Home Buying in 33134>Question Details

Eric, Home Buyer in 33134

how can i know what the right price is?

Asked by Eric, 33134 Tue Sep 8, 2009

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15
Eric,
an experience realtor can help you get all the information to determine the market value for a property. Often it is very valuable if the realtor has specific local knowledge. He will also help you to negotiate the best price for you as he has the information needed to support your case.
Let us know when you are ready to make a move and we will gladly help you in the process.
Thank you
Oliver von Gundlach
305.799.4011
RealtorOliver@aol.com
1 vote Thank Flag Link Wed Sep 21, 2011
Right Price means different things. Right price for buyer? Right price for seller? Right price for appraisal to go through? Everyone has a different perspective and through the assistance of a Realtor, such as myself, this becomes easier to navigate.

Jaiver Olmedo, Realtor
Keller Williams Coral Gables
0 votes Thank Flag Link Tue Jul 15, 2014
Hi Eric

You compare what has been sold in the area! You do this by looking at the price per SqFt. Also be sure you adjust for the existence of a swimming pool, a garage, waterfront and/or whether home is remodeled.
Its quite hard if you dont ahve access to the specifics of a home

My 2014 Investors Guide to Miami Real Estate shows the average prices for Condos and Homes in all the popular Miami living areas together with price changes

http://luxlifemiamiblog.com/invest-in-miami/

Regards

DAvid siddons
305 508 0899
Siddons.d@ewm.com
0 votes Thank Flag Link Tue Jun 24, 2014
Hello Eric,

Such a great questions - asked a while ago, but still quite valid.

We live in a great time of computer technology - and the info is at the buyers and sellers
fingertips. There is some auto evaluation software (while it is wrong most of the time - which is even disclosed on such companies' website - it will give you some comparable sales to think over.

You can get some info about market trends on the net as well (or you can request both items - comps and market trends info in a particular neighborhood from your agent).

Together with your agent, you can be more specific by going over comparable sales - doing the adjustments for the size, age, condition, desirability of location etc.

You can take a look at what's active/pending/backed up on the system to see the sold to asking ratio
and how short/long the inventory is.

Hope this helps,

Irina Karan
Beachfront Realty, Inc.
IrinaKaran@gmail.com
0 votes Thank Flag Link Thu Jun 13, 2013
The right price or value is determined by the sale activity in the area or better yet the subdivision the property is located in. A Realtor could help you by searching for comps in the area the property is located.

Comps should be similar in size and condition to the subject property, which have sold in the last four months. This will be the same information a lending institution will use before they can approve a loan. You could probably get a good idea by going online to MyFlorida.com/county tax role and search for properties which have sold in the area of the property you are looking at.

This could be a start, however, it is always best to use the services of a Realtor. We have specialized tools that produce a more accurate opinion of value.

For more information, you may call me at 786.302.0351
0 votes Thank Flag Link Sat Jun 8, 2013
Good Afternoon Eric,

As has been suggested here already, your first step is to work a realtor that has the proper knowledge and experience to guide you through this process. Given the market activity here as of late in Miami, many homes hitting the market for sale are going under contract within a very short period of time as there are quite a few buyers out searching for a home. Some areas have a larger demand than others and I have seen in the past 6 months that I best serve my buyers, but knowing ahead of time what the prices are of homes in many different areas. Once a buyer has targeted a specific area it is that much easier to be able to provide a report of the most recent sale to give you a good idea of the price you should be offering on a home. Of course, the offer you place should take into consideration the condition, features and size to the other homes in the area. Clearly a fully updated home will have a stronger value than a home that needs extensive work. Again, with an experienced realtor this process becomes that much easier for you. In addition, if you will need to finance the purchase of the home you seek, you will want to have that loan preapproval handy and updated as it will be needed in order to make an offer on any home. Good luck in your search.

Lila Lopez
RE/MAX Advance Realty
305-772-2521
0 votes Thank Flag Link Sat Oct 22, 2011
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 Wed Sep 21, 2011
If you want to know up to date Home Values, Market snap shots, Rental Values or Free CMA reffer http://www.realpike.com
Web Reference: http://www.realpike.com
0 votes Thank Flag Link Thu May 12, 2011
Eric,
You can find out the right price by having your Realtor do a CMA -that shows you what the last properties sold for in the same square mile.You'll also have to consider -is the home a short sale, foreclosure or "regular" sale? Are there any other offers on the table ?? How long has it been on the market ? How motivated is the seller ?? There is no magical number eyery home's evaluation is different in my opinion even if it starts out by a basic CMA.
Web Reference: http://www.rosiemorot.com
0 votes Thank Flag Link Wed Sep 9, 2009
HI Eric,
Classic question; are you looking in the gables?
If so tell me about the property, I'll give you a ballpark (pretty simple to do now)

But in truth,
You will always set the right price for you.
The seller sets an acceptable price for them.
And we try and put the deal together.

Good luck,
Jav
0 votes Thank Flag Link Tue Sep 8, 2009
not sure I agree with Mr Piazza when he says:
"Only an independent appraisal will let you know exactly what to offer. It will also make you feel more secure, but it will cost a fee."

What I have heartburn with is "only" and "Exactly"- as there are other things going on than
an appraisal would uncover.

If one assumes the appraisal finds the exact price (hello, duh), how do you know what the seller may accept because of factors outside the finds of the appraisal?
does the appraisal factor in those issues that might find the seller wanting to accept a lower offer for some
strange reason?

No it does not factor the seller has a payment due that seller can not make, and many other stuff.

john
0 votes Thank Flag Link Tue Sep 8, 2009
Eric:

A good Realtor will never present an offer without previously doing a Comparative Market Analysis and sharing the results with their client. Especially in this market, with prices changing within 3 months, Realtors need to be up-to-date with what's happening. And the market analysis has to be of the subdivision or, if no comparable sales can be found there, the section (which is 1 square mile). Years ago there was an "in" website where my clients were getting comparable prices; however, I found that information to be faulty at least 75% of the time.

Obviously, as a Realtor, I strongly recommend that you get one to assist you. Buying a house is just like doing any other business - you need the help of an expert to make sure things go well. Unfortunately, there is still a lot of mortgage/real estate fraud and "caveat emptor" (buyer beware) has never been more relevant. Think about this: if you have a broken leg, would you try to set it yourself by reading a manual? I'm pretty sure you'd prefer a doctor "the expert" to do it.

Lots of luck with your house hunting. I can be reached at (305) 987-6480 if you'd like my assistance.
0 votes Thank Flag Link Tue Sep 8, 2009
Only an independent appraisal will let you know exactly what to offer. It will also make you feel more secure, but it will cost a fee.
0 votes Thank Flag Link Tue Sep 8, 2009
HI Eric

This site may help you http://www.homeinsight.com/Widget/default.asp?SLCJRNQZX3PS

Let me know if you need any assistance, with kind regards

Janie
0 votes Thank Flag Link Tue Sep 8, 2009
Hi Eric,

Do you mean the right price to offer? Let a professional help you. Realtors determine market values on properties all the time - that is our job.

This is a crazy market right now, and it doesn't cost you anything as a buyer to get some assistance. Please feel free to contact me if I can help guide you on a specific property. Good luck.

Diane Loveridge
Majestic Properties
(786) 210-3449
dloveridge@majesticproperties.com
0 votes Thank Flag Link Tue Sep 8, 2009
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