Some things to consider when determining an offer amount:
- How long has the home been on the market and its current condition?
- What's the current market like? When rates are lower, more buyers are apt to make an offer and, possibly, submit higher bids.
- Are there any other offers on the property? Multiple offers can influence the price, often pushing it higher.
Your agent will also look at the properties in the neighborhood—they’ll pull “comps” or “comparables” of recently sold homes to get a feel for the fair market value of the home. Once you and your agent decide on a price, they’ll prepare the contract, present to the selling agent and work to negotiate the offer (if needed).