The 2019 Home Buyer Report from NerdWallet surveyed United States home-buyers who had purchased a home in the past five years and found that almost half—45 percent—had to make an offer that was above asking price in order to get it accepted. First-time home buyers had it even worse; 56 percent of them had to go above the asking price in order to get their offers accepted, and for 15 percent of them, their final offer was higher than they were comfortable with. Overall, only 31 percent of recent home buyers were able to purchase their homes for less than the asking price. When buying a home is already so costly, the prospect of forking over even more cash can be off-putting. It can also land home-buyers, first-timers or otherwise, in some hot water when mortgage payments, taxes, fees, and more stretch their budgets a touch too thin. Fortunately, there are ways to get home sellers to lower their asking price or even accept a below-ask bid—it just takes some preparation, determination, and luck. Steven Puetzer/Getty Images Of course, on average, most people must make several offers (often, on different properties) before one of their bids is accepted. According to NerdWallet’s study, 60 percent of recent home buyers in the U.S. made more than one offer during their home-shopping process; more than one-third made three or more. If your first offer on a home isn’t accepted, you’re certainly not alone. With these tips from Holden Lewis, home expert at NerdWallet, your first offer on that dream home might have a fighting chance, though—even if it is a little under the list price. Taking on some home repairs and updates yourself can help you save during the buying process, even if it means you’re settling a little. Luxury homes come at a premium, so being willing to turn a non-luxury home into one that comes close can be a smart move—just avoid these most-regretted DIY home improvement projects. If you’re shopping below your means, you have some space to go up, if necessary. If you’re only looking at homes that are right at your budget, you run the risk of having to go over it—and stretching your finances too thin—in order to get your offer accepted. Remember, almost half of recent buyers were forced to make an offer above the asking price; make sure doing so won’t bankrupt you. Also note cleanliness issues, such as pet-stained carpets or lingering smoke odors; you may be able to convince the sellers to fix the issues or lower their asking price.
