RE/MAX Realty Group
Now most homes are listed for much longer than ever before.... it really depends on the construction of the home, (brick, all brick, full basement, finished basement) the updates and upgrades, ages of appliances, furnace, A/C roof etc. and then the surrounding neighborhood as far as price range of homes goes, and
closeness to train stations, highway access, shopping, parks, schools etc.
And then it depends on your personal needs as a family......
So moving from Seattle it would be highly recommendable to work with a local Realtor, it does not cost you anything as the buyer, and you will be well served with a good Buyers Agent, to explore other options, to get comparable properties that are competing with this one, and those similar that have recently sold --- and
the simple answer to your question is yes.....
An offer is just that, an offer to which the seller can counter, accept etc. and may be in this particular situation
starting at 10 or even 12 % below their asking price is reasonable, but hard to tell if one does not know the home, therefore an experienced, local Buyers Agent would be extremely helpful...
You may also want to consider surrounding suburbs like Wilmette, Northfield, and Northbrook......
Hope this helps!
Edith YourRealtor4Life! And North Shore Expert
Covering suburbs to the North of the city of Chicago from Evanston to Lake Forest
and Park Ridge / Glenview / Northbrook / Wilmette to Buffalo Grove and beyond
Edith always works in the very BEST interest of her clients!
And remember, there is no cost to you to use a broker. It will only help and protect you.
In the past 12 months, the median (half were higher & half were lower) sales price in Glenview was 95% of the final list price--not the original list price, since many had reductions during their market time. I advise clients to determine their top purchase price for a property; then they should build in enough negotiating room from their initial offer price to arrive at a final sales price that reasonably reflects recent market statistics. Your $460,000 is certainly a legitimate bid at 92% of the $500,000 list price. Of course, details about any specific property are very important when negotiating. In this case, the lengthy market time might suggest that a final sales price should fall below the median sales price in that area, and you would want to adjust your initial bid accordingly.
Glenview is a multi-faceted village that is part of the greater North Shore area of suburban Chicago. I've lived and worked on the North Shore for many years and would be glad to assist in your transition from Seattle.
Find a good local agent who knows the market there. Look at that home and others they recommend which are comparable and priced in the range you are comfortable with. If you don't see something you like better, discuss writing the offer with the agent. You can't win if you don't try.
Before you write the offer though, make sure that the price you have in mind doesn't create a shortfall. If they owe more than your offer will net the seller, it may become a short sale which can take months. If they might be able to make it work, discuss your goals with your agent and create a strategy together to achieve them. Best of luck.
I don't know Chicago but a home that is on the market for 300 days is dying for an offer! I was going to say it sounds a little low but my esteemed colleagues seem to think it's spot on, so if you are pre-approved go for it! That's 8% below asking -not insulting the worst that could happen is that they will counter