Cape Coral, Fl is a very special city. Things are different here than the rest of the country. We have foreclosures, short sales, regular sales, we have part of the city on city water and part on well/septic, we have salt water lots and freshwater lots, we have older homes and newer homes, our city was one of the first places to get hit with the housing bust. With all of these different sets of criteria, each home has to be treated differently when comparing prices.
It is extremely important that your agent is knowledgable in all of these areas. A knowledgable agent can show you real comparables and help you understand the value in each of these areas. You will need to compare size, age, taxes, location, etc.............Typically we see a 3% - 8% discount on listing prices. But buyer beware, when a home is listed under price or at market, it is common to have a multiple offer situation. (We see this mostly with foreclosures).
Agent to Agent communication is extremely important when negotiating deals. If you like your agent and find them friendly. Most likely so will other agents. When two agents get along and understand the business. This helps your transaction tremendously.
Good Luck with your search and WELCOME TO CAPE CORAL!
Read about a Happy First Time Home Buyer in Cape Coral: http://wp.me/p1MLJl-aa
Best of luck, this is a great time to buy, I still can't believe interest rates are this low.
you are obviously interested in a property for your own specific reasons. The question is , how much is it worth to you? This property must have met some or all of your criteria, so why are you now trying to devalue it in your own mind? The current real estate market in SW Florida is extremely competitive, cash buyers are the rule rather than the exception, multiple offer situations are commonplace. The chances are that the same things that made this property stand out to you, are also some of the same things that make it attractive to others.
Simply put, there is no magic formula, no hard and fast rule on how to structure your offer. The only thing you have to go on is "how much is this worth to me?" "from a common sense standpoint, what is my budget?" and "how is this property priced vs. what is considered fair market value?"
Answer those questions, then make your offer accordingly. Make your first offer your best offer, you may not get a second shot.
Neil G. Blair-Bennett
63 sold - Gulf Access Pool Home
Median list price to sale price 95.53%
95 sold - Pool Homes not on water
Median list price to sale price 97.20%
136 sold - Homes no pool, not on water
Median list price to sale price 97.25%
Car dealers always have the same markup which is not true for home sellers. Some sellers like to list with margin to negotiate and others do not, so it ALWAYS depends on the comps!
Don't low-ball your offer! A real estate appraisal should help to establish a property's value.
If you want to purchase a property at a certain price and then find that the appraised value comes in lower, you can often renegotiate the price with a motivated seller. Just be sure to include a clause in the purchase agreement that stipulates a selling price contingent on the appraised value of the house.
For more interesting facts please feel free to view my website and learn more about me as well as my dedication to the real estate profession @ http://thereseclapp.com.
Have a great rest of your evening!!
Therese A Clapp, RealtorÂ®
MBA - International Business, GRI, SFR, AHWD, REPM
Member of REBAC: Educated in Buyer Representation
Century 21 Sunbelt Realty, Inc.
725 Cape Coral Pkwy W
Cape Coral, FL 33914
2011 Platinum Five Star Education Award Recipient
Community of REALTORÂ® Excellence
REALTORÂ® Association of Greater Fort Myers and the Beach, Inc.
My clients like my negotiating abilities and I plan to keep it that way.
If you were really concerned with making a deal, you would have an experienced agent by your side.
Southern Premier Realty
Here is a blog post detailing asking to selling ratios for Lee County property: http://www.gulfreturns.com/2012/01/fort-myers-homes-sold-for
Good luck with your purchase!
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.
Good luck and may God bless