Home Buying in Castlewood>Question Details

Et, Home Buyer in 30327

The pricing seems really high in Castlewood based on conditions overall. What is ther rule of thumb for generating an offer from the list price?

Asked by Et, 30327 Mon Oct 19, 2009

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It sure would be nice if there was a rule of thumb to figure out a good offer price. The real truth is that since there is no rule of thumb for pricing, there can be no r.o.t. for offer price either. We are all at the mercy of the comps! Without evaluating what the homes in the subject neighborhood are selling for, you can never know a home's value, or if you are getting a good deal. Hook up with a good buyer's agent who is familiar with the neighborhood in question, and they can guide you in formulating a realistic offer.
0 votes Thank Flag Link Thu Aug 16, 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 Thu Aug 16, 2012
I agree Castlewood is an undervalued neighborhood, due to it's proximity to the best schools, shopping, the heart of Buckhead, and Mid-town. Castlewood has the feel of suburbia with heavily wooded lots but the location is city. It is also a very community oriented neighborhood with a garden club with community garden, socials for the parents and children, a great Halloween parade, and other fun events throughout the year.
0 votes Thank Flag Link Thu Aug 16, 2012
Castlewood is a highly desired neighborhood due to its layout, lots, and proximity to Morris Brandon Elementary. The homes in Castlewood really never have to worry about being 'drawn out" of the school district plan. This house is an older house from the 1950's that has never been updated or renovated to make it more modern and comfortable. I would say that these prices are low for the neighborhood and a lot of it is due to the seemingly unending misery that is the housing market here in Atlanta, GA.
0 votes Thank Flag Link Fri May 4, 2012
Discuss this with your agent.

If you have not engaged an agent to work with you, you should strongly consider hiring someone who will look after your interests.
0 votes Thank Flag Link Mon Oct 19, 2009
Pulling the comps - that's what the sales price should be based on.

Here they are...

http://fmlslistings.marketlinx.com/SearchDetail/Scripts/Cma/…

Let me know if you need my help in generating an offer.

Julie Brittain
JEZEBEL Magazine “Realtor of Distinction” 2006 & 2009
Top 5 Individual Residential Agent 2001, 2002, 2003, 2007, 2008 & 2009
Top 5% of Keller Williams Realty Agents Nationwide Since 1999
#1 Team 2004 - 2005, #1 Individual Agent 2001 – 2003
Keller Williams Realty First Atlanta
Mobile: 404.966.3328

http://www.TeamBrittain.com
0 votes Thank Flag Link Mon Oct 19, 2009
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