Home Buying in East Falls>Question Details

James, Home Buyer in

is placing a full price bid on a home in philadelphia foolish?

Asked by James, Wed Apr 16, 2008

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Liz Hoffman’s answer
Talk to a Realtor. Have them give you sales prices for comparable properties, and market data concerning current list price to sales price ratios. Remember, working with a Realtor will usually not cost you as most commissions are paid by the sellers, unless that person is working as your buyer's agent, and even then, most of the time the sellers pay the commission. It can, however, cost you if you don't work with a Realtor, as you are eliminating your best source of current market info, and going in blind.
1 vote Thank Flag Link Wed Apr 16, 2008
It depends on the listing price versus what the other properties sold for. Obviously, in the current market, most properties sell around 90 to 95 percent (on average) to the listing price, depending on the area. However, it is not uncommon for a property to be UNDERLISTED, either because the house is priced to sell super fast, or sometimes the realtor and/or the seller will simply by mistake underlist the property. In that case, placing a full price offer is not foolish at all. In fact, in those cases, typically the offer that will be accepted will end up being ABOVE the asking price.

The flip side would be if a house has been on the market for a month or two (or obviously longer) and making a full price offer. That might be a little foolish : )

Hope that helps ! Good luck. If I knew more info, I could answer the question more specifically.

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1 vote Thank Flag Link Wed Apr 16, 2008
Good Morning James,

You made an offer and accepted right? The offer is depends on the CMA-
meaning Comparable Market Analysis did the agent show you how he come
out with the price. The price come from you not the agent but keep in mind that
the price should supported by the CMA giving advise and also depend on the
condition of the property there are many variables things involve.
0 votes Thank Flag Link Fri Oct 23, 2009
Do research yourself using Trulia's "recently sold homes" feature.

Or wait for redfin.com to make it's way to Philadelphia. No sense in letting a buyer's agent keep 3% of the home price for minimal work.
0 votes Thank Flag Link Tue Oct 20, 2009
James,
You obviously need the assistance of a professional you will specifically show you by the numbers whether the subject property you are interested in is worth putting in a full price offer or not. I'd be happy to assist you. I can give you a full history of the sold homes in your subjects property's area. We can compare this with the current condition of the home. Only then will we know the best price to offer on the property. Feel free to call to call me anytime direct. Or for starters you can send me an email of the subjects property address. I can begin by looking up some info on the MLS. Also we should discuss important PA real estate agency relatonship disclosure. Its important that you have someone assist you who will solely represent your interest. And if the property is listed the seller has already agreed to paying my fee. As your buyer's agent my services would be of no costs to you.
0 votes Thank Flag Link Sun Apr 20, 2008
Hello James, As a Realtor I would suggest that you find an agent and review the comparable properties on the street from the last 2 months. This current market is a buyers market and you will find prices declining overall. Philadelphia is still a strong market, however it is following the national trends, although not as drastically as Miami or Las Vegas. You will also need to have an agent that is familiar with the neighborhood. Philly is a city of neighborhoods and your agent, following Federal Laws, will be able to tell you about any neighborhood in Philly!!!
0 votes Thank Flag Link Thu Apr 17, 2008
James, alot of variables here. Comps, days on market, seller motivation, buyer motivation all come into play. Contact a reputable buyer's agent for analysis of the house as well as your situation.
It is unusual in this market to pay full price, but I have seen mutiple offers on some homes,
0 votes Thank Flag Link Wed Apr 16, 2008
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