Making an offer on a home is a personal decision that considers a variety of factors, including budget, perceived value of the home, and competition from other buyers. Of course, there’s no “right answer” when it comes to understanding the best offer price, but it’s important to consider the current market situations to determine what may be best for you.
In the majority of local counties the average settled price relative to the original asking price has risen significantly since this time last year, according to a recent report by the regional Multiple Listing Service. This indicates an increasingly competitive real estate market, where buyers are offering more money for homes in order to beat out other interested home shoppers. In Chester County, for example, the average buyer offered over 94% of the original asking price for a home. Montgomery and Bucks counties currently hover around 93.75%.
