Home Buying in Glenview>Question Details

Tom, Home Buyer in Glenview, IL

Is it realistic to offer 460k on a 500k house? It's been listed for over 300 days... moving from Seattle so don't know the local market

Asked by Tom, Glenview, IL Tue Nov 8, 2011

well. Thanks

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17
You really need to ask your Realtor to do a market analysis. 300 days on the market suggests it is overpriced. Having the market analysis will strenghten your negotiating position. I think 460 is a good place to start negotiating, BUT, depending on the market, even that MIGHT be too much, which is why you need your own agent. If you need help finding one, i would b happy to refer you to a great one.
Marge Bennett.
RE/MAX Realty Group
239-560-4159
1 vote Thank Flag Link Wed Nov 9, 2011
You should be working with a local Realtor who knows the area well and knows Glenview well.
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!
htttp://www.tinyurl.com/MeetEdithHere
0 votes Thank Flag Link Thu Nov 24, 2011
The best thing you can do initially is run the comparable sales in the area and see how those sale prices compare with what the subject property has to offer. Then you can go from there!
Web Reference: http://www.marthamay.com
0 votes Thank Flag Link Wed Nov 9, 2011
Even if your agent feels $460K is good offer, before you write up an offer, you really should have a strategy developed with your agent. What if they counter? How high are you willing to go? Is that a take it or leave it price? How much do you really like the house? Are you buying cash or using financing? Do you have financing up to the highest bid you will go?? Think it through before you start. Best, Terry Bell, Realtor, Santa Rosa, CA
0 votes Thank Flag Link Wed Nov 9, 2011
Especially if you are coming from out of state, I would strongly suggest using a broker to represent you. There are too many variables to answer a question like that, in my mind. You need to know the specifics and a broker can help you with everything and make sure the process is easier.

And remember, there is no cost to you to use a broker. It will only help and protect you.
0 votes Thank Flag Link Wed Nov 9, 2011
It depends - the offer may be spot on, too high or perhaps too low depending on the history of the house and price reductions taken over the past 300 days. Your best bet is to work with a local agent that can evaluate the house (including its condition) as well as sales in the area to best advise you. If this is a short sale, the process will take longer as you are actually negotiating with 2 parties - the Seller and Lien Holder(s) so depending on the timing of your move, this may or may not be something you'd want to pursue. Within the past 3 months, Glenview homes (single family homes - not condos) that sold had a medium sale price of 93.33% of the final list price so if you look solely at this statistic, your offer price seems reasonable. Good luck and welcome to our community - it is a wonderful area!
0 votes Thank Flag Link Wed Nov 9, 2011
Yes, you can make an offer but you need an agent who will check comparable sales prices in the area to make sure the price is right uspecially when house is on the market for 300 days and still not sold.
0 votes Thank Flag Link Wed Nov 9, 2011
Yes, of course you can make an offer. As a listing agent, I feel that a low offer is better than no offer. Make your offer; the seller might jump on it.
0 votes Thank Flag Link Wed Nov 9, 2011
Hi Tom,

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.

Regards,

Dayle Lively
847-507-8832
0 votes Thank Flag Link Wed Nov 9, 2011
The only way to tell is to assess what it is actually worth in todays market and base your offer on that, you do not know if it is over priced, priced at market value or priced way under already. If you do not know the market or area, a good buyer broker will come in handy.
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Wed Nov 9, 2011
Tom,
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.
0 votes Thank Flag Link Tue Nov 8, 2011
Tom,
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
0 votes Thank Flag Link Tue Nov 8, 2011
Find a Glenview real estate agent who will pull up comps to determine the best offer. $460k may be too low or too high, depending on the current market. The agent will also be able to delve into the history to determine why the home has been on the market for over 300 days -- perhaps its overpriced or some home conditions have prevented its sale. If you need an expert agent in the Glenview area, I would be happy to help you in your home search!
0 votes Thank Flag Link Tue Nov 8, 2011
It used to be in the northwest suburbs that the list price/sale price ratio was off by less than 5%, but in the current market, it is about 10% difference. Location is important in this calculation. If nothing else, it should be a good starting point for negotiations. Good Luck!
0 votes Thank Flag Link Tue Nov 8, 2011
Sounds very realistic, best of luck!
0 votes Thank Flag Link Tue Nov 8, 2011
try it and find out..................what does your agent say?

how did you arrive at that number?
0 votes Thank Flag Link Tue Nov 8, 2011
Absolutely, I would consider that a very good offer but you should ask your agent to provide data for the area to confirm the value. You don't want to over pay either.
0 votes Thank Flag Link Tue Nov 8, 2011
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