How Do You Know You Should Make An Offer

In the residential real estate practice transactions tend to be far more emotional than in commercial, and it's even more obvious when it comes time to make an offer on a home. When is the right time to make an offer and how do you know you're ready?

I get this question a lot and the easy answer is if you like the house, you can afford it, and it fits your needs you should buy it! But the reality of it is that life is just not that simple. 

Timing, as it relates to making an offer, has all to do with rather you are financially prepared to go through the transaction? If you are ready for the earnest money deposit, due diligence fee, inspection, survey, and appraisal cost then you're ready to proceed.

But rather you are emotionally ready or not has everything to do with if you feel that the location is where you want to be and you understand the current state of the market. If you know that homes are selling for around $200k in your subject neighborhood and the home you like that's listed on the market is priced at $205k then you should feel good about moving forward. But if you still don't feel "ready" to make an offer it's probably because you're just not "ready" to be a homeowner, and sometimes it's better to know that and not buy then to put yourself in a position where you're not fully committed to owning.