Leelee, Home Buyer in NE Philly

considering purchasing new home....can buyer negotiate less than current asking price, and if so...how much?

Asked by Leelee, NE Philly Fri Jul 11, 2008

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LeeLee, have your agent provide you with comps for the area so you have an accurate picture of value, then offer what YOU want to offer. Don't let anyone tell you "Your offer is too low." You never know the situation of the seller or what type of motivation they are under. The last house I purchased was for sale at $250,000 I offered $140,000 and settled at $150,000. You hold the checkbook, so you make the call. Just make it an educated call by utilizing the expertise of your realtor.
0 votes Thank Flag Link Mon Aug 11, 2008
Would you offer sticker price on a new car?

I don't know about anyone else here, but NO ONE has ever told me "you offered too much".

If I'm your Realtor, I don't pay retail. However, sometimes what you can get are concessions, extras and items that add value.

If you want someone who negotiates for you like the proverbial "junkyard dog", hit me up......
0 votes Thank Flag Link Mon Jul 21, 2008
Consider this when buying new construction. The asking price is only one part of your actual cost! You can negotiate everything from the price to what is included and who pays closing cost, etc...you should know what similar models have sold for recently so you don't over pay, and you will also want to know the trend of sales in the community...where did the prices start, where are they now and where are they headed. see the trend and buy the home at the current value or below....again remember all the terms of your purchase, not just how much you paid for the home. it's the value of what you own not the price you paid for it.
0 votes Thank Flag Link Mon Jul 14, 2008
Everything is negotiable !!!! In NE Philadelphia, the average "differential" is approximately 92 to 93 percent meaning that on average, a house listed for $200K will settled for $184 to $186K. Now as a previous poster said, it is a case by case basis. Meaning that a way over price listing will settle for much lower and a house that is priced to sell might settle for the full listing price.

I would get consultation from your buyers agent as far as what to offer. What to offer would primarily be based on the other properties that have sold in the immediate vicinty that are comparable. If you would like to me to weigh in on this specific case, shooot me an email. My contact info is on the website below. After all, NE Philly is one of our target markets !
0 votes Thank Flag Link Sat Jul 12, 2008
The simple answer to your question is yes, but it goes on a case by case basis. If your buying in a community or development that has many similar properties, you hope the developer stays firm on their price, so when you are living there, they wont undercut the value of your home to a potential buyer. But statistics show that in Philadelphia, the selling price is approximately 92% of the listing price. Please contact me for more details on the area you are looking to purchase in, and I can provide you with some advice and council on whether you can make an offer under asking price for the home you are looking to purchase. I can be reached at nostroff@cbpref.com

Noah Ostroff
Coldwell Banker Preferred
Licensed PA Realtor
215-801-1587
nostroff@cbpref.com
0 votes Thank Flag Link Fri Jul 11, 2008
Dear Leelee - The sale price is always a negotiation between the buyer and the seller, even when the seller is a builder. Ultimately it will depend on the situations of each, how anxious is the seller, and how determined the buyer is to have that home. You should think about employing someone to act as your buyers' agent - Realtors are trained in the skills of negotiation, familiar with all the ancillary clauses in a contract. (price is not the only important part of the contract.). Settlement date, mortage clause, home inspections, additional amenities, are just a few examples of other negotiating points. Find the seller's hot buttons and play to those. Sometimes you cannot get a builder to bring the price down, but they will throw in many thousands and thousands of extras to get the inventory off their books. A good agent will research the specific neighborhood for you and help you determine what the market is doing specifically in your area of interest which will also impact your chances of haggling on the price. Good luck with that new home!
0 votes Thank Flag Link Fri Jul 11, 2008
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