When searching for homes, buyers typically aren’t eager to offer over asking price, but in some circumstances – especially in San Antonio’s competitive real estate market – it may be necessary. These situations may imply that offering over asking price is essential, if you really want the home:
A Seller’s Market
In a seller’s market, like here in San Antonio, there are more buyers looking for homes than available inventory. This means buyers are facing more competition than usual. In this situation, buyers have to act quickly and often offer more for a home than the asking price. It’s helpful to know about the average days on market and if homes are typically selling for more than their listed price in particular neighborhoods. I have access to all that information – and more – and can help you make the best decision when it comes to placing an offer.
If you are interested in a home, I can find out if there are multiple offers on the listing. If there are, this may be an indicator that you will need to put forth a strong offer, which can often mean over asking price.
A Well-Priced Home
In some situations, a seller will list their home under market value to generate a bidding war. If you find a home listed under market value, it is safe to assume that you will need to offer over asking price to be competitive. I can help determine if the listing price is under value compared with home values in the area – and then we can come up with a strategy.
Sellers are very attracted to cash offers, because cash offers guarantee that the buyer has the funds to close on the home. If you are competing with a cash buyer, offering over list price could influence the seller to choose your offer.
When You Can’t Risk Losing It
When we find the home of your dreams – and you’d be devastated to miss out on it – this is the perfect situation to boost your offer amount. With an increase in your offer, you show the seller that you are serious and really want the home.
Can You Afford It?
While offering over asking price may seem like the right thing to do, remember that you have to be able qualify for your mortgage. During the mortgage approval process, the home’s value will be assessed. If it comes in under the value that you are willing to pay, you may not be granted the mortgage.
It’s always best to work with a certified Realtor. All of us at Nix Realty Company are certified Realtors. I’m here to help you determine the right offer for the home that’s right for you.
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I have the listing for 339 East Sunset Dr. in the Sunset Villas complex near Broadway (featured in the photo above). Drive through the private gate at Sunset Villas and you’ll feel as though you’ve entered an exclusive Mediterranean enclave. Neatly situated around a landscaped courtyard, these 15 Davis Custom Homes are rarely available.
No. 339 features an open floor plan, top-of-the-line appliances and beautiful hardwood floors. Master with en suite bath and large walk-in closet and second bedroom/bath are on the first floor. Guest suite with bath is upstairs. Ample storage. Small, easy to maintain yard and deck. Looks, feels and smells brand new. Well-managed HOA. Ideally located in the Alamo Heights Independent School District. In walking distance to shops and restaurants. Convenient access to The Quarry and I-410 Loop. I’d love to show it to you.
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