You’ve found a home you love. Now comes one of the biggest questions: How much should you offer?
The right offer price isn’t necessarily the asking price, and it isn’t as simple as automatically offering 5% or 10% below it. A strong offer should be based on the home’s actual market value, recent comparable sales, current competition and how much the property is worth to you.
Here’s how we help buyers determine a smart offer price when purchasing a home in Burlington, Oakville, Hamilton and surrounding areas.
Start With Recent Comparable Sales
One of the best ways to estimate a home’s market value is to look at what similar properties have actually sold for.
We typically look for recent sales with similarities in:
Location and neighbourhood
Home style and size
Lot size and location
Condition, renovations and finishes
Features such as garages, finished basements and pools
The closer the comparable property is to the home you’re considering, the more useful it can be.
This is especially important because list price and market value are not always the same thing.
Don’t Base Your Offer on the Asking Price Alone
Sellers use different pricing strategies.
Some homes are priced close to their expected selling price, while others may be intentionally listed below market value to attract multiple offers. Occasionally, a property may simply be priced higher than recent sales support.
That means asking, “How much below asking should I offer?” isn't always the right question.
A better question is: What is this home likely worth based on the available evidence?
If a home is listed for $999,000 but comparable properties suggest a value closer to $1.1 million, an offer below asking may not be realistic. On the other hand, a home listed at $1.2 million isn't automatically worth $1.2 million simply because that's the price the seller chose.
Consider the Competition
Your offer strategy can change significantly depending on whether you’re the only buyer or competing against several others.
If a property has been on the market for a while with little activity, there may be more opportunity to negotiate on price or terms.
If the home is newly listed, well-priced and attracting significant interest, your offer may need to be more competitive.
Before making an offer, we try to understand what is happening around the property. Are there other offers? Is the seller holding offers until a specific date? How long has the home been listed? Have there been previous price changes?
These details help determine the right strategy.
Look Beyond the Sale Price
Price matters, but it’s only one part of an offer.
The seller may also consider your closing date, deposit, financing condition, home inspection condition and other terms. In some situations, an offer with better terms can be more attractive even if it isn't the highest price.
The goal isn't simply to write the biggest number. It’s to put together an offer that gives you a strong chance of securing the home without taking on unnecessary risk.
Decide What the Home Is Worth to You
Market data helps establish a reasonable value range, but every buyer also needs to decide on their own limit.
Before submitting an offer, ask yourself:
If another buyer purchased this home for slightly more than my offer, would I be disappointed that I didn't go higher?
Then consider the opposite:
If my offer is accepted at this price, will I still feel comfortable with what I'm paying?
Your offer should fall somewhere between those two points.
This is particularly helpful in multiple-offer situations, where buyers can feel pressure to keep increasing their price simply because someone else is interested.
How The Maguire Team Helps Buyers Set an Offer Price
When our buyers are ready to make an offer, we don't simply suggest a number based on the asking price.
We review the most relevant recent sales, consider active competition, assess the property's features and condition, and discuss the seller's pricing strategy. From there, we can establish a reasonable value range and help you decide on an offer strategy that fits the situation.
Buying a home can be emotional. Having the numbers and a clear strategy in front of you makes it much easier to make a confident decision.
Thinking About Buying in Burlington, Oakville or Hamilton?
Every property and every offer situation is different.
If you're considering a home and aren't sure what you should offer, The Maguire Team can help you assess the property's value, review comparable sales and build an offer strategy before you commit.
The goal isn't just to get your offer accepted. It's to help you feel confident about the home you're buying and the price you're paying.
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