How to Make an Offer on A House

Everyone is aware that we are living in a difficult real estate climate. But what is difficult for some is potentially easier for others. In a time when real estate can remain on the market for a year or more, home sellers are more eager to sell – which means something very important: you can underbid a home seller to get the best possible price on a home. When you’re dealing with the high expense of Beverly Hills and Westside real estate – property that is highly valued even during a real estate slow-down – this become even more crucial.

So how can you effectively negotiate with a seller to ensure they won’t just turn away and offer the house to another bidder? First off, you should hope you are not in competition with other home buyers, as this can make the price go up, as each buyer tries to outbid the other. Christie’s is most certainly familiar with the auction principle.

Regardless of this type of bidding, you need to be well-prepared before making an offer on Beverly Hills real estate:

1. Find out the value of homes in the surrounding area to determine if the asking price is fair or overvalued. You should be bidding on market value, not necessarily on asking price.
2. Make sure sales data is recent, as the real estate prices can fluctuate quite widely. This will also give you a sense of the potential long-term valuation of the property.
3. Conduct a house inspection – even if the asking price is reasonable, it could be overvalued if the home is need of extensive repairs and upkeep.
4. Hire a qualified real estate agent. Unless you’re an experienced haggler, it can be difficult to negotiate with a seller for a lower price on your own. A real estate agent will be able to get you the best deal possible.

All things considered, right now is potentially a very good time to be buying a home. High-end real estate tends to hold its value, so you shouldn’t necessarily be hindered by the state of the overall real estate market.