I do think that 68 days is too long a time for a seller to wait to adjust the price - the surest way to evaluate price is by the reception of the market. If activity is low and/or no offers received, price needs to be evaluated. I remind my sellers that the most important period of a listing is the first 60 days - perhaps even the first 45 days, when the excitement for the home is greatest. I move quickly during this period, to capitalize on the opportunity it holds. Blow it during this period, and you've really done yourself a disservice.
So, align yourself with a terrific agent with the analytic skillls to support your evaluation of properties. An offer based on teh facts of the market is far more likely to succeed than one that is not.
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Things to remember: If it has to be financed there isn’t any point in making an offer higher than it will appraise for just to save feelings. If the appraisal is low you would probably be asking the seller to drop the price to the appraisal amount or to let you out of the contract. Remember too that you can only offer low at the beginning. Once the ball is in motion the price will only go up for the buyer, unless the appraisal is low. Keep in mind that if privately owned they may have good reasons for staying at the current price. County records could give you an idea what the mortgage amounts are on the home. Could be that the sellers are trying to avoid a short sale situation.
If you have been prequalified to purchase a home, you know what your price range will be, make an offer in that range.
The easiest way is to ask your Realtor about the average days on market (DOM) a list of recent sales (COMPS) for that area.. . Then ask your Realtor to give you a print-out of every home that has been on the market longer than the average DOM. You will be amazed to learn that often agents don't tell listing agents whether their listings are overpriced because agents don't want to offend anyone either! But listing agents aren't infallible. Sometimes they make mistakes when estimating market value prices for a seller. Ultimately, however, remember that it is always the seller's responsibility to select the sales price.
If you are not working with an agent, please contact me, I would be happy to work for you in your search for the perfect home at the best sells price.
If the market analysis comes back and you still feel like you should offer low, you may want to consider searching in a lower price range; something closer to what you want to pay. It probably seems like sellers overprice their homes, but most of them don't.
I suggest finding an agent to work with you before you make any offer on any house.
Good luck with your home purchase!
Stan Reed Realtor
Keller Williams Realty
You approach could depend on your goal.
If your goal is to buy the house period offer high.
If your goal is to get the house at a price you think is right offer that. If the seller accepts or rejects the offer is of no matter. You have a lot more houses to look at.
Offer what you think it is worth. It might even be accepted.
68 days means nothing if the average time on market is 100.
But, if you like the home, then you are the buyer they are waiting for.
Find a good agent, and make the offer.
Find out what the y paid, what the owed and what their motivation is for selling. You then base your offe ron all of these. If teh house needs work, include pictures and a explanation or estomates to fix the repairs as evidence why you offered what you did.
good luck with your offer.