Housing market Rik Feijen 30 juni 2021

Making a bid on a house; How much under the asking price?

Making an offer on a house. It remains exciting. After all, you want to get your hands on the house of your dreams, but preferably also get a cut of the price. Your opening bid is important here. It should always be well-considered, so that the house does not immediately pass you by. But at the same time, the asking prices are often very high. How much can you undercut the asking price? The information below should help you to make the right offer. This way you can make sure that you can buy the house and look forward to moving.

Making an offer on a house with factors

The asking price is always indicated by the seller. This is the price that comes close to the valuation that was done beforehand. It may be that the price went slightly above the appraisal, but also below it. Depending on the asking price, you can however make an offer on a house. There are some rules attached to this. You also need to consider whether it will fit within your budget. After all, your dream home may still be too expensive. Before you make your offer, therefore, you will have to take many factors into account and consider everything that plays a role in making an opening offer for your new home.

Keep your own budget in mind

First of all, you should look at your own budget. What can you really afford to spend on a property and how much money is left over for renovation? After all, you don't have to pay the asking price for the house right away. You do have to take into account that the seller knows in what condition the house is sold. The price is therefore not set at this amount for nothing. In addition, there are factors that make the sale possible that should be taken into account. When the house is sold because of a move, the seller will not easily undercut the asking price. On the other hand, in the event of a divorce or financial problems, the seller will. This can work to your advantage when making an opening offer.

The emotional value of the house

You can make an offer on the house based on your budget. However, an opening bid will not quickly be accepted by the sellers. Therefore, as a buyer, you are better off focusing on the emotional value. Here again, a number of factors play a major role. You can look at how long the house has been for sale. The speed with which the seller wants to sell the house and the reason for the sale also ensure a quicker sale below the asking price. The longer the house has been on the market, the more negotiating room there is. Therefore, it is best to try and gauge the reasons for the sale.

Call in the help of a buying agent

Making an offer on a house is possible with the seller himself. However, you need to know what your rights and obligations are when negotiating. If you know that you are not good at negotiating, it is wise to look for a buying agent. An estate agent can better estimate how much room there is to sit below the asking price. With that, you immediately have a better grip. A seller is less likely to play a game of cat and mouse with an estate agent than with a buyer. For you, this will result in more negotiations and perhaps a better price for buying the house. It can therefore be advisable to use a buying agent and to spend a small part of your budget on this before you start looking for your dream house.

A tight housing market as a factor

Keep in mind that making an offer on a house depends on the situation on the housing market. When the housing market is tight, there is less room to negotiate. Especially in the big cities, you will therefore soon notice that houses are sold above the asking price. That is why many estate agents have listed the houses with a starting price instead of an asking price. Because of this, there are also other rules attached to bidding on a house. Making an offer on the house of your choice takes on a whole new meaning. Negotiating will also quickly become more difficult. The more people that start bidding from a certain price, the higher the final selling price will be.

Chance to move

No matter how you bid, you remain dependent on your own money. There must be enough room left over and you can't be far below the asking price. Therefore, decide carefully what you are able and willing to pay for your new home and how much you will actually offer below the asking price. In this way you ensure that your offer is not simply rejected, but that you have a good chance of eventually living in your dream home. Making an offer on a house will therefore bring you to your dream house, without having to spend more money than you initially thought. Therefore, make sure that you are well prepared by using a real estate agent.

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