How to Know What to Offer When Buying a House
How to know what to offer when buying a house
I’m going to go over an example of how to make an offer with a South Austin home that’s currently on the market. The information is listed below.
- Price: $245,000
- 4 Bed, 2 Bath
- 1,423 SQFT
- 11 miles from Downtown less than 5 miles from “coming soon” St. Elmo Project.
I choose this single family home because I think the area still has a lot of potential for growth and it’s less than 20 minutes from downtown. The home has also been completely remodeled, with tasteful renovations. The only problem I initially saw with this house was the price. I initially looked up what has sold in the neighborhood. Three homes have sold (listed below) in the last year, and none of them were four bedroom homes. This doesn’t give me great comparisons. ADOM means “active days on the market” and as you can see the average days on the market is about 13.
I decided to broaden the area search and narrow down the criteria to match the Cannonleage property more accurately. I looked to see what four bed, two bath homes had sold in the area; not just in the neighborhood. As you can see in the picture below, 16 properties sold in the past year around 6811 Cannonleague DR. The average home sold for about $295K. At this point, to determine if the price is right for you, drive the neighborhood and see the home with your Realtor. Once educated on the area and neighborhood, you can make a more educated offer on the home.
In central Austin, homes tend to sell fairly quickly, especially homes below $300K. Don’t be too alarmed if a home you adore has been sitting for a few weeks. This is good for you! You have more time to do the due diligence I’ve discussed in this article. If the seller is reasonable, you will have some room to negotiate on price and repairs after your inspection. 6811 Cannonleague DR has been on the market for about thirteen days. There is an open house on Saturday from 1-4pm and anybody can go. If you’re interested in buying a home in Austin within the next year, I would check out the open house. Read over my post about Austin open houses beforehand and maybe come up with a few questions to ask the hosting Realtor. Drive the neighborhood. Do you like the neighborhood? Do you think the price is right for the home? If you’d like me to send you the information on the houses that have sold in the area, I’d be happy to! Have fun exploring!