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abcdefghi
LIF Adolescent
Member since 5/13 685 total posts
Name:
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Message edited 1/26/2014 5:39:13 PM.
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Posted 9/17/13 7:00 PM  |
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Prudential Douglas Elliman Real Estate
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AKD
LIF Adult
Member since 1/12 2637 total posts
Name:
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Re: Home buying
We offered $1K over asking price because we didn't want to get into bidding war and on first day house was on market, at the open house, tons of people were interested.
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| Posted 9/17/13 7:58 PM |
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JackiePags
They're the love of my life
Member since 8/10 1299 total posts
Name:
Jackie
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Home buying
offered $5000 over asking.
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| Posted 9/18/13 10:11 AM |
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KaKa2323
Got my miracle
Member since 9/11 1465 total posts
Name:
K
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Home buying
offered 20k less and ended up paying 15k less
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| Posted 9/18/13 10:27 AM |
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angnick
Life is So Wonderful!
Member since 8/06 6663 total posts
Name:
Angela
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Re: Home buying
I am a firm believer of always offering less than what you want to pay
we usually start around 7-10% less than asking and end up higher.
I am a firm believer of not paying asking price, ever.
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| Posted 9/18/13 10:36 AM |
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MrsPenthouse
LIF Adult
Member since 11/10 924 total posts
Name:
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Home buying
we offered $9 thousand under asking because that was the round number, we settled at $4 thousand under asking which was FINE with us 
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| Posted 9/18/13 11:05 AM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Home buying
there are so many factors that go into this
the market has changed- houses that are just listed are going for close to asking or over asking
if there are muliple offers- low balling is not the way to go if you want the house
what are the comps in the area if the house has been on the market for a while?
this is where having an buyers agent really comes into play - they can advise you on what to do- I can only think of 1 muliple offer situation I have been in the last 6 months where my buyers didn't get the house- we couldn't go any higher but my strategy got us close (they are signing contracts on a better house today- 1 day on the market- $10K under asking)
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| Posted 9/18/13 12:04 PM |
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Re: Home buying
Posted by Beth
there are so many factors that go into this
the market has changed- houses that are just listed are going for close to asking or over asking
if there are muliple offers- low balling is not the way to go if you want the house
what are the comps in the area if the house has been on the market for a while?
this is where having an buyers agent really comes into play - they can advise you on what to do- I can only think of 1 muliple offer situation I have been in the last 6 months where my buyers didn't get the house- we couldn't go any higher but my strategy got us close (they are signing contracts on a better house today- 1 day on the market- $10K under asking)
I agree with this -
There is no one-size-fits-all approach. And a buyer who says, "I will never pay more than x% off asking" or "I will never pay full asking" may be doing themselves a huge disservice.
It's important to know the market (how competitive is it, what types of houses are selling fast) so you know whether there will likely be multiple offers. It's also important to know what comparable houses are selling for, so you have an idea of whether the house is priced well or overpriced or even underpriced (some people need to sell quick and will deliberately price their house right at market value or even a bit below to draw interest and multiple offers).
Of course, just because a house is worth x dollars according to "market value" doesn't mean that you want to pay x dollars. Buyers have different wants, needs, financial situations, etc. So ultimately, you have to decide what a home is worth to YOU.
But I believe it's always better to go in with a strategy that is based off of knowledge and not blind generalizations that may or may not fit the particular circumstances/house you are interested in.
I also agree that a buyer's agent is invaluable in educating buyers about the market and home values in the area, and helping buyers formulate an offer strategy that gives them the best chance of success!
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| Posted 9/18/13 12:22 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Home buying
It depends on the house and the listing price. There is a house in my neighborhood that was just listed. At the price it was listed at, it's going to go for close to asking and I am predicting a possible bidding war. There is another house that is overpriced and will most definitely not sell at the listing price. So if you go with advise that says "pay 5k off list", you will likely never get the first house... and you would overpay for the second.
Ironically the second house is an exclusive to a particular realtor and not even on MLS (I had to dig pretty good to find it even listed). I am guessing they don't want to create a lot of stir or advertise their house is for sale (more likely just testing the waters IMO).
The only way I am bidding anywhere close to asking is if the house is listed WAY below recent comps. I am always coming in with a low offer at first, as my offer will most definitely be financially stranger than any low down payment offer out there.
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| Posted 9/18/13 2:14 PM |
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angnick
Life is So Wonderful!
Member since 8/06 6663 total posts
Name:
Angela
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Re: Home buying
to clarify my comment above with the comments made below-
The comps are never within the asking price for the areas i am looking in.
There is a bubble going on right now and since we are not desperate to buy another house, I will not pay asking. People are paying asking price and above and a lot of times the house is not even coming in at the appraised value! it is silly!!!
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| Posted 9/18/13 3:25 PM |
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JackiePags
They're the love of my life
Member since 8/10 1299 total posts
Name:
Jackie
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Re: Home buying
Posted by angnick
to clarify my comment above with the comments made below-
The comps are never within the asking price for the areas i am looking in.
