Determining whether a home is priced fairly requires market research and some assistance from a savvy, well-informed real estate agent. You don’t want to pay more than you absolutely have to. However, your Realtor's track record isn't looking so hot if you've made offers on 3 homes and the Sellers didn't even counter-offer.

Ask your Realtor for a list of SOLD home prices within the last 6 months. That should help you determine what's FAIR...if there is such a thing anymore.
GOOD LUCK!





Your Real estate agent is the best sources of information on housing prices. Because she/he intimately involved in pricing homes in your neighborhood, your agent has knowledge of comparative prices (comps) and knows how the house you’re considering falls in comparative market analysis.

Earl,

It's common for people to offer opinions on issues that are from their perspective only and do not accurately represent the issue at hand.

The banker is offering an insight from the perspective of a lender not a real estate professional. We suggest placing more faith in the advice of an experienced realtor.The fact that all of your offers have been turned down with no counter offer is a true indication that your perspective of the local market is not an accurate one.

Our recommendation is to consider increasing your offer amounts to eventually find the success you are seeking.

Ask your banker and REALTOR to provide you with what prices houses have SOLD FOR in thae subdivision you are interested in! Both gave you poor advice!

I'll be blunt: no offense, . . . sellers didn't care about offending buyers with the ridiculously high sales prices during the real-estate boom, so you needn't worry about offending them now with your low ones.

It's a buyers' market now!

Buying/selling is a chess match. Whoever is willing to wait out the other usually will win in the end. Sellers, who can afford to hold out for long, will--and the others either will sell for much lower in time as the prices continue to decline or they'll lose their homes (and you'll be able to pick up the house as a [pre-]foreclosure or REO).

Just keep making offers, and occasionally follow up previous offers 1-2 months later. You might find that time has softened the will and temperament of a previously "offended" seller.

Hi Earl,

We suggest that you ask your Realtor to do a market analysis on any and all homes that you are interested in purchasing. The market analysis will guide you in where you should offer on a home. Rather than using homes that have sold within the past 6 months, your Realtor should be using comparable properties that have sold within the past 2-3 months.

Although there is weakness in the real estate market, home values have adjusted from the high values of a few years ago. Your Realtor should be able to tell you how much property values have come down in the past few years in your area. Your Realtor should be able to tell you if a home you are putting an offer on is a "distressed" property (pre-foreclosure, possible short sale, etc). If you are after a bargain, your Realtor should be able to identify these for you and properly guide you in where to start your offer.

Offering 30% or 1/3 off the asking price is insulting to many sellers - especially those who have adjusted their list price over the last year.

Bob & Richelle Ward, Realtors, ABR
Prudential Connecticut Realty
(203) 470-9818

Great question Earl.
The answer can be simplified to this...whatever the buyer and seller agree to is a fair price. Generally, my suggestion would be to look at what the previous homes sold for and begin your offers below that price, assuming the homes are similar. That being said, if I were your Realtor I think I would ask you if you are looking for a home or a good deal. When you find a home that you really want because you love it then you may pay more than if you are searching for a "great deal." Find a home you want to live in because it's the one you want, not because you can get it at the lowest price.

Best of luck!
Trey Miller