Worried about overpaying for a house This simple formula will tell you when to bid strong and when to negotiate hard.
Too many buyers go in blind and make emotional offers without really knowing what kind of competition they face.
I use something called the buyer demand ratio and it works.
Here is how you calculate it.
Take the number of showings in the first 48 hours and divide it by the number of similar homes for sale in that neighborhood.
If it is above 5 you are almost guaranteed to see multiple offers.
Above 8 Expect offers at around ten percent over asking.
Below 3 That is your negotiating window.
Last week I ran this ratio for a client. The number came out to 2 point 7 and we landed the home for fifteen thousand under asking.
Want help running the numbers before you make your next offer Reach out and follow me for more real estate tips. I am Chris Graves and that is your mortgage minute.
Call or text 978 376 5389 or email [email protected] or visit chrisgravesmortgageexpert.com
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