Home Buying in Singer Island>Question Details

Stephan, Home Buyer in San Francisco, CA

How do I know if I should offer more or less than the listing price in Singer Island?

Asked by Stephan, San Francisco, CA Mon Apr 23, 2007

Is there a difference if I'm looking for a single family home versus a condo, or some other type of property?

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Answers

14
LISTING PRICE
Understand that the LISTING PRICE has one primary objective, to attract attention: It is not intended to be set in stone, and in many cases it is not even a good guideline toward the SELLING PRICE.

Some Sellers believe that by setting the LISTING PRICE high, they can always come down, and people will make an offer anyway: WRONG! Buyers will just bypass the property and look at houses that are within their price range. And six months from now, the Seller will slowly start lowering the PRICE, (this is called “chasing the curve”) and Buyers will be asking the question; “What’s wrong with that house?” and “Why has it been on the Market so long?”

Other Sellers set the LISTING PRICE low, to attract multiple offers. (The correct strategy.) We are asked; “Aren’t you obligated to sell at this price if someone offers it?” The answer is probably not; for that to happen, you would first have to have only one offer, and secondly, the offer would have be exactly the same, down to the smallest detail, (please discuss this with your Realtor).
Another thought; Buyer will search for potential properties by groups; for example, $400,000 to $450,000, and $250,000 to $300,000. If your house is priced at $460,000 or $310,000, the Buyers will never see it. (something else to discuss with your Agent.)

Different Banks have different philosophies about pricing their properties: You cannot draw any conclusions without a good analysis.

Have your Realtor do a CMA, (Comparative Market Analysis) to help you determine your Offering Price. It is the surest way to determine the Market Value of the property.
2 votes Thank Flag Link Sun Jul 22, 2012
Stephan,

It really does not matter if you are dealing with a condominium, a town home or a single family home buyers must understand the numbers and market surrounding that property if they are to make a fully informed and knowledgable decision. There is no way to answer that question without doing the research on a particular property as the metrics in each transaction are very different.

You will want to clearly define your unique goals and be set up with a game plan to succeed. Without one your chances of landing the right deal are pretty slim as someone who is better prepared will.

Interview at least three agents and of course Paradise Sharks would love to be on that list if you are looking for a property anywhere in Palm Beach or Martin County. Our passion is our customers and since we are a boutique firm we do not have franchise fees, brokerage splits and never charge our clients crazy off the wall charges like brokerage or transaction fees. Those savings are passed along to our customers so we can give true value most of our competitors can only dream about.

What we do promise is BIG customer service, BIG marketing and BIG value. Our programs like "New Construction Splash" are designed to save you money.

Call us anytime as we would love to save you money and exceed your expectations.


Fins up......


Tom Priester
Principal Broker

Paradise Sharks Real Estate
561.308.0175
tom@paradisesharks.com

http://www.paradisesharks.com
0 votes Thank Flag Link Tue Nov 11, 2014
Stephan,
Discuss this issue with your agent. That is your best resource as most agents have presented many offers on homes.

All the best.
0 votes Thank Flag Link Mon Nov 3, 2014
Stephan,

There is goo news for you and others looking to buy in the Northern Palm Beaches. The median single family home price is down 10% in the Singer Island area over the past 4 months (condo prices are also trending lower) and pending home sales are at the lowest levels we have seen in year. Inventory still at very low levels but up last month for the first time in 8 months. A well prepared buyer can find a good deal if they are looking in the right are and have the ability to act quickly.

These are the type of metrics I discussed in my previous answer that will have an effect on what to offer on any property and should be expressed to the seller. This is part f the negotiation process and sellers need to know the numbers to strike their best deals in any market.

For the latest pending home sales article from the Paradise Sharks check out our blow here on Trulia at this link;

http://www.trulia.com/blog/tompriester/2014/11/jupiter_pendi…



Fins up......


