When making a competitive offer on a home, it's vital to assess the market condition (buyer's or seller's), analyze comparable sales (comps), and consider the home's condition. In a buyer's market, you hold an advantage, while a seller's market favors sellers with bidding wars. Use comps to establish a fair offer, paying attention to the final sale prices rather than just asking prices. Additionally, assess the condition of the home to justify your offer, especially if repairs or upgrades are necessary compared to recently sold homes.
In a buyer's market, with more houses listed than buyers, you gain an advantage. Focus on comps and the home's condition to determine an offer.
Understanding the market dynamics is key. Comps will guide your offer but consider the home's condition and any needed repairs to align your bid.
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