3 Factors to Consider Before You Accept an Offer to Purchase

by The G.U. Crew 01/05/2020

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

The G.U. Crew

After passing the Real Estate exam in 2006 Greg Uihlein started Marketing and selling homes in the Washtenaw, Jackson, Ingham and Livingston counties. In 2013 he was offered a position as the Sales director for the Howard Hanna Chelsea office. That same year Geri Uihlein, Greg’s wife a former Toyota sales associate obtained her Real Estate license and joined the Howard Hanna Company in the Ann Arbor office. This created a void in their dynamics of the past as Greg and Geri worked together successfully for many years prior in marketing. After much consideration and company support, Greg stepped out of management of the Chelsea office and he and Geri began THE G.U. CREW for the Uihlein Group of Real Estate Professionals. Directly following, Keven Numinen a former educator obtained his Real Estate license and joined the team bringing his compassion for detail and organization. The next Member to join the G.U. CREW was Helen Hughes bringing a warm, subtle and embracing touch to the team as a fixture in the Chelsea market. All of these great agents comprise of a distinct, able, caring CREW of very dedicated and multi generational Real Estate professionals with the goal to help our clients with their journey of Marketing or purchasing the perfect property or home, now serving Jackson, Ingham, Washtenaw, Oakland, Wayne and Livingston counties.