Offering more than asking price is NEVER the goal when buyers look at homes for sale in South Lake Tahoe. However, in certain scenarios, it is suggested and maybe even inevitable. Here are the few times offering more is best when you REALLY want that home!
Look at the market. If all signs point to a seller’s market, you should be prepared to offer over ask for homes for sale in South Lake Tahoe. In this situation there is limited inventory, prices are high and properties are moving FAST. Your South Lake Tahoe Realtor will be able to tell you who has control of the market and will help advise you on your offer.
Look at the percentage of list price for your market. Once again, your South Lake Tahoe Realtor can give this to you. This tells you what homes for sale in South Lake Tahoe are selling for in comparison to their listing price. If it is close to 100% or over, chances are you will need to come to the table with at least full ask price, if not more. Currently, the percentage of list price for South Lake Tahoe real estate is 97.6%.
Look at the ask price. Is it very clearly underpriced? If so, the seller is likely trying to spark a bidding war. In a hot seller’s market, when this happens, not only does the home end up selling fast, but with multiple bids for well over the fair market value. In this situation, offering over ask makes the most sense if you are serious about the house. Your South Lake Tahoe Realtor can tell you if it is drastically underpriced by looking at the comparable solds in that neighborhood.
Other factors that could end up with you offering over ask is if you REALLY love the South Lake Tahoe Real Estate in question and/or you are competing with cash buyers. Once again, your Realtor in South Lake Tahoe will help you navigate the market and how to create a competitive offer that a seller will have a hard time turning down. Have more questions about our current market conditions? Give our office a call. We would be happy to help!