Have your REALTOR provide you with the recent sales activity to include days on the market and price reduction trends (if any) as well as she/he having a discussion with the listing agent for any additional information (seller motivation etc...) . Don't wait around for it to reduce if it is a decent property. Speak to your REALTOR about making an offer before someone else does! If your offer is reasonable they may accept it, if it is a bit low, they will most likely counter it. Negotiate! Good Luck.
Marcie Sands, REALTOR
Simply The Best Real Estate Co., Inc.
Cory La Scala, REALTOR
The best way to find out is to submit an offer. A seller can ask whatever they like but the value of the home is determined by the buyer and the current market.
If you are interested, I can prepare a market analysis of this home to help determine a fair market value of the home and make an offer based on that information.
Local Help with Your Real Estate Needs
The San Diego Property Shop
CA DRE # 00648687
I have researched this property for you and found that the property has had 1 price reduction since it was listed for sale 37 days ago.
The property was reduced 15,000 on August 20th to the new listed price.
Please contact me to put a plan in place for you to submit an offer at the price your comfortable with. I can do some reseach to find a market value price for this home if you like. This is give you great idea of a starting offer price.
Talk with you soon,
Understand that the LISTING PRICE has one primary objective, to attract attention: It is not intended to be set in stone, and in many cases it is not even a good guideline toward the SELLING PRICE.
Some Sellers believe that by setting the LISTING PRICE high, they can always come down, and people will make an offer anyway: WRONG! Buyers will just bypass the property and look at houses that are within their price range. And six months from now, the Seller will slowly start lowering the PRICE, (this is called â€œchasing the curveâ€) and Buyers will be asking the question; â€œWhatâ€™s wrong with that house?â€ and â€œWhy has it been on the Market so long?â€
Other Sellers set the LISTING PRICE low, to attract multiple offers. (The correct strategy.) We are asked; â€œArenâ€™t you obligated to sell at this price if someone offers it?â€ The answer is probably not; for that to happen, you would first have to have only one offer, and secondly, the offer would have be exactly the same, down to the smallest detail, (please discuss this with your Realtor).
Another thought; Buyer will search for potential properties by groups; for example, $400,000 to $450,000, and $250,000 to $300,000. If your house is priced at $460,000 or $310,000, the Buyers will never see it. (something else to discuss with your Agent.)
Different Banks have different philosophies about pricing their properties: You cannot draw any conclusions without a good analysis.
Have your Realtor do a CMA, (Comparative Market Analysis) to help you determine your Offering Price. It is the surest way to determine the Market Value of the property.