Home Buying in 94541>Question Details

ashley_rson, Home Buyer in Union City, CA

If a house is 330,000, what should be the offer price at 94541 area?

Asked by ashley_rson, Union City, CA Tue Feb 5, 2013

If a house is 330,000, what should be the offer price at 94541 area?

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0 votes Thank Flag Link Fri Nov 14, 2014
What you should do is have your real estate agent pull all the comps of recently sold homes. A comp is a home that is similar in size, style and condition. It should be within 1 mile of the home you are buying and have sold in the last six months.
0 votes Thank Flag Link Thu Feb 28, 2013
Hi Ashley,

First, let me just say that it is important that you trust and have complete confidence in your real estate agent. I commend you for coming in here to ask your question, I'm sure that wasn't easy for you to do. That being said, if you don't feel you can trust them or they're not giving you the respect you deserve there's not much point in staying with them. Buying a home can be a complicated and emotional process, not to mention it's high price tag. This is YOUR house you're buying, and you really need to feel comfortable with your decisions not your agent's requirements.

While it is true that right now the Bay Area housing market is challenging due to the severe lack of inventory, it is not really the agent's call to "tell" you what you need to bid on a house. The agent's job and duty to you is to advise you on what a "fair" price for a property is based on very recent comparable sales in the nearby area, and if they're aware of a multiple offer situation which might require a higher bid on your part if you want the house. The decision on what $$ amount to offer on the house is ultimately yours, and yours alone.

That being said, the housing market is tight right now and lots of properties are going over the initial asking price, sometimes by a lot. One very important factor to keep in mind is that no matter what you bid on a house, if you're financing it by using a traditional mortgage, the house must appraise for no less than your bid on the home or the bank won't give you the money. If the appraisal (required by your lender) does not come back at the offer's accepted price, you have three choices: 1) renegotiate with the seller at the lower amount; 2) come up with the difference; or 3) back out of your contract - provided you have an appraisal contingency. The bank will ONLY lend you what the appraiser's opinion of value is not what someone else is willing to pay for it.

It is the job of your agent to advise you based on the data they have, they cannot "tell" you what to bid on a house because YOU are the person that will ultimately be writing that monthly mortgage check. Please be cautious and if you have NOT signed a contract with your agent - it would be my pleasure to help find you a home, just give me a call.. I live and work in the Hayward/Castro Valley area. I have different programs to help find you a house in this difficult buyer's market.. just call (925) 272-9141.

Best regards,

Yamille Kosowan, REALTOR, CDPE, CIAS
Keller Williams Realty
Office: (925) 272-9141
Cell: (415) 235-7650
Web: http://www.kosowanhomes.com
0 votes Thank Flag Link Wed Feb 6, 2013
Ashley - it is unfortunate that you don'thave confidence in your agent or trust in her advice.

Truthfully, no one here can tell you what you should or shouldn't offer on a home. There are too many variables to consider.

One of the agents in my office had a listing that reveived over 14 offers when it first came out - it sold over asking price.....but....................that doesn't mean every home in that area will sell over asking price!

What I would want to know is not what the other houses are listed for, but rather what similar homes have sold for recently - have they been selling over asking price??

If yes, then - what percentage over asking price?
Use that information to help decide how much to bid on a home.

Best wishes..........
0 votes Thank Flag Link Tue Feb 5, 2013
It sounds like you're in a very competitive market. That's happening in a number of markets right now, including my own. It's not uncommon for properties to sell for 20 to 30% over asking. Have a discussion with your agent about past sales or what she's heard about multiple bid situations since sometimes through the grapevine agents will hear about offers that didn't prevail in multiple bids. Her knowledge of the market is what she's basing her advice on.

Often buyers have to lose a few before they are willing to do what they need to do to pin down a property they really want. It sounds like it may be good advice from your agent when she tells you it's better to look at lower priced properties so that you have room to improve your offer to be competitive.
0 votes Thank Flag Link Tue Feb 5, 2013
But I am really not trusting my realtor as at first he told me that he will help me to get a house and maybe she will save some money, but now she is letting me bid on houses, only if I bid 20K-30K more. For example, these two houses that I mentioned:

24741 Broadmore Ave
Hayward, CA 94544
(Santa Clara) --- listed for 300,000; is 310,000 offer okay?

817 Saint Bede Ln
Hayward, CA 94544
(Harder/Tennyson) --- listed for 339,000; is 350,000 offer okay?

Do you think 10 K more than the original offer is okay? Or to get these type of houses, one reallly has to bid 30K-50K more?
0 votes Thank Flag Link Tue Feb 5, 2013
I am trying to communicate here and learn. For example, this house ---
24741 Broadmore Ave
Hayward, CA 94544
(Santa Clara) --- listed for 300,000; is 310,000 offer okay?

817 Saint Bede Ln
Hayward, CA 94544
(Harder/Tennyson) --- listed for 339,000; is 350,000 offer okay?

how does it work? Can people buy a house by giving an offer that is just 5000 dollar more than the listed price? I am asking because my agen basically told me that if a house is 300,000, the offer has to be 350,000 (20K-40K more) to get a hold of it. is that correct? Now he is only letting me see houses that are under certain price, so that i can place offer for 30 K-50 K more. Is that normal. Please advice.
0 votes Thank Flag Link Tue Feb 5, 2013
Who said the house is $330,000?
The OPINION of the person who decided that is really meaningless!
Your opinion is more valid:
At best, the LISTING PRICE is a guideline to what the Seller WANTS; not necessarily what the house is WORTH.
Without knowing whether the Seller did a CMA to determine the Market Value; YOU should!

Your Bank will lend 80% of the fair market value, (as a rule) so, you should know what that number is: And don't rely on the Seller to tell you.
0 votes Thank Flag Link Tue Feb 5, 2013
Hello Ashley,

It really depends on the condition and the size of the home. Other factors could be:

-Are there multiple offers on the property?
-If there are multiple offers what price are you willing to offer without feeling like you over paid?

All in all in the past 3 months of the 28 homes that have closed only 4 homes went for below listed price and not by much.

Hope that helps.

0 votes Thank Flag Link Tue Feb 5, 2013
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