Tom Priester
Principal Broker

Paradise Sharks Real Estate
561.308.0175
tom@paradisesharks.com
0 votes Thank Flag Link Mon Nov 3, 2014
If you are looking in FL with the exception of maybe area's of Miami you probably should never offer full price. It also depends on the condition of the home and comps. This is much easier than an agent would like you to believe. Go on Zillow and put in the address of the home. Look on the map and the yellow marked homes are recently sold. It will give you the date of sale of home, price, time on market and price sold for. Many times it will show you the different price cuts. Look for comparable homes and check the price per sq ft. This is exactly what an appraiser does to decide the homes value and if you had 3 different appraisers you would have 3 different values. Home sales are down YOY. Calculate the average price per sq ft and see how it compares to the home you are looking to purchase. If the home is 10k higher from comparable homes, you should be offering less. Also it doesn't matter what a home is worth some sellers don't want the value of the home, they want more and it may not sell. It doesn't matter what you do or say some people are under water or just want to much for the home. If a home is priced right in most area's it won't be on the market very long.
0 votes Thank Flag Link Wed Oct 22, 2014
Regardless of the time or place you should always have your realtor research for comparables. Once you have a price range it would be up to you to determine how much the property means to you. If the property is everything you're looking for in a hot market don't come in with a low ball. If the property is so-so you might want to come in at the lower of the price range.
0 votes Thank Flag Link Sun Aug 17, 2014
Go on Zillow and look at the map around the home. The yellow colored are recently sold homes. It will give the the sq feet of the home, date of sale and sale price. You can double check the sale price with the county office but almost everyone I've seen are completely accurate. Some homes will also still have pictures of the home sold and description. It's not very hard to figure out com-parables when you have access to recently sold homes and this information. Also look at ones currently listed what they include ex. sq foot, granite ect. Check the time on the market. Home sales in most area's are continuing to decline from last year along with mortgage applications. Look at the condition of the home, find out how old the A/C system is, if the roof has been replaced. You can find out when a permit was issued for roof at the county site. All these factor into a price
0 votes Thank Flag Link Sat Aug 16, 2014
You need to assess what each property is worth and base your offer on that, you dont know if the list price is at market value, way low already or priced way to high. A good buyer broker can sure help with that,
0 votes Thank Flag Link Sat Aug 16, 2014
Every real estate transaction i is different.

What you need is relevant data.
What I prepare for buyers who chooose to work with me is a Market In A Minute report for the community and a CIS score for the real estate. What needs to be done is crystal clear.

However, most buyers need to 'burn a few' before they realize the data is true.

Take a look. http://www.Trulia.com/blog/AnnetteLawrence

Have your REALTOR prepare the same.
0 votes Thank Flag Link Sat Aug 16, 2014
It is strange how many of the same questions you have asked about so many places. Seems very fake.
0 votes Thank Flag Link Sat Aug 16, 2014
More than likely, you should offer less. I have seen quite a bit of success with doing that! :)

David | Dentist Surrey
Web Reference: http://www.doctorben.ca
0 votes Thank Flag Link Mon Oct 14, 2013
It depends, I would suggest contacting a local agent and speak with them. Allow a local expert share their knowledge with you.
0 votes Thank Flag Link Sun Jul 22, 2012
In addition to reviewing the information provided in a typical Comparative Market Analysis, you will want to look at the absorbtion rate in the market. For the most part you will find that Singer Island has more than 3 years of inventory. As a general rule if you have less than 6 to 9 months of inventory the market tends to move up in prices, when there is between 6 and 14months of inventory the market tends to be stable historically, and when you have more than 14months of inventory the prices usually will decline. For most price ranges on Singer Island at current we have more than 3 years of inventory. keep this in mind when you if you are making an offer for property on Singer Island.
0 votes Thank Flag Link Sun Sep 16, 2007
Thanks, David, for driving home values down even further! Bravo!!
Flag Tue Nov 19, 2013
There are differences in evaluating pricing of a condo or a home. A professional Realtor will provide you with a Comparative Market Analysis and a history of the pricing/valuation of the property you are interested in - there are too many variables to go in a short, but supply and demand, days on market, location and the profile of the Seller all go into setting a price point for the Buyer.
0 votes Thank Flag Link Mon Apr 23, 2007
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