Truthfully, I think it's a fair price already, but homes in this market are not moving at all. Others in the same neighborhood have been for sale for over a year.
2006-11-07 04:14:01 · 7 answers · asked by Brooke22365 4 in Business & Finance ➔ Renting & Real Estate
It all depends on the market value of the property. I see properties all the time listed 10-15% over market. In a situation like this I would not even make an offer because it shows the owner is unreasonable. If the asking price near market value I would offer 5-10% lower. If the asking price is way below then I would offer 1-3% lower and if they insist on full price then I would pay full price.
In your situation I would negotiate for a lower price. If other properties have taken a year to sell then obviously the market is softening so I would be a little cautious in paying the full asking price.
2006-11-07 05:22:11 · answer #1 · answered by tianaramal 4 · 0⤊ 0⤋
This is such a touchy subject. It is human nature to want to get the best deal but if you think the house is fairly priced the seller may have already taken the current average marketing time into consideration when pricing their home and if you go in with a low ball offer you risk insulting them and not even getting a counter offer back.
You really need the services of an experienced Realtor working in your best interests here. If the house is listed by a Realtor that Realtor represents the seller. It shouldn't cost you anything to have another Realtor represent your interests and could save you a bundle as well as a lot of grief.
2006-11-07 04:21:35 · answer #2 · answered by Anonymous · 0⤊ 0⤋
This really depends on the area, but in my area one has to actually offer HIGHER than the asking price to even get a consideration. For example, if a house is listed at $289,000 then one should offer $290,000 for it.
This is probably a different situation for you, though, if all the other houses have been listed for so long. However, if you think the price is fair already, just make an offer for that amount--then everyone is happy. You got a house at a price that is fair and the sellers' got the price they are looking for without having to negotiate.
2006-11-07 04:54:02 · answer #3 · answered by Erika S 4 · 0⤊ 0⤋
That depends on the locale, the current market in that area, and, how anxious the owner is to sell. I would discuss this with your real estate agent. First, see what offers have already been submitted. If non, then offer between 15-20% less. If they refuse, they will come back with a counteroffer. Let's say their counter offer is 5 or 10% less, then tell them you will split the difference if they want an immediate sale.
2006-11-07 04:17:44 · answer #4 · answered by brucenjacobs 4 · 0⤊ 0⤋
This is a wide open field of options. It depends on many factors such as seller motivation, area comps, time lising has been on market...etc.
Your offer should include credits for non recurring closing costs...as much as you can get (3 - 5% is common). The standard closing costs are 2 - 3% and the difference can be used to BUY DOWN the interest rate on your loan (you can not take it in cash).
For more info on market timing and rescoring credit rapidly check my blog.
2006-11-07 05:46:00 · answer #5 · answered by Anonymous · 0⤊ 0⤋
you have began. now you will see what happens. *** next time, try this -- get an previous MLS e book [3 to 6 months previous] from an agent. it somewhat is "just to work out what kinds of properties have been obtainable, so as that if there is something we would somewhat prefer that's no longer on the marketplace immediately, we are going to comprehend to attend a mutually as." then, seem up [by handle on the tax assessor's website or place of work] the names of the proprietors. stick to those names to the valuables recorder's place of work and seek for unquestionably revenues of the residences indexed. THEN, you will comprehend what form of value decrease value rates are easily being well-known contained obtainable and you will comprehend to make your first furnish some p.c. decrease than that. ** bear in mind -- actual components brokers all artwork for the broking AND no longer something they say is stable until eventually they placed it in writing as part of the settlement. [ALL actual components bargains and representations would desire to be in writing -- it somewhat is the regulation -- to that end all verbal communicate from the agent is only a revenues pitch and not enforceable as certainty.]
2016-10-21 10:26:49 · answer #6 · answered by Anonymous · 0⤊ 0⤋
I am shopping for a house too. I will go with at least 5% below LP if the house need no work and 10% below if house need some renovation.
2006-11-07 04:38:27 · answer #7 · answered by Dan 2 · 0⤊ 0⤋