Question Details

Gina Alleyne, Home Buyer in Lewes Beach, DE

How long should I wait to make an offer on a new listing?

Asked by Gina Alleyne, Lewes Beach, DE Fri Dec 28, 2012

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Answers

5
Ginna,
The answer is TWO.
That is typically how many homes a buyer loves but stands by as someone else buys 'their' home.
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Agents conversing among themselves will share, "My buyer needs to 'burn' a few." The agent is saying the buyer must lose a few homes they love before they realize quick and decisive action is the essential element to securing 'the' home."
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An agent is really in quite a predicament. If the agent were to say, "This home is a real DEAL and meets your current and future plans. You REALLY need to put in a full price offer...NOW." You the buyer would feel manipulated and steered into a situation and in moments you will be on Trulia complaining agents are only interested in getting paid! The reality is, it is discouraging for the agent to see a buyer get 'BURNED' by indecision.
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If the home is 15% overvalued, you can wait However, this strategy is purposefully designed to get a group of buyers to put the home on their "WATCH" llst. Yes, real pros are able to monitor this action. When the price adjustment comes, there will be multiple offers. Again, waiting did not help the buyer.
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My personal guidance to you would be:
"Don't let others make your decision for you!"
Waiting allows others to buy the home thereby making your decision for you.

Best of success to you,
Annette Lawrence, Broker/Associate
Remax Realtec Group
Palm Harbor, FL
727.420. 4041
http://RealEstateMadeEZ.us
0 votes Thank Flag Link Sat Dec 29, 2012
When you find a property you like why would you wait, sit down with your buyer broker, have them evaluate the property and give you the data you need to make a sensible offer and do it. Waiting only increases the likelihood that you'll end up missing out or possibly getting into a competitive bidding situation.

Perhaps you're thinking that by waiting the price will drop, my thoughts have always been I could care less what a Seller is asking, my job as a buyer broker is to analyze the data and determine fair market value; to share this with my buyers so that they understand what the maximum price for the property should be and then start lower than this with the intent to end at or below this number. Sometimes the property is priced right and the data indicates this, more often it's priced with the intent to negotiate down and occasionally it's priced in such a manner that it indicates serious delusions on the Sellers part. Again it doesn't matter, serious sellers will understand data that's presented to them properly and respond accordingly.

If you don't already have a buyers broker I would encourage you to read the link I've attached below.

Best of luck, I hope you have an awesome 2013 and happy house hunting.
0 votes Thank Flag Link Sat Dec 29, 2012
I would not hesitate in putting in an offer If you find a home that you like, is within your budget and meets the criteria you are looking for. If it is a good house and priced properly it will sell fast. Waiting to see if the price goes down could cost you the loss of the home.
0 votes Thank Flag Link Sat Dec 29, 2012
The most common mistake home buyers can make is they don't act quickly enough and then other buyers get the home.

Although it is very unlikely that a home buyer can jump right in after looking at few properties, it is not impossible.

Once you see yourself living in that house and in that neighborhood, do not speculate on the shift on the price because your realtor can give you the comparable market analysis to assist you with your offer price. The final decision is yours to make. You have to be comfortable with it.

If the house is priced right, don't lose it for few thousand dollars because the mortgage payment difference will not be substantial.

Best of Luck.
0 votes Thank Flag Link Sat Dec 29, 2012
There are no set rules. Proper timing is a fine art. If you're not sure, you should discuss with a local Realtor. For some properties, you should make an offer as soon as possible, within an hour of the listing coming on market. Good deals are moving extremely fast in this housing market. For properties with offer deadlines, you can wait until the deadlines comes up.
Web Reference: http://www.archershomes.com
0 votes Thank Flag Link Fri Dec 28, 2012
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