Home Buying in Armour Square>Question Details

Jim, Home Buyer in Chicago, IL

What is a typical initial offer price and sale price in comparison to the list price in the current market?

Asked by Jim, Chicago, IL Wed Jul 16, 2008

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Sean Cochran’s answer
Jim. In this market, if you have a solid Realtor AND a solid mortgage broker working for you, you can come away with a very nice deal. I just negotiated a loan for my friend in Plainfield. The home was listed (and appraised) at 260k. I got him a purchase price of 245k with 3% down and 3% closing costs concessions. (FHA Loan) He ended up coming to the table with nothing but his Drivers License. No Money. Call me.

Sean Cochran
Quality Mortgage Lending
630-330-2229
1 vote Thank Flag Link Fri Jul 18, 2008
Jim,

Don't depend on any sites such as Zillow or the other one mentioned. Dino hit it on the head have a Realtor run comps off the MLS of the area from the past 3 months. that is the only truly accurate data.
1 vote Thank Flag Link Wed Jul 16, 2008
Jim,
The list -to-sell ratio is one of the most deceiving statistics in real estate. Let's say a 500K property is overpriced by 100K and someone ends up buying in for 450K. That ratio is 90%. Sounds like a decent deal, but in reality the buyer overpayed by 50K. Conversely, a property that is priced under market sells for full list price. That ratio is 100%. Who got the better deal?

Your first step is to research the most recently closed comparables and base your initial offer off of that. Hope that helps.
1 vote Thank Flag Link Wed Jul 16, 2008
Jim,
If you would like to know the current listing price of the homes in your area or the past home sales and prices visit http://www.forchicagohousevalue.com. I find this site useful to determine the price to list my house or find past house sales in the area.

for any other real estate questions visit: http://kirbypearson.com (kirbypearson.com)

Kirby
Web Reference: http://www.kirbypearson.com
0 votes Thank Flag Link Wed Jul 16, 2008
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