Home Buying in Rockford>Question Details

Jeff Gustafs…, Home Buyer in Rockford, IL

Based on the current market conditions in Rockford, is offering 8-10% below the asking price unrealistic or

Asked by Jeff Gustafson, Rockford, IL Sat Jan 31, 2009

too aggressive?

Help the community by answering this question:


I hate to make a broad answer to that question. I do the same for a buyer as I do for a seller a CMA. The comparable market analysis informs my buyer what the market says the home is worth. I have often received more than the asking price on my listing because I price my homes right, and get multi offers! I Love Rockford & Northern Illinois. Great place to live and raise a family!
0 votes Thank Flag Link Wed May 19, 2010
All depends on comparables in the area. Buyers sometimes get so tunneled visioned on NOT paying an asking price they can't see a great deal when it smacks them in the face. If the asking price is lower than market value why risk it. Believe it or not there are some great deals out there that are worth the asking price. There are also some asking prices out there that are way overpriced. One thing I find amusing when dealing with buyers is that they will find EVERY EXCUSE in the world why a house isn't worth what the seller is asking but when that same buyer is a seller then it's EVERY EXCUSE in the world why the house is worth every penny. Funny creatures we are...

My thought is this. If the house is overpriced for the market then it is a reasonable assumption that one should offer less than what the seller is asking. However if the house is priced under market and has value to the teh buyer then a smart buyer offers asking price to try and avoid another buyer entering the picture. If not then while the buyer is trying to save a few bucks losing the deal. Good luck..
0 votes Thank Flag Link Wed May 12, 2010
I usually advise my buyers to start their offers about 10% below asking price, except if the listing agent indicates "present all offers", "seller desperate", etc., then we will go about 15% below asking price. However, that's a starting point and most of the time, that first offer will not be accepted. But, that offer is not so low that it will offend the seller and usually negotiation will result in a price that will satisfy the buyer.
Dick Eckburg, CRS, GRI
0 votes Thank Flag Link Wed May 12, 2010
Keep your offer live and negotiate it out. Most listings in RKFD right now are priced to sell! Quality agents have counseled their sellers and helped them with the truth in the marketplace today. I wish you the best of luck! Rockford is a great place to live, you will like it! -
0 votes Thank Flag Link Fri Apr 2, 2010
I think it's aggressive but also boards insulting in my opinion. I understand homes aren't moving very quickly but 10% is accessive unless the home owner is VERY motivated to move I wouldn't expect too much out of them.
0 votes Thank Flag Link Thu Apr 1, 2010
My wife and I are putting our beatuiful house on the market March 1st. The house was built in 2007 and is 2953 square feet with a unique floor plan. It is located on the east side of town close to Cherry Valley and has county taxes which is around 8%. The house is located in a semi-private neighborhood and minutes from I90
0 votes Thank Flag Link Tue Sep 29, 2009
No, however, on the average most sales are closing within 4% of list price, unless it is a foreclosure.

If asking 100,000, go ahead and offer 90,000. You will know by how they counter back just how far off you are.

Sandy Tower, Dickerson Nieman Realtors.
Web Reference: http://www.sandytower.com
0 votes Thank Flag Link Wed Aug 12, 2009
Hi Jeff,
We are Realtors in Rockford Illinois. We are also life long residence of this community. Rockford as stated is already (as previously stated) a good value.Our recommendation is utilize a local Realtor to do a market analysis.There is more to an offer than price. Feel free to call or email if we can be of assistance.
0 votes Thank Flag Link Wed Feb 4, 2009

In our opinion, you could be in the ball park. However, the best means to gauge the relevence of your offer is to closly examine the comps for recently sold similar property in the target area. This should provide a better understanding of where the current real estate market is at this time.

Good luck
0 votes Thank Flag Link Sun Feb 1, 2009
If you take into consideration that there is a financial incentive to the sale of a home and that the biggest tool the homeowner has to sell their home in a timely fashion is the asking price and then you couple that with the fact that the Rockford area is traditionally a very value oriented market, I think you can reasonably assume that at this juncture, prices market wide should have been reduced already. Offering 8-10% below asking in my opinion is going to only generate a protracted back and forth negotiation and if it is not already a foreclosure, potential bank involvement for the purposes of short sale. Historically in this market, homes have sold for at or above 95% of there current asking price. Do some research on the particular area and home and trust the opinion of your Real Estate Professional when it comes time to make an offer.
0 votes Thank Flag Link Sun Feb 1, 2009
May or may not be a good strategy. Depends on how it is priced in comparison to competition. Is it a good deal, or overpriced? Does it need alot of work? What is the sellers motivation? These are all things to consider when deciding what to offer.
0 votes Thank Flag Link Sat Jan 31, 2009
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer