If you’re looking to buy a home right now, there’s a good chance you may have searched – how much above asking price should I offer?
Well one of the things that will probably not surprise you is, there is no definitive answer to this question. However, I have one great strategy, so continue reading.
I host the Long Island Housing Podcast each month where I focus on housing inventory and sales prices. One thing is clear, the number of available homes for sale is critically low, causing prices to rise steadily from month to month.
When I searched – how much above asking price should I offer – on Google, I read the first few articles and they basically talk about how most agents recommend offering 1%-3% above asking price to be competitive.
First, What Drives Buyers To Pay More Than The Asking Price?
The answer is a lack of homes for sale and too many home buyers vying for the same house! It’s pretty clear, when agents host open houses in the first week of a listing, they want you to see the 37 other folks at the open house.
As a real estate agent, it’s no secret, when I list a home, I want the home buyers to know that there are 30 people interested in the house! This drives the price up.
Bad for buyers. Good for sellers. That’s why this is a sellers market.
Having said that, I hosted a special podcast and talked specifically about my strategies to help buyers get the home they want. Be sure to check it out.
I also talk about why this housing market is not a bubble and what to expect next, based on leading economists and industry leader information.
Here’s my one piece of advice about how much to offer on a house right now.
Go Way Over Ask Price On The Houses You Really Like
Forget the 3% idea and overshoot the asking price by as much as 10% to 15%.
In combination with this, in the podcast episode, I talk about 6 more strategies that can help you win the house of your dreams and it’s no fluff. This podcast episode dives into my experience as a Certified Buyer Representative and I dish out some really good pointers.
Of course, I’m available to show you or anyone you know homes and put even more winning strategies in place to get you the house you desire. Call or text me (631)831-9048 or schedule an online appointment to chat.
Also, feel free to check out the Ninja Buyer Course. It’s a 2 week course that’s completely free and takes you through some incredible tips and strategies for successfully buying a home. From home searching to closing!