Market Conditions in 10965>Question Details

Sandra, Home Buyer in 10965

Is it common for houses in Rockland County, specifically Pearl River to get higher than asking price even in this market?

Asked by Sandra, 10965 Tue Jan 25, 2011

If not, what is the general trend in terms of percentage lower than asking? I am trying to figure out what are acceptable bids and offers for homes in Pearl River. Thanks

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Hi Sandra,

Based on 2010 statistics, homes in Pearl River sold for an average of 94.74% of the list price--that is just over 5% below list price. As the other posters pointed out, there is no real bid or offer rule. Price is based on the size, condition and location of the home, comparable sales, and supply and demand in the market.

If you are a qualified buyer, with suffucient funds for the downpayment, good credit and no contingencies, you would be the ideal buyer.

If you are working with a Real Estate agent, have the agent run the comparable sales in Pearl River based on the size and style of the home. If you are not working with an agent, find an agent and let the professional use their knowledge to help you.

Maureen McEnroe
Licensed Real Estate Broker
Prudential Joyce Realty
914-588-1873
mmcenroe@prudentialjoyce.com
0 votes Thank Flag Link Tue Jan 25, 2011
Hello Sandra, This is strictly a case by case scenario. If the house is a "wow" and priced fairly it can create a multiple offer situation. Have recently had a Buyer close on a house in Pearl River and he paid about 10% less than the asking price at the time. Also, multiple offers can occur on Short Sales and Foreclosures. Pearl River is a very unique town and does draw a higher price than other towns at times. If you need any further information on ANY properties in Rockland don't hesitate to email or call me. Wish you wll. Regards Allan

Allan Erps, ABR,SFR
Licensed Real Estate Salesperson
BHG Rand Realty
95 S Middletown Rd
Nanuet, NY 10954
VM(24 Hours) 845-770-2141
Cell Phone/Text 845-304-3040
Fax# 845-624-7137
For the latest in Buyers and Sellers Resources,
visit my website at; http://www.allanerps.randrealty.com
0 votes Thank Flag Link Tue Jan 25, 2011
When it comes to making to making any offer, there are no set standards as to how much below list price to offer; in order to determine a fair price, review comps with your agent--recently closed similar properties in the immediate area, and then go from there. If a property is listed at today's market or slightly below, multiple offers may occur--you may have experienced/seen this situation when a property sells at or above list price.
0 votes Thank Flag Link Tue Jan 25, 2011
If a house gets over asking price, regardless of where it is located, it means that the house was appropriately priced for the market. There are is no "percentage lower than asking price" formula as regards making an offer. A solid offer should be based on most recent comparable sales. A growing trend among listing agents is to price the home aggressively meaning slightly lower than the most recent sales. The purpose is to attract multiple offers from which the seller can choose the best. Always have your buyer's agent give you a comparable market analysis before making an offer.
0 votes Thank Flag Link Tue Jan 25, 2011
Only if the property is priced right in the first place. Bank appraisals only take into consideration the listings that have sold in the area that are comparable but also lookat those that fail to sell too - so if a house is overpriced and a buyer will pay that price to get it - it doesn't necessarily mean that the sellers loaner will give them the money to do so. Even cash buyers are looking very closely at comps and even having their own appraisals donem My advice to you is to get three CMA's from three diferent agents as to what their price opinion is on a certain property - then you will begin to get a good idea. Good luck! And be sure not to overpay in a market that is still trending downwards...
Web Reference: http://wesellny.com
0 votes Thank Flag Link Tue Jan 25, 2011
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