General Area in Weymouth>Question Details

Eirinn, Home Buyer in 02191

I just gave an accepted offer at full price for a Single family in North Weymouth since another party was

Asked by Eirinn, 02191 Thu Apr 23, 2009

interested. I think it's a good deal, however, the charts show that average price in that area is now $20K below what I offered. Do you think I could have negotiated better or, generally when there are 2 or more parties involved, do houses go for asking price?

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6
Elrinn:

I am assuming that you had this discussion with your buyers broker?
0 votes Thank Flag Link Sun Apr 25, 2010
It sounds a little weird. I agree with Territory RE.
Look a little deeper into the reasons as to why. Strange things happen sometimes. But in general even in the good markets its hard to get a home owner to agree to set the asking price where it should be, and in the bad market its worse because they still want the 2008 high prices. Then on the other side of the coin you need a potential buyer to validate it by paying the asking price. Then you have multiple offers on the property that just came on and they turned down a higher one. Is their something unique about the property that really makes it that much more desireable? If I searched in that price range would I find a large number of homes to choose? There has to be something to make you jump $30k and not even question it.
I would proceed with caution. These days for a lot of agent/brokers multiple offers are not too common.
Web Reference: http://www.Ucanlist.com
0 votes Thank Flag Link Sun Apr 25, 2010
The home prices in North Weymouth have held pretty flat during the past few years, while the rest of the area had been declining. It wasn't until very recently, that they started falling. Perhaps it is because a lot of North Weymouth homes in really rough shape that have sold for really low prices recently. They needed a ton of work, and a few may be considered tear downs. This is never considered in comp. prices it seems. If your house is in good shape, you are lucky. You will enjoy the summers!
0 votes Thank Flag Link Sat Nov 28, 2009
Well the properties for this area have supposedly gone down approx. 20K in last quarter and this house was very recently put on market (within a week) so since there was so much interest (there was another firm offer higher than my original which was refused also) I was advised by my realtor to go in at asking to try and secure it. There was very little negotiation since we jumped 30K from my original offer. It is a good area and a good deal on the surface considering the size of the property or so I thought until I saw the high drop on charted info for area. Understandably with the economy, there are dropped prices all over so I just was just curious if this was common practice.
0 votes Thank Flag Link Fri Apr 24, 2009
Buyers determine market and property values and clearly the property was priced right if you offered full asking price and there was another interested party.

Did you work directly with the listing agent? How long was the property on the market before you made your offer? Did you get any kind of validation that the other party was actually going to make an offer or were they just going to look at the property? You say the prices in the area are now $20K below what you offered - how has it changed that drastically since your accepted offer? Usually market drops take more than a couple days. Did anyone give you the market statistics for the neighborhood prior to making your offer?
The answers to these questions may help us better understand the situation :)
Web Reference: http://www.territoryre.com
0 votes Thank Flag Link Thu Apr 23, 2009
If a property is priced correctly it should sell at asking price, in a perfect world. When a property is well priced it should sell pretty close to asking. You would have to look at your comparable properties, look deeper into other reasons why they might have sold for less i.e. condition, size, lot, setting, features etc. then also look at what was available at the time they sold. There's always a buyers concern if they offered too much or could have offered less, that's normal. I'm finding more and more properties going for asking price or sometimes even more depending on the circumstances.

Congratulations on your new home, I hope you enjoy many years there :)
0 votes Thank Flag Link Thu Apr 23, 2009
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