First time home buyer. I’ve read the excellent post by Liberal on this subject, bought the book “100 Questions a First Time Home Owner Should Ask,” talked to friends and family, have an excellent real estate agent, etc. etc. I have definite ideas on what I want in a house, know how much I want to pay and have been pre-qualified (not pre-approved. Yet). I’ve seen 6 houses in the last 3 days. Five I wouldn’t even consider. The 6th I would buy today if… If what? It has everything I want, is at the top of my price range, all appliances are less than 2 years old, the kitchen is recently redone. Why am I hesitant? I keep thinking “there might be something BETTER.” But so what if there is? This house would make me very happy, if it is sound and the inspector doesn’t find bad things. So should I make an offer? (and how much lower than the asking prce can one go?)
Buy the 5th house you looked at. It’s better.
I don’t know where you are, but around these parts, if it’s the right house at the right price, you buy it. Right now.
If this house has everything you need or want, what are you waiting for? Besides losing the house to another buyer, I mean.
Unfortunately, here we have to offer list price and pray someone else doesn’t go higher.
Trust me, you will like the 7th more than the 6th. It has a sunken living room, vaulted ceilings and the master bedroom is larger. Not to mention the fireplace is to die for!
When we were moving, everytime we looked at a house my parents would say - “well, it’s nice. But it’s not as nice as the first house we looked at.” Eventually, they realised they shouls just buy the first house. Which they did!
Sometimes, you have found the perfect house and there ARN’T any better houses. But if you’re still unsure, maybe you should keep looking.
I really need an edit feature on my posts…
And in all seriousness, what do you lose by looking at one or two more? If you do it quickly, you could still get an early offer in on the 6th.
If you make an offer, be prepared to go through with it. If the seller accepts the offer, you’ve entered into a contractual agreement. As to how much lower than the asking price you can go, that depends on how hot is the real estate market where you live. You should have a pretty good idea. One thing you did not mention was the location of the house. Is the location your ideal location? If everything is acceptable to you (including the location), I don’t see why you shouldn’t make an offer (with the usual contingencies) that is at or a bit below the market price. That way, you will most likely get a counter-offer and that will buy you some more time as you check out more houses. Also, if you don’t get the house, don’t think of it as a big deal – just go on looking (I think that I looked at over 50 houses before buying my first house). Sometimes the best deals are the ones not made.
I’ll soon be closing on a home that was the first and only home I looked at.
I had really restrictive criteria, so there were only a couple candidates in the entire DFW area, I ruled one out on the drive-by and the other was just what I was looking for. If the house is what you’re looking for, get it. If it’s not, don’t.
You can offer anything you want. You can offer way under, or you can offer over. The seller can also refuse any offer. Most offers are usually a couple of thousand less than the asking price, with the understanding that the asking price has been inflated by a couple grand. Some houses are really overpriced, and you may offer much less than asking. If the counter comes back way high still, that’s not a good deal - the seller is not being realistic. If you wait a couple of months, you may get that house for a good price once the seller has a dose of reality.
Why are you hesitant? I’m going to guess because it’s a huge decision, and a huge debt to take on. If you’re not sure, maybe you should wait. Then, once you see the house you wanted was bought by someone else, you can tell from your reaction to that what you really want.
There will always be something better, the grass is always greener, etc. If you like the house and it has everything you wanted, I say buy it.
I looked at about 15 homes before I bought mine.
I guess the thing is, you have to get a good feeling from the place. Assuming that it has everything you want, and passes a home inspection, you still have to be able to walk in and imagine yourself living there.
If you don’t get a real positive vibe, I would say keep looking.
One advantage of looking around a bit more is that if you find another house that you could also love, you will be in a much bettre bargaining position when you put in an offer on this one. Right now this feels like the only house for you, and it makes you vunerable. As long as the market is not moving super-fast where you are, go look at another few houses.