The media is telling everyone BARGAINS, BARGAINS, BARGAINS. But real estate is not a late night infomercial. Since 1/1/09 2515 single family homes have sold in Lake County. The average sale price for homes on the market OVER 120 days has been 93.5% of the asking price.

Now you might think if they've been on the market over 120 days they would be accepting less. They are!
663 of those all "solds" since the first of the year were sold in the first 30 DAYS! That's right. First 30 days and they sold for 95.72% of the asking price.

Will I make a friend of you by telling you "yes, you are wrong"? I doubt it. But I'm being honest with you. You're looking at the biggest investment of you life, I need to be honest with you.

Dramatic analogy>>> I'm your doctor and I'd rather YOU be HAPPY with me then ME be HONEST with you. I tell you you have a cold when in fact you have pneumonia. How the heck is that going to help you???

If honesty matters, feel free to call, email or text me at 219-201-0500 or Pamela@HowellHomeTeam.com We can sit and talk at the coffee shop at Main and Broad. I'm your local Griffith REALTOR(R)

here in NWI home prices are lower but depending on the listing agent the price listed may already reflect the lower projected sale price. If you do end up writing that 80% it may be a starting point for negotiations / or you could insult the seller and they may not want to sell to you for any price. real estate is not a science and no 1 person could have all the answers but if you trust and respect your agent they are going to guide you and educate you on the best possible offer you should write.

Your Realtor should let you put in offers at the 80% value...after you lose several of these, you'll see that your Realtor is trying to guide you...not "force you." You hired your Realtor because they are an expert....maybe you should listen to the advice> Just a thought...

Hi Gemini,

Go for the 80% offer price and see what happens. If you do that time and again
and keep losing out, you'll eventually offer more. But I hear you. You need to try
for that really great deal. So do it your way.

I can't remember how many times my clients have lost out on getting that new home in the last 6 months
because they were outbid. Many of the homes sold for more than list price!!! Just remember, if you've been shopping and like a home enough to make an offer on it, every other buyer who has been busy shopping that market will like it too. Most of the Realtors I know say buyers are looking at many more homes now before making a decision. This is especially true in the first time home buyer market. That means many of our buyers are facing stiff competition to get the home of their dreams. Sales are definitely up here.

Are you shopping in a popular area? What is the average sold price compared to list price for the area
this summer? Is it 80%? More/Less/Over the Top? What condition are the homes you are shopping?
If you make an offer on a home only an investor could love, an 80% offer may be an easy win.

Bottom line: you know what you want, you know how much you want to spend and you know when you
want to close by. If you want the tax rebate - you know when you need to close by. Just remember the
largest stock of homes are marketed in the summer. Bid accordingly.

Regards,

Marita Topmiller
Assoc Broker/ Realtor
marita@maritatopmiller.com

I am not sure about your market but I do know in the Kokomo area the average sold price of a home is around 94% of asking price. Buyers are rarely succussful in finding a home that is "over-priced" enough that they get the house for 80% of asking price. In fact, I have had several buyers lose out on a house because they have offered too little for a house and a buyer who appreciated the value, swooped in and made an offer closer to market value.

If your agent hasn't already shown you the sold prices of comparable homes that have sold, ask for this information. Compare the price of the house you are interested in to the sold prices. Once you do that, then you will know whether an 80% offer is a realistic offer.

Ultimately, the only one who can decide whether the offer is fair and acceptable is the seller who can accept, reject or counter your offer.

You might want to check my series of blog postings about getting an offer accepted. Even though I refer to Kokomo and Howard County in these, the information applies to any property in any area in any state. (see the link below)

Oh, BTW - believe it or not, even in this market, some houses sell for over the asking price!