There is a bubble going on right now and since we are not desperate to buy another house, I will not pay asking. People are paying asking price and above and a lot of times the house is not even coming in at the appraised value! it is silly!!!
I offered $5000 over asking because the house was priced too low to begin with - the seller needed out. Did we have a bidding war? Yes. But the house appraised for $10,000 over what I got it for. It really depends on the house and the situation. In this case I don't think I was being silly - I think I knew the market and the neighborhood.
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| Posted 9/18/13 3:40 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Home buying
Posted by angnick
People are paying asking price and above and a lot of times the house is not even coming in at the appraised value! it is silly!!!
I have never had a house NOT appraise
I closed 57 houses in the last 18 months and have 25 in contract at this moment
I don't even have one I am concerned about
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| Posted 9/18/13 5:16 PM |
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Watever143
LIF Adult
Member since 12/10 1537 total posts
Name:
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Home buying
we started very low because we didnt feel like this house had the same conditions of the comps around the area in better condition. We ended up paying 27,000 lower then asking
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| Posted 9/18/13 5:26 PM |
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abcdefghi
LIF Adolescent
Member since 5/13 685 total posts
Name:
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Home buying
What is the most accurate website to see what a house is estimated at?
Angnick-Are you looking on Long Island?
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| Posted 9/18/13 5:32 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Home buying
Posted by abcdefghi
What is the most accurate website to see what a house is estimated at?
Angnick-Are you looking on Long Island?
I like using redfin
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| Posted 9/18/13 5:34 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Home buying
Posted by angnick
There is a bubble going on right now and since we are not desperate to buy another house, I will not pay asking. People are paying asking price and above and a lot of times the house is not even coming in at the appraised value! it is silly!!!
Actually the opposite is happening. Inventory is half of what it was a year or two ago, and there are more buyers on the market. It's definitely turning back into a sellers market.
You are never going to see housing drop really low on Long Island strictly due to the fact that the rental market remains red hot. Once housing dips to a certain level (still higher than you would like), the cash investors come in to take the properties and rent them out. Finding decent rentals on Long Island is a mission in itself, and landlords are getting top dollar.
Message edited 9/18/2013 5:39:29 PM.
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| Posted 9/18/13 5:38 PM |
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abcdefghi
LIF Adolescent
Member since 5/13 685 total posts
Name:
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Home buying
What website has public records of how much a house sold for?
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| Posted 9/18/13 5:47 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Home buying
I would only trust MLSLI
Zillow is a joke and the "zestimate" is never accurate
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| Posted 9/18/13 6:11 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Home buying
Redfin and Zillow will both show recent sales history. Don't bother with the zestimate in Zillow.
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| Posted 9/19/13 8:45 AM |
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angnick
Life is So Wonderful!
Member since 8/06 6663 total posts
Name:
Angela
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Re: Home buying
Posted by Beth
I would only trust MLSLI
Zillow is a joke and the "zestimate" is never accurate
agreed.
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| Posted 9/19/13 10:16 AM |
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angnick
Life is So Wonderful!
Member since 8/06 6663 total posts
Name:
Angela
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Re: Home buying
Posted by Beth
Posted by angnick
People are paying asking price and above and a lot of times the house is not even coming in at the appraised value! it is silly!!!
I have never had a house NOT appraise
I closed 57 houses in the last 18 months and have 25 in contract at this moment
I don't even have one I am concerned about
First congrats on closing all those houses, wish you could be MY agent!!!!!
Second- I am hearing about a few houses not appraising and thus falling out of contract- this is in GC and FP.
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| Posted 9/19/13 10:17 AM |
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angnick
Life is So Wonderful!
Member since 8/06 6663 total posts
Name:
Angela
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Re: Home buying
Posted by JackiePags
Posted by angnick
to clarify my comment above with the comments made below-
The comps are never within the asking price for the areas i am looking in.
There is a bubble going on right now and since we are not desperate to buy another house, I will not pay asking. People are paying asking price and above and a lot of times the house is not even coming in at the appraised value! it is silly!!!
I offered $5000 over asking because the house was priced too low to begin with - the seller needed out. Did we have a bidding war? Yes. But the house appraised for $10,000 over what I got it for. It really depends on the house and the situation. In this case I don't think I was being silly - I think I knew the market and the neighborhood.
i think that is wonderful that is appraised OVER! Good for you!!!!!!
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| Posted 9/19/13 10:17 AM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Home buying
Posted by angnick
Posted by Beth
Posted by angnick
People are paying asking price and above and a lot of times the house is not even coming in at the appraised value! it is silly!!!
I have never had a house NOT appraise
I closed 57 houses in the last 18 months and have 25 in contract at this moment
I don't even have one I am concerned about
First congrats on closing all those houses, wish you could be MY agent!!!!!
Second- I am hearing about a few houses not appraising and thus falling out of contract- this is in GC and FP.
thank you
I could be if you are looking on Long Island :)
I am surprised to hear houses in those area's aren't apprasing
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| Posted 9/19/13 12:04 PM |
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