Factors to Consider Before You Accept an Offer to Purchase

by Bob Bittelari 11/03/2019

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
Author

Bob Bittelari

 Bob is known for giving clients his undivided attention. He takes the time to listen, educate, advise and meet individual needs for both sellers and buyers. He understands how busy we all are and makes every effort to maximize your time. Bob had been with the Century 21 system for over 30 years and is a member of the Century 21 Master’s Hall of fame, a Centurion producer since 1992 and award winner of the coveted President’s Award. . Bob has served as President of his local Real Estate council of the Greater Boston Real Estate Board, coached both Arlington Little League, Arlington Youth Hockey, is a member of the Touchdown Club of Arlington, and enjoys golf, cross fit, and obstacle racing.

Having just joined Berkshire Hathaway HomeServices Commonwealth Real Estate, a name revered worldwide and has stood for strength, integrity, and trust, Bob will use his knowledge and skills in your best interest. You will be impressed with his level of service and professionalism. He is never too busy to service all of your real estate needs, so contact Bob today at 781-454-9900.