"VIP took the guess work out of everything... Tammy under-promised and over-delivered, and always within the timeline she gave us."
Buying a Home: Know the Market
Buying a Home: Know the Market; Offer to Buy, Buyer's Market, Seller's Market, Negotiate the Best Price / Favorable Contract Terms, Comparable Home Sales
Once VIP Realty has helped you find the home you want, it's time to make an offer to buy. Be prepared to move fast. The ideal home can go fast in the right market. Your first task before making an offer is understanding the market that is working in your area.
This will help determine how fast you need to move when looking at homes. If you are in a buyer's market, you will have time to search several homes and negotiate the best price. If, on the other hand, you are in a seller's market, you may have only a short time to make an offer before the house slips away.
Working in a Buyer's Market
A Buyer's Market has more sellers than buyers and time is on your side. You will find many homes that you can visit, revisit again for comparisons, and negotiate favorable contract terms.
It would be advisable to run a comparable neighborhood analysis among homes that you have visited before making an offer. Items to compare include:
- Age and condition of similar homes in the neighborhood
- Homes that have sold within the last six months
- List of comparable sales in the neighborhood - we can provide this for you, or you can generate your own list online
Before you can make a reasonable offer on a home, you need to know what it's worth? There are a few options available to determine the market value of the property:
VIP Realty will gladly provide you a list of qualified appraisers in the area. Or, if you prefer to find your own, other places to look include (opens in new window):
Working in a Seller's Market
In a Seller's Market you need to be able to act fast. Home prices are firm and many homes sell quickly even before reaching the MLS listing. Homes in a seller market receive multiple contract offers and buyers will compete for top price.
Keep Yourself Available: Things Can Happen Fast
Let us know what times you are available to look at homes that come on the market. If possible, give us your daytime numbers, cell numbers so that you can act instantly. Other buyers in the market may be using similar tactics.
When you are ready to make an offer, as your agent we will provide you the standard documents that list the terms of the contract, and review the contract with you. For detailed information on the key variables you will find in a typical real estate contract, read Understanding the Contract.
We will explain each line item before submitting the contract to the Seller's agent. Once submitted, if the seller accepts your terms without any changes you are legally bound by the agreement. So make sure you include all items that are important to you.
For more information about how VIP Realty can help you buy a home in Central Indiana, call Tammy Bookout at (317) 345 - 8269 or toll-free at 888-VIP-0002 (888-847-0002), or send Tammy an e-mail, or submit the Request for Information form below.