying journey, a real estate agent is ready to address them.

Want to purchase your dream house at a price that matches your budget? Consider the seller's perspective – you'll be glad you did. If you review the seller's perspective, you can craft a competitive homebuying proposal and move closer to acquiring your ideal house at a budget-friendly price.

About the Author
Author

Paul Valeri

Put my record as the longest standing Certified Residential Specialist in all of Western Connecticut to work for you today. Licensed broker in CT since 1973, REALTOR Emeritus, I remain at your service, full-time and vital as ever, specializing in Fairfield and Litchfield county residential & serious commercial activity. My picture on the porch of my current home speaks to the fact that I, also, specialize in the design, sale, and construction of classic full log homes, carefully crafted out of specimen full logs originating from First Nation forests off the west coast of British Columbia. Scandinavian scribed, these full log homes are rarely, if ever, available in the eastern United States.

Paul Valeri: born In 1948, married, resides in Bridgewater, CT in their lodge of full log western red cedar. A graduate of the University of Notre Dame. Bronze Star decorated Vietnam Veteran. Owner-Broker of Paul Valeri, REALTORS since 1975. President of the Non-Profit Development Corp of Danbury since 1981. Founder of Danbury’s Vet House, home for ten previously homeless veterans. Canadian Board of Directors for the Miramichi Salmon Association, and founder of its First Cast MSA, a mentorship program that introduces new blood to Atlantic salmon fly fishing. Trustee with the Danbury Museum & Historical Society and its Moderator for The Hat City Ball.

Hobbies include mountain hiking, fly fishing, and playing golf (badly), walking preferred!