If you’re like many people, you already know that DC Ranch is one of Scottsdale’s most desirable communities – but is it ever smart to offer over asking price for a home here? This guide explains.
Is it Ever Smart to Offer Over Asking Price for a Home in DC Ranch?
Conventional wisdom says that homebuyers should offer the lowest possible price (within reason) for a home, then wait for the seller to come back with a counteroffer – but that’s not always the smartest choice. In fact, there are five instances in which it may be a good idea to offer over asking price for a home for sale in DC Ranch:
- There’s a bidding war
- The home is underpriced
- You’re competing with cash buyers
- Your agent suggests that you’re in a seller’s market
- You’re madly in love with the home and don’t want to lose it
Here’s a closer look at each.
Situation #1 When It’s Okay to Offer Over Asking Price: There’s a Bidding War
Anything goes in a bidding war – almost. A bidding war starts when you and another buyer (or multiple other buyers) all make an offer on the same home; the seller has more than one offer to choose from, so someone raises their offer; then, another party raises their offer, and so on until only one remains or the seller accepts a particular offer.
If you’re not willing to pay over asking price, there’s a good chance that the seller won’t choose your offer. You may need to continue your home search elsewhere.
Situation #2 When It’s Okay to Offer Over Asking Price: The Home is Underpriced
If the home is deliberately underpriced, it’s a sign that the seller wants to spark a bidding war. It’s a gamble on the seller’s part, because buyers may not take the bait – but it’s a strategy that can work exceptionally well.
If you offer over asking price in a situation like this, there’s a chance that you can fast-forward through the whole bidding war process by getting the seller to accept your offer right off the bat.
Situation #3 When It’s Okay to Offer Over Asking Price: You’re Competing With Cash Buyers
Some sellers prefer to work with cash buyers because they don’t have to wait for a lender to come through with the money, and homes typically close faster when people are dealing in cash. If you’re up against one or more cash buyers, it may make sense to offer over the home’s asking price to sweeten the deal for sellers.
Related: 5 issues home staging won’t fix
Situation #4 When It’s Okay to Offer Over Asking Price: Your Agent Suggests That You’re in a Seller’s Market
When you’re in a seller’s market, it means sellers have the advantage; there are fewer homes for sale than there are buyers, which means buyers are competing with each other over the available inventory. If you’re in a seller’s market, you can get a jump on all the other people who are vying for the limited number of homes on the market by offering over asking price.
Situation #5 When It’s Okay to Offer Over Asking Price: You’re Madly in Love With the Home and Don’t Want to Lose it
If you’re certain that the home you’re looking at is your dream home and you can’t bear the thought of losing it to another buyer, it may make sense to offer over asking price. The seller may be impressed by your offer and accept it right away, or they may wait to see what other types of offers come in. Although some sellers don’t base their selling decisions on offered price alone, an offer that’s higher than what the seller anticipated getting can be very enticing.
Are You Selling a Home in DC Ranch?
Thinking about selling your home in DC Ranch? Call us at 480-360-0281 to find out how we’ll market it to all the right buyers. If you’re also looking for a new home, we’d love show you any listing in the community. Let us know what you’re looking for and we’ll be happy to search for something that’s a perfect match for your needs.
While you’re here, check out our:
- Country Club Village homes for sale
- Desert Camp Village homes for sale
- Desert Parks Village homes for sale
- Silverleaf Village homes for sale