Home Buying in Middlefield>Question Details

Teena, Home Buyer in 01011

If a house is being sold at 185,000, what would be a good starting asking price?

Asked by Teena, 01011 Mon Sep 27, 2010

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It depends on the property and your market. In Chester, MA ... there haven't been a lot of sales ... on average, properties have sold within 94% of the asking price. How many days has the property been on the market? On average, homes in Chester have been selling at 89% of their original asking price .. but condition of home, neighborhood all factor into this.

Now ... in Middlefield, properties have been averaging being sold at 93% of asking price and 92% of original price with one well priced house selling in 2 days at 100% of asking price. However, again, not a lot of activity to be basing these numbers on ... it is really going to depend on the exact property you're talking about.

If you'd like to work with a buyer's agent, I'd be happy to refer you to one. I'm not out in Western Mass all that often, but I do know a couple agents who work out there. Let me know if I can help! greerhomes@gmail.com
0 votes Thank Flag Link Tue Sep 28, 2010
Have you even seen the house yet? I would suggest getting yourself a Buyer Agent to work 100% for YOU. If you call the Listing Agent they can't give you 100% dedication as a client because they also work for the seller and have a fiduciary responsibility to them, too. Also, the only way to make a sound offer is to see the inside of the house and walk the property in person. For that, you need to have a Realtor make an appointment to show it to you.

If you are not already working with an Agent, I do Buyer Agency. I was born and raised in Hampshire County and can be reached via elizabeth@elizabethherbert.com
0 votes Thank Flag Link Mon Sep 27, 2010
Hi Teena, If the home is priced properly then it will likely sell within a 5% band of its asking price ~ this is what I see play out time and again across markets and price points. When homes hit their "strike price" they tend to sell within a fairly narrow band to asking. This tends to be the case whether that "strike price" is the intial asking price (ie, properly priced properly) or after multiple price reductions. The sellers that understand this do better if they price correctly early on than if they price high and try to catch the market.

So the real question is how this property is priced based upon recent comparable sales. Your agent can assist you in evaluating this. A good pricing analysis will guide you well. What does not work is using an arbitrary % and lopping that off ~ offers based on the facts of the market (ie, comparables) are far more apt to succeed than those that are not.

Good luck to you,
Jeanne Feenick
Unwavering Commitment to Service
Web Reference: http://www.feenick.com
0 votes Thank Flag Link Mon Sep 27, 2010
Well, this is why you need a good realtor by your side, because when a house comes on the market that you're interested in, you want to have a great professional by your side! When my clients see something that peaks their interest, the first thing I do is to look up the property and then find out what comps have sold for in the neighborhood. The housing market is a lot like the stock market, you have to watch it over time and know when the moment to act is. Your agent will probably call the listing agent and see whether they have other offers coming in, and whether it's bank owned, short sale or a regular sale. All of this information has to be analyzed by your realtor so that they can be able to give you an idea of what your options are at that point. And what if you don't have your pre-approval letter ready from your lender? You have to have all your ducks in order. Best, Terry Bell, CPS Real Estate, Santa Rosa, CA
0 votes Thank Flag Link Mon Sep 27, 2010
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