Buying A Home
jesspacatc
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Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
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Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Offers.....
Saw a house today that we adore and are considering putting in an offer. While we are working with a real estate agent, very little needs to be updated in the house and it is in great condition. Price is about right for comps. How low do you go?
Re: Offers.....
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Without any other information, like the price, how long it has been on the market, etc. I would say if you really want the house don't go below 95% of the asking price. If it's been on the market for a long time you could probably go lower. You agent can show you the history to see if they have lowered the price since putting it on the market. That kind of information is helpful when putting in the offer.
Good luck!
All of this. My agent recently told me to go 20K lower than the asking price. But all of the factors the PP stated also play a role.
If it's priced right, you should be offering pretty close to the asking price. As others have mentioned, your realtor is the best person to figure out exactly what amount is a good offer based on a variety of factors.
From a sellers perspective, we knew that our house was priced fairly, and putting in a low offer would not have gotten you a better price. We would have countered fairly close to our asking price, since we were confident based on sold comps what we could get for our house. Our house sold in 6 days for about 98% of the asking price. The original offer was for about 96% of asking. That's fairly normal for my neighborhood.
Ditto this first paragraph.
From a recent buyer's perspective -- we knew the house was priced right and in line with comps. We actually agreed we'd pay full price if necessary because we loved it (even though we knew we were going to do some renovations right away). We also knew our seller did not HAVE to move and would be insulted by a low offer. The house had been on the market 3 months already, but they were willing to wait longer.
We originally offered about 96% of asking and they countered back at 99%. We ended up meeting at 98% also.(No closing costs assistance, and we also went back and forth on the repairs the seller would do.)
I think people think you can get amazing deals and make really low offers right now, and it's just not true for every market and every house/seller.
I agree with all of this, MarieSD. We are currently looking for a house and we have not been able to offer lower than asking price on any of the homes we have been interested in because they have been priced aggressively as-is. Also, in our market in Dallas/Ft. Worth, homes are selling really quickly right now. We've had several homes that have gone under contract the same business day they were put on the market. I would say it definitely depends on the market you are in, the asking price of the home, and whether or not that asking price is fair based on the condition of the home, size of the home, and the neighborhood/location.
We ended up getting the house for 2% less. However, they did pay 100% of our closing costs.
Something else to consider when looking at comps is not only what it sold for, but how close to asking price. In my neighborhood, houses tend to go for not any less than 5% off.
No disrespect intended at all, but why go low? If it is priced well, make a good offer and get it accepted
Don't loose it over a few thousand dollars when you know it is worth the price. Talk to your Realtor and focus in on a good price and strategy...then go for it!
Good luck!
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