Home Buying in Poway>Question Details

lisasewell04, Home Buyer in Poway, CA

Likelihood of price reduction on 14938 White Butte Dr

Asked by lisasewell04, Poway, CA Mon Aug 27, 2012

I'm curious from the RE professionals on if you think the price on this house will decrease?

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6
Lisa,

Lisasewell04,

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.

Kind Regards,

Marcie Sands, REALTOR
Simply The Best Real Estate Co., Inc.
760-644-1562
PUSD
0 votes Thank Flag Link Mon Aug 27, 2012
Maybe a little, but you won't know until you write an offer. Sellers usually get a bunch of low ball offers in the beginning. A few weeks on the market with no offers makes a seller re-evaluate the price when a reasonable but lower offer comes in. Some sellers want to list high because they expect the lower offers, but will reject offers they feel are too low, even if they're in line with comps, especially if they've done work to the house. A good agent will let a seller know what happens when you list high, and listing low isn't always the strategy either, it really depends on the property.

Warm Regards,

Cory La Scala, REALTOR
Independence Realty
619-825-6421
0 votes Thank Flag Link Mon Aug 27, 2012
Lisa
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

Jerry Heard
Your Broker
The San Diego Property Shop
http://www.TheSanDiegoPropertyShop.com
jerry.sdps@cox.net
Direct 619-920-9796
Office 619-269-5545
Fax 619-269-9168
CA DRE # 00648687
0 votes Thank Flag Link Mon Aug 27, 2012
Steve McCormick, Realtor
Coldwell Banker Residential
You can reach me :

Cell- 619-990-0302
Smccormick@coldwellbanker.com
0 votes Thank Flag Link Mon Aug 27, 2012
Hi Lisa,

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,
0 votes Thank Flag Link Mon Aug 27, 2012
LISTING PRICE
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 “chasing the curve”) and Buyers will be asking the question; “What’s wrong with that house?” and “Why has it been on the Market so long?”

Other Sellers set the LISTING PRICE low, to attract multiple offers. (The correct strategy.) We are asked; “Aren’t you obligated to sell at this price if someone offers it?” 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.
0 votes Thank Flag Link Mon Aug 27, 2012
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