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3 Factors to Consider Before You Accept an Offer to Purchase

by The Urban Specialists 12/08/2019

If you receive an offer to purchase your home, you may have only a limited amount of time to decide whether to accept this proposal. As such, there are several factors you'll want to consider to determine whether to approve an offer to purchase your home. These factors include:

1. The Price of Your Home

If you established a competitive initial asking price for your home, you should have no trouble determining whether an offer to purchase falls in line with your expectations. Thus, if an offer to purchase your home is at or above your residence's initial asking price, you may want to accept a buyer's proposal and move forward with a house sale.

Of course, if an offer to purchase your house falls below your residence's initial asking price, you should still evaluate the proposal closely. If you feel the offer to purchase is the best proposal you might receive, you may want to accept it.

2. The Current State of the Local Housing Market

Examine the current state of the local housing market – you'll be glad you did. If you discover you are operating in a buyer's or seller's market, you can assess an offer to purchase your home accordingly.

If you find a buyer's market is in place, you may be more inclined than ever before to accept a competitive offer to purchase your home. Because in this market, the number of sellers exceeds the number of buyers, and rejecting a homebuying proposal does not guarantee you will receive better offers to purchase in the near future.

Comparatively, if a seller's market is in place, you may want to take a wait-and-see approach to any offers to purchase your residence. In this market, the number of buyers exceeds the number of quality houses available. As a result, you may receive dozens of offers to acquire your residence if you wait for the local housing market to develop.

3. Your Home Selling Goals

You should feel good about accepting an offer to purchase your house. Therefore, if an offer to purchase enables you to achieve your home selling goals, you may want to accept it sooner rather than later. By doing so, you can take the next step to finalize your house sale.

As you debate how to proceed with an offer to purchase your house, you may want to consult with a real estate agent too. This housing market professional may be able to offer housing market insights that you won't find anywhere else. Plus, he or she can provide honest, unbiased home selling recommendations. And if you ultimately decide to accept an offer to purchase your residence, a real estate agent can guide you along the final stages of the property selling journey.

There is no reason to settle for a subpar offer to purchase your house. But if you consider the aforementioned factors, you can make an informed decision about whether to accept, reject or counter a homebuying proposal.

About the Author
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The Urban Specialists

CITY RESOURCES The great thing about urban centers is just how much stuff you find around you. Your favorite restaurants, cultural activities and museums are within walking distance of your front door. It's convenient and adds to how much you get out of your place. For more info on New Haven, check out these links: Info New Haven Visit New Haven We are passionate about the environment. We are eager to help you to add value to your current home, save money on utilities, make your lives more energy efficient and eco-friendly, and generally live a "greener" lifestyle, all without sacrifice. For more info on green living in New Haven, visit these sites: CT DEEP Neighborhood Housing Services of New Haven USGBC's Green Home Guide We care about historic properties and their communities and wish to encourage preservation of our community's architectural and cultural history. For more info on New Haven preservation, check out these links: CT Trust for Historic Preservation New Haven Preservation Trust Historic Homes Downtown Areas Neighborhoods Green Homes Bethany Branford Guilford Hamden New Haven North Haven Orange West Haven Woodbridge Olivia C. Martson Olivia Martson is a long time resident of New Haven. She lives and works in downtown New Haven and is thoroughly familiar with the pros and cons of urban living. From 1992-1997, she served on the New Haven Board of Alderman as the elected representative for Ward 2, the downtown neighborhood immediately west of Yale University. Fore more : Biography - http://media.mlspropertyfinder.com/418613/preview.jpg