Ellen Wilson, Home Buyer in Westport, MA

We are looking at houses in Kittery Point.Given current market conditions, what percentage under the listing price is reasonable We can close quickly

Asked by Ellen Wilson, Westport, MA Tue Jun 26, 2012

and without a mortgage contingency.

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John Fennessey’s answer
Hi Ellen. The earlier answers to your question covered it very well. The CMA you would need is referred to as a Buyers CMA. It is done for a specific property of interest, which matches it against comparable properties. That way you can determine how it is priced in relation to its true competitors which have recently sold and which have yet to sell. The person doing the CMA or advising you should be familiar with all the various sections of Kittery Point, as well. Prices can vary a lot when your dealing with proximity to the ocean. If i can be of assistance, you can reach me via e-mail at John@Beangroup.com or through my website at http://www.johnfennessey.com.
0 votes Thank Flag Link Tue Jun 26, 2012
Properties sold at 95% of list in Kittery over the last 12 months. But an average is just that - an average. It varies depending on how well priced the property is to begin with and also Seller motivation.
The range in percentage is 66% to 118% of list over the same 12 month period. So the percentage will depend on how well priced the property is to begin with and how :hot" it is in the market.
Many Sellers will give some price concession for cash. But unless they are distressed and need a quick sale, it may not be a large concession.
I am a local agent (although originally from Massachusetts!) and if I can assist in any way, please call or email.
Regards,
Margaret Mitchell
Coldwell Banker Yorke Realty
529 US Route 1, Suite 101
York, ME 03909
Office: 207-363-4300 X107 Cell: 207-752-3489
EMail: Margaret@MargaretMitchellRE.com
0 votes Thank Flag Link Tue Jun 26, 2012
Hi Ellen,

There is no set percentage. The list price may be high, low, or right at current market value. The best way to know what you should offer is to have your Realtor do a Comparative Market Analysis (CMA) on the property using SOLD comps within a 1 mile radius of the property (the closer, the better) that have SOLD within the last 3 months. This will give you current market price and this is what you should base your offer on - not on list price.

Good luck.

Shanna Rogers
SR Realty
http://www.RealtyBySR.com
0 votes Thank Flag Link Tue Jun 26, 2012
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