Russ, Home Buyer in Sarasota, FL

I see nice homes listed in the $200k to $260k range and wonder if we could pick up a nice house in a nice part of town if we offered $150k for one.

Asked by Russ, Sarasota, FL Sun Oct 10, 2010

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If you are asking, can you make an offer that is 40% off the listing price and hope to purchase the home, I would suggest no, with one canviat that the homes have not been on the market for months and months, in which we know they are overpriced. Homes that are selling in this market are 1. REO's less than 45 days market time on average, 2. Conventional sellers priced accordingly to marketplace, 3. Short Sales where buyers are patient, but even short sales are selling at 90% of Fair Market Value...There are 11300 Single Family homes for sale in Lee County, but there are 12000 homes selling in a year...regards.
1 vote Thank Flag Link Fri Dec 17, 2010
In order to determine value, one needs to be aware of comps--recently sold similar properties in the immediate area--after reviewing the data a determination on price can be made--you can offer whatever you like and the rest will depend on the seller--if a property is priced on target for today's market or slightly below, do keep in mind that multiple offers may occur--if looking at short sales, also keep in mind that the seller can accept whatever he/she wishes, however the lender decides to accept, reject or counter offer-- what is your agent advising......
1 vote Thank Flag Link Mon Oct 11, 2010
Russ,
We would need to know what property you are looking at to see if $200k to $260k is overpriced or at market value. Currently, many people are buying real estate in Lee County FL because of the relative value of the properties on the market. Homes that are priced right have been selling.
If the home in question is "over-priced" by 50k to 100k, there may not be the motivation to sell. If the true market value of the property is between $200k and $260k, my guess is that it will ultimately sell in that range.
1 vote Thank Flag Link Mon Oct 11, 2010
It all depends upon how desperate the Sellers are.

I would contend that if they take $150K for the home - then that is all it is worth.

Why not hire a Realtor that knows the area to find you a great deal?

Good Luck!

If you like the answer - please consider making it a "Best Answer" !

Gerard Dunn
Associate Broker
Licensed in Maryland, Virginia and Washington, D.C.

Assisting Homebuyer's and Seller's for 28 years
703-216-9100
1 vote Thank Flag Link Mon Oct 11, 2010
Possibly back in Oct of 2010 but absolutely not now. Hedge Funds, Investment Firms are scooping up anything under about $250k in CASH and paying ABOVE recent comps. If you haven't already bought you may have missed the boat.
0 votes Thank Flag Link Wed Feb 27, 2013
Here are market conditions, look at Median Price Graph..

http://blog.houseguy.org/market-data/
0 votes Thank Flag Link Wed Feb 27, 2013
You may talk to a local real estate agent they will be able to tell you the market price.Then you could make a resonable offer.
0 votes Thank Flag Link Wed Feb 20, 2013
Most homes are priced at what their value is. If you see a short sale priced at $150K then that is probably closed to their accessed value. There are so many different scenarios out their and it depends on the sitation and the condition of the house. Please call me and we can do some comps and get you a nice house that you desire.

Pam Wittenauer
239-989-7077
0 votes Thank Flag Link Sun Jan 2, 2011
I would be happy to run some comparable sales information to see what properties like that one have sold for. There are many factors to take into consideration, such as the amount of foreclosures and short`sales. Many of these homes have already been discounted. There are, however, many homes in the price reange you mentioned. Let me know how I can help!
0 votes Thank Flag Link Wed Oct 13, 2010
Hi Russ

On any home you place an offer have a realtor run some sales of nearby homes.

Right now there are many homes prices at 130k t0 200K that are great buys http://www.fortmyersnaplescapecoral.idxco.com/i/4114/Great_H…
0 votes Thank Flag Link Wed Oct 13, 2010
If the listings you are looking at are "Short Sales" it may not be possible for them to be allowed to sell even at full asking price. A Short Sale often has a ficticious price (hasn't been approved by the lender) and once the lender does their appraisal they will determine the "real" price.

Find a Realtor to assist you and they can give you actual "sale" prices. If sales are $170k for what you are looking for, you may be able to find a desperate owner (or a damaged property) willing to sell for $20k less than similar sales in the neighborhood.
0 votes Thank Flag Link Mon Oct 11, 2010
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