The thrill of knowing that all your efforts have finally paid off, and that you’ve finally found the house you’ve been looking for, can quickly turn into a high-wire balancing act between making an offer fast and getting the lowest price possible.

If you take too long to submit your offer, another buyer with similar tastes to yours is liable to come along and submit an offer. In fact, many experienced agents can relate instances when homes have sat on the market for weeks with no activity, and then suddenly several offers were made on the same day. It’s almost spooky!

The Neighborhood Statistics

Before making an offer, ask your agent to pull up on the MLS a list of homes that have sold in the area in the past three months. Look at the average list price to sold price. If, for instance, the difference between the two averages 5 percent or more, this gives you a starting point for determining how low you can make your offer and not insult the seller to the extent that he or she breaks off negotiations.

Then look at the average days on the market for houses in the area and compare that with the days on the market of the home you’re interested in. For example, if the days on the market for the area average seventy-eight, and the home you’re considering shows eighty-three, the seller may be feeling some stress and that could soften the price.

Related posts:

1. Looking at Homes and Narrowing Down Your Choices
2. Getting Your Offer Accepted
3. Looking at Homes and Narrowing Down Your Choices Part (2)
4. Looking at Homes and Narrowing Down Your Choices Part (3)
5. How Appreciation Makes You Money?