Market Conditions in Gadsden>Question Details

Marc Peters, Home Buyer in Georgia

I am going to buy a home in Gadsden. How much below the asking price should I start? What should I expect to?

Asked by Marc Peters, Georgia Sun Aug 17, 2008

pay (percentage wise)?

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6
I would look at the tax accessors value of the home and bid 10-15 % below that...if you really want it..negotiate up from there..otherwise there are plenty of homes on the market to choose from with similar characteristics and somebody is anxious to sell at the right price. Keyword patience and you will save a load of cash.

Many sellers and agents appear to be removed from reality of the current real estate situation based on their asking prices...make no mistake, we are in a buyers market and you are in the drivers seat.
Check out Zillow.com and see if it lists what it sold for previously...there is no way I am paying the same or more than what someone purchased the house for in 2003. No wonder these houses sit on the market forever.
2 votes Thank Flag Link Thu Aug 21, 2008
I have a home for sale in the Glencoe/Gadsdden area. Check it out on realtor.com. Address is 1004 Buddy Street. Very well maintained and nice neighborhood. I have added on a den, swimming pool and hot tub.
0 votes Thank Flag Link Thu Apr 1, 2010
The best indicator of value is based on recent sales. I would recommed that you look at a CMA for the home and area that you are interested in purchasing . Your Realtor can provide a CMA report that contains recent sales in the area which will allow you to compare the home you want to make an offer on to homes that have actually sold. This information is similar to the information an appraiser uses to calculate value for a home. In addition, the report may contain a comparison that tells you what each home was listed for compared to sales price and an average %List price/%Sale price for that particular area. Based on this information, you can determine a value to begin your negotiations. Tax appraisals are often out of date and inaccurate and do not necessarily correlate to market value.
0 votes Thank Flag Link Thu Apr 9, 2009
It various from town to town but Alabama is not in a declining market and if the property is listed with a good agent - the property should be priced right but there is no way to tell if their selling agent is a good one or not but If I were your buyers agent this is how I would approach the matter first. (After of we have found your desired property)

1. I would evaluate the property has if I were going to list it (to come up with a price I think it is worth)
2. I would look at the comps or recent sales and look at what they were listed at compared to what they sold at
3. I would look at the agent and determine how strong an agent they our remember I will work for you and if they have a weakness i will exploit it (some agents either tell to much or sometimes what they don't say hurts them again I work for my buyer so if I can get information from a Realtor that they are really not suppose to give well that our gain I have no relationship with the buyer.
4. Some times the seller will sale for a lot less just can't because of pay off of their mortgage that’s why I will take a trip to court house and see what they owe and if they are really in a position to neg. (mortgage information is public knowledge)
5. And the last way is if someone is in a real crunch and need to move on I will propose a short sale to the seller there by in which their lender accepts less money for the payoff


All in all I have save clients a lot of money over the last few months and if you would like some references please send me an e-mail. 1. example is home listed for 139,900 payoff was around 120s and I negotiated the short sale of 105k that loan will close at the end of the month 2. If you have cash when dealing with a foreclosure the banks will take a lower cash offer because of the financing woe’s of late Property listed for 134,900 waited until it went to 115,900 made cash offer of 85,505 and closed in August and I was told there was another offer of 104k that was rejected because of type of financing.

Give me a call if you would like more Ideas
Web Reference: http://www.biglynn.com
0 votes Thank Flag Link Tue Sep 2, 2008
Keep in mind that many private owned homes are priced at the lowest amount a seller can take because they have overfinanced or the values has dropped so low. It's not a matter of "who's in the driver's seat" it's a matter of reality on a case by case basis. I wouldn't say that agents are too removed from reality...that's not a fair or accurate statement. Think about it...agents are living the reality every day-this IS our reality! A good buyers agent will point you in the right direction with your offer based on the reality of the market. netgui68 insists it's not advisable to pay what someone bought it for in the past. I would not focus on previous sales of your subject property nearly as much as I would the comparables in the same area. Previous transactions are somewhat irrelevant. In our area, the assessors, not "accessors" opinion of value is not exactly accurate. They are continuously doing "studies" because they are finding their assessments are off because of the foreclosures. Hope this helps. Best of luck.
0 votes Thank Flag Link Fri Aug 22, 2008
In gadsden check the neighborhood first. Decide if that is where you want to live. This section of alabama offers some the greatest values in real estate you could hope to find. You may find that list price is very reasonable and no haggle required. Else look outside and in the local markets.Gadsden is a very attractive town which is greatly under utilized
0 votes Thank Flag Link Fri Aug 22, 2008
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