Real Estate Daily Blog

You already know what the seller’s asking price is as you prepare to make your offer to buy a home. But how exactly do you come up with that figure? The first thing you should look at is the rates of similar properties in the area to come up with a reasonable price range. These are called “comparable sales”, and they are the recent sales of the houses with similar features to the property you’re eyeing. Ask a real estate agent to help you compare prices of houses with similar square footage, room numbers, and construction type. From there, factor in the conditions of the house, any renovations made to the property, the market conditions, and your seller’s circumstances. Then depending on how you do your negotiations, adjust your price and make your offer.