Home Buying in 07601>Question Details

Choward36, Renter in Harlem, New York, NY

Hi I'm looking to purchase in the Hackensack area I have an agent but I'm unsure of the price to offer on the house. The estimate I get

Asked by Choward36, Harlem, New York, NY Tue Apr 8, 2014

vary by a big range via certain web site and the comparable houses aren't the same. What's the best way to find out what to offer?

Help the community by answering this question:


((((Zestimate*1.3) + ((Trulia Estimate / -.9) * Ratio) +B of A Market Value) ) /3 )

Add this value:
3% if using big bank financing
1% of closing is greater than 40 day
1-3% if list price is below value.

Subtact from value:
1% if your purchase is cash
1% if contingency free
1% if presenting a "Clear-To-Close" instead of Pre-Appraisal.
1% if seller is in purchase closing contract
1% if second level showing activity is below (solds*10)

Confer with your agent
Offer full price with financing and let the banks appriasal beat up the seller
Offer full price and let inspector beat up the seller

There are many ways to make this way more complicated than it needs to be.
This is just one.

Best of success,
Annette Lawrence, Broker/Associate
Remax Realtec Group
Palm Harbor, FL
1 vote Thank Flag Link Tue Apr 8, 2014
best way is to have your agent show you comparable sales.
0 votes Thank Flag Link Wed Apr 9, 2014
As in the previous answers, I agree that you have an agent and that agent can look up accurate history on property and comparables to the house and you should use the knowledge of the agent whom is hopefully experienced working with buyers. There many factors that you need to count on and that is why you need the expertise of an agent.
0 votes Thank Flag Link Tue Apr 8, 2014
As mentioned your agent should direct you and advise by providing comparable sales that are recent. Things I advise clients to consider are how long a property has been on market? is it vacant?can buyer be flexible in closing date? does seller need this flexability?are there other offers on the table?have offers been rejected and will listing agent say why? is your offer a cash offer where you don't need financing?are you willing to accept needed repairs? Most important though is what is the home worth to you? a successful offer addresses what the seller wants/needs and what the buyer is willing and able to do. Bottom line is the more you and your agent know about sellers motivations and needs the better the chances are of getting your offer accepted.
0 votes Thank Flag Link Tue Apr 8, 2014
Don't listen to various websites. Listen to your agent. They know the area better than any computer does. The would know what to offer. Of course, you can collaborate with your agent and put in your two cents about what you're willing to pay, but don't let website estimates confuse you.
0 votes Thank Flag Link Tue Apr 8, 2014
You said you have an agent.

Don't you trust his or her input?

Ask the agent to show you comparable homes - as close as you can get to the home you have interest in - look at those currently listed homes, and those currently sold.

Forget the online estimates - they are irrelevant jonathan .............your agent should be able to help you come up with a plan of action.........and come up with a reasonable opening offer that works for you and your comfort level.

Best wishes...........
0 votes Thank Flag Link Tue Apr 8, 2014
The values you get on this or any other site are useless. They provide only the most general sense of what a home might be worth. Your agent should be providing you guidance for this. Ask for a Comparative Market Analysis. This will be a breakdown of the most similar homes sold in the area. Ideally you'll be able to see some pictures and descriptions to see how the homes really compare to each other in regards to updates, improvements or the lack thereof.
Once you see this your range should be narrowed significantly. To determine how much to offer is a huge subject, but it will come down to factors like how much you like it, how competitive the market is for that or similar homes, how motivated the seller's may be, how long it's been on the market, how much activity the property may have had, just to name a few.
List price is not like a used car blue book, it's part of the seller's strategy. Some price high to leave room to negotiate, others low to create a bidding war and some will price in the middle range to see what develops. I hope this helps.
0 votes Thank Flag Link Tue Apr 8, 2014
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