The homes that are selling right now are in the top 1/3 of condition and bottom 1/3 of price. Therefor if you have 3 almost identical condo's, in almost the same condition your offer needs to be much closer to asking on the one listed the lowest, because that one is the most likely to have activity and/or sell. This rule increases exponentially when the condition of the lowest priced unit is superior.
It is not at all uncommon to have bidding wars in the current market when homes are priced correctly. Finally, I would leave you with a piece of advice, to buy the HOME that is right for you. Do not split pennies when it comes to buying a home. Unless you are buying an investment property, choose the home that makes you the most happy. You have to live there a while!
Oh, and make sure you have a good Realtor! (feel free to contact me for a recommendation if you don't have an agent)
When we have gathered all the available information, we can intelligently structure an Offer that will give you the best possible chance of owning a house at the best possible terms. Due diligence and a game plan will improve your position and help you make a good purchase decision.
Like a previous posting stated: Price is not the only thing to negotiate.
Google me: "Madison Buyer Agency" , see my reviews on Zillow.
Good luck in your home purchasing venture.
Or...do you suppose that maybe the Sellers are upside down and actual market-value offers would turn them into a Short Sale and they don't have the resources or lender consent to complete a short sale?
Maybe people have been making low-ball offers all along and these patient Sellers simply turn them down. Like they will with yours. Making a Low Offer doesn't turn patient/stubborn Sellers into closings. Low Offers often irritate Sellers, causing them to dig their heels in and make a high counter-offer. Start wherever you want. Keep in mind that the price negotiation might be the first item to negotiate but it is certainly not the last.
Sounds like the first thing you need to figure out is: Condo Or House. Like Fish or Bicycle, Take-n-Bake or Wood-Fired, troll or bobber.
2. What to offer for a property is different in each situation and depends on the buyer, seller, market and home.
2. Know what comparable homes have sold for in the last six to twelve months. These are excellent benchmarks.
3. What is the seller's situation and how motivated are they? What are their goals? What is in it for them?
4. How badly do you want this particular home? Would you be OK if you didn't get it after making an offer?
5. How long has it been on the market. Generally, but not always, the longer it has been on the market, the more flexible the seller is.
6. There is some risk in making an offer that is significantly lower than the asking price. The seller will not counter.
7. Don't take anything personally. Just be aware of the risks of a low offer. As a buyer's agent my job is to help you understand your options and the consequences and deal with the seller.
8. Finally, if you don't ask the answer is always no.
I hope this is helpful. If you'd like to chat informally, give me a call or drop me an e-mail.
I will say the Madison market has really heated up this spring. March and April have been record months for putting properties under contract. In the past 3 weeks I've several multiple offer situations on properties our buyers have been interested in. So, you may not get as good of a deal as your hoping for.
That being said, there are still a lot of overpriced properties sitting on the market. If you aren't already working with an agent, feel free to privately send us the address of a specific property, we can look up the comps for you, and tell you what we think it should sell for.
Also, think of this as a business decision - include the comps you use with your offer to show the seller you are not trying to lowball.
Best of luck,
Broker Associate, Paragon Real Estate Group CA DRE 01844627
All data from sources deemed reliable but subject to errors and omissions, and not warranted. truonly