A solid market analysis will immediately flush out over-pricing, and while a $400,000 gap seems huge, it is possible. It will also help you identify properties that are priced really well, and they are out there too and move fast.
Overpricing is the biggest marketing blunder a seller can make, and I still see plenty of it in the market. This analysis will guide you and support your offer. I have mine at the ready when I present an offer to support my "....let me show you why we believe our offer is a fair one." An offer that is supported by the facts of the market is far more likely to succeed that one that is not. Put another way, while I cannot guarantee a seller will accept, it is tough for him to run from the facts of the market.
Sounds like you've found a potentially great deal - align yourself with great resources - starting with an agent that has the analytic abilities to produce a great market analysis, proven negotiation skills, communication and servicing standards that meet your expecctations (and keep those high - we are out there!), and references that they will share so you can affirm her claims.
Unwavering Commitment to Service
My advice is that you should be working with a really knowledgeable and experienced buyer agent who is working for your interests only, and not be relying on information on consumer websites. Before you buy any property, you need to know the value of all the recently sold comparative properties, no website can do that for you. Feel free to contact me.
215 500 2981
You really do need to work with a local realtor and ask them to provide you with a Comparative Market Analysis to help guide you in estimating the value of the home in which you are interested. It is the only way to do a proper analysis here,
Good Luck and if I can be of assistance, please feel free to contact me.
It is true you may not get good estimate f value fromsome sites . You can have an appraisal contingency when you make an offer.
Don't always trust Zillow, Trulia etc., some neighborhoods can change in price from one street to another.
But have a Realtor give you comps of that home to figure out, how much he/she thinks the home is worth.
I always do comps for my clients, I don't want them to overpay.
Also, if it is really 400K overpriced, watch it, they might reduce the price, the other possibility is to write a low offer, you never know, they might take it, doesn't cost you more than signatures on the contract / just a bit of your time.
Good luck finding the right home!
I just attended a Zillow presentation today. Did you ever notice the fine print at the bottom of their page (see link). Turns out their (and most automated value sites) consider their estimates accurate if they are within 20% of the true value in just 80% of their estimates. The rep explained that no algorithm can account for trees, setbacks, closeness to parks, shopping, etc. In other words, these automated value systems are great price trend guides but often miss true value.
My philosophy is "seek first to understand, then be understood". It sounds like you need someone to listen to your concerns and provide professional feedback.
Joe 215 266 7227
What is the specific zip code of the home you are interested in? If that information is provided by you, I will be able to let you know if the property is listed to high for the area.
Antoinette M Harris
Alliance Real Estate
Century 21 Alliance
You have just proposed a perfect situation wherein hiring a buyer's agent would be extremely beneficial. An experienced buyer agent will conduct a market analysis, provide you with all the necessary information you need to make an informed decision, and negotiate the best possible price and terms on your behalf.
My contact information is listed below. Please call me.
Monica Flores, ASR, SRES
Remax Affiliates NE
Try this website
You can get a complete market snapshot of what sold around in the market and what is available with comps around the area.
Please feel free to call me
Mega Realty LLC
Direct: 215-947-0575 ext 102
Add: 380 red lion Rd,
I do alot of business in the Germantown Area. Feel free to call me and I would be happy to answer any questiosn you may have. You can reach me directly at 267-688-1110.
Keith J. Lawson
RE/MAX Affiliates N.E.
9237 Frankford Ave.
Phila, PA 19114
LawsonRE@gmail.com (email) http://www.keithlawsonhomes.com (web)
Member - AREAA Philadelphia Metro
Home Value Websites are interesting and worth looking at, but they readily admit they are not the final answer to a home’s value. It's possible the homes tax records, typically used to base the valuations on, does not reflect additions, upgrades or improvements. It's also possible that the homeowner and their agent are just overpricing the home to see if anyone bites.
First get an agent who will represent you and do the research on the home. If the value, based on your agents Comparative Market Analysis is closer to the websites, decide if you want to make an offer anyway.
Typically, homes grossly overpriced won't be getting any offers, showings, etc., and when the buyer FINALLY gets one with this type of verbiage - it usually gets them thinking about their listing price and they now know you and your agent have done your homework. Good Luck!