10,000-20,000 or what. When you sold your house how much did you ask for and how much did you get. or if you bought a house what was the listed price and how much did you pay?
2006-08-10 03:07:06 · 19 answers · asked by bopbo 3 in Business & Finance ➔ Renting & Real Estate
We recently sold our home and purchased another. The home we sold we originally listed for $114,000 and got lots of 'lookers' but everyone wanted us to discount and/or pay their closing cost. We were very firm on the selling price of our home as everything was in great condition, we had installed new carpet and my wife is a professinal faux painter so the interior was amazing. However, it seemed that everyone that looked at the house wanted some type of discount from us or closing cost paid by us. Subsequently we raised the listing price to $117,000 and then sold it for the original asking price of $114,000 shortly there after. What we discovered was that many buyers are out there because they have been convinced they can purchase a new home for little or no money down by the real estate agents who are getting the sellers to discount and/or pay closing cost. This obviously was very aggravating for us.
As for the home we purchased... it was listed for $175,000 and we offered $160,000. This was not due to us wanting them to pay closing cost (we both paid our designated closing costs) nor were we looking for down payment assistance. This home hadn't been lived in for almost a year and had been on the market for over a year. The AC system had to be completely replaced, and there was carpet that needs to be replaced plus there were lots of other items that needed to be fixed. The home inspection report listed over 115 items of concern. We eventually settled on a price of $165,000. The AC we installed cost us $8,500 and the items we had to fix to make the home livable (plumbing, electrical, etc) brought our total expense up to around the $175,000 they were asking.
What I am trying to point out here is that there is no set amount or percentage that a seller should discount their home. However, in today's market most buyers 'want something'. Therefore my recommendation is this: First determine the minimum dollar amount you want for your home. Then never sell below that amount! Secondly, increase the 'listing price' of your home to an amount you know your home can appraise for and still be close to the 'going rate' of surrounding homes compariable to yours. This will give you the bargaining room you will need to insure you get at least that bottom number you are asking for.
Good luck and I hope this helps!
2006-08-10 03:24:56 · answer #1 · answered by wrkey 5 · 0⤊ 0⤋
It really depends on the seller, the area the house is in, and how long the house has been on the market. Most sellers hold out for as much money as possible, but when the house hasn't sold for a few months, they usually come down. If there are many houses for sale in the same neighborhood, chances are that the seller will drop the asking price even further. Do you have any other houses you like as well if this seller chooses to ask the full price?
We dropped the price on our old house by $20K because it had been on the market for 9 months.
2006-08-10 03:21:44 · answer #2 · answered by Capn Jon 3 · 0⤊ 0⤋
Depends on many things...
1) how reasonable was the house priced to start with
- if the house is underpriced or at the market, they may not
feel the need to move the price
2) what is the average time on market in the area
- if the seller knows it will take them 90 days to sell and they
have been listed for less time, they may not be willing to
move the price yet
3) how motivated is the seller
- did they relocate or purchase another property or are they just
fishing around to see what they may be able to get
i would suggest looking at what comparable houses in the area sold for (price per square foot) to determine what you may want to offer. also tax records can be used as an indication of value, knowing when it was last sold and how much more (%) than the taxed value you can expect to pay.
2006-08-10 03:15:18 · answer #3 · answered by David S 2 · 0⤊ 0⤋
If you are the one selling your house, don't budge an inch!
But if you are buying a house, it depends on what things you can find wrong with it. Always be critical. Don't show interest! Be aloof. For example I bought a 4/3 for $250,000. The seller wanted $275,000. But then I told her to dump her agent, and for us to go the deal alone so she wouldn't have to pay commision (the agent wanted like 7%). You can use that, play on the commision. In addition I pointed to various foundation flaws, etc. Just be critical, cut some of the price down, use some common sense. Throw in some scrip, furniture maybe, a vacation or something. Seriously. You can cut $4000 off a house with a $1000 vacation. Creativitiy in real estate deals can pay off! Just be sure to do your reasearch into what the seller likes.
Hope that helps.
2006-08-10 03:16:31 · answer #4 · answered by caffiene_freek 2 · 0⤊ 0⤋
I'm not sure about San Diego, but if real estate prices fall more than they already have, then we are all in very deep trouble. Real estate prices where I live are at historic lows, and I live in an area that is generally considered to be recession proof. If the economy has bottomed out, prices of homes should start to level out, and rise as soon as demand catches up with supply. Hopefully, that will be this year.
2016-03-27 06:32:34 · answer #5 · answered by Anonymous · 0⤊ 0⤋
I'd offer them whatever I thought was a fair price, and wait for their response. Compare the house to others that are similar, and also take into account any repairs it needs, and subtract the price of repairs from the price of the house that the are asking. They may accept your offer, or make a counteroffer, or, they may just say no. It costs nothing to make the offer.
I have paid less than the asking price by 10%, and also paid the full price, because I thought the price was fair, and I wanted the house.
As a seller, I wouldn't just reject a low offer, I would counter offer.
2006-08-10 04:47:58 · answer #6 · answered by homebuyer 3 · 0⤊ 0⤋
Depends on your local market. In most cities it is definitely a buyers market. So, the good news is you should offer less.
Have you tried to the various internet home value sites to try to get a feel for the average market price in the neighborhood that you are bidding on.
10-20K on a 200K+ house is about right though. You have to do your homework first, as you do not want a ridiculously low offer if the home was price fairly in the first place.
I have listed a home for 175K and took an offer for 168K.
2006-08-10 03:13:53 · answer #7 · answered by Anonymous · 0⤊ 0⤋
It depends on the market, on the house, and on the seller. There's no easy formula where you plug in the numbers and turn the crank. The only thing you can do is tender an offer and see what how seller responds. If they are desperate, they may jump at the offer. If they are in no hurry, they may counter or reject the offer. Ask your realtor for advice.
2006-08-10 03:12:09 · answer #8 · answered by Ralfcoder 7 · 0⤊ 0⤋
It depends on the person selling. If it was me selling, I wouldn't go down $20,000; however, I'm pretty reasonable in the first place sticking close to the fair market value.
2006-08-10 03:17:58 · answer #9 · answered by MR. Tumnus 3 · 0⤊ 0⤋
IT DEPENDS ON THE APPRASIAL VALUE OF THE HOUSE. THEY WILL USUALLY COME DOWN IN FROM FROM 2,500 TO 10,000 DEPENDING ON HOW MUCH THEY WANT TO MAKE OFF OF THE HOME AND IF THEY ARE USING A REAL ESTATE AGENT OR NOT(THEY GET 7% COMISSION, USUALLY) HOPE THIS HELPS
2006-08-10 03:12:07 · answer #10 · answered by littlebettycrocker 4 · 0⤊ 0⤋