Market Conditions in Holt>Question Details

Juan, Home Buyer in Lansing, MI

Is there at this moment an estimate of how much is payed versus how much is asked for, as a $ figure?

Asked by Juan, Lansing, MI Wed Feb 4, 2009

Example, on average, houses listed at 160000 are bought for about 145000,
houses listed at 180000 are bought for around 160000, and so on... so the breach is about 15000 to 20000.
I am planning to buy a house in the next month and would like to know how much less is being offered on average.
Thanks!

Help the community by answering this question:

Answers

6
Juan,

That is a very difficult question to answer. You need to work with a professional in your area to determine what an appropriate price is, for a specific property. Taking just an average is not a good rule of thumb, as a house that is a STEAL at $180,000 and sells for $178,000 is compared to a house that was up at $180,000 and the sellers actually accepted $150,000. As you can see, working off of an average really doesn't reflect much.

Good luck! If you need to get connected with a proven Buyers Agent in your area, don't hesitate to email me and I will make the connection.
Web Reference: http://www.DoorToDreams.com
1 vote Thank Flag Link Wed Feb 4, 2009
Juan,

There was a question asked today in Ypsilanti that may be of importance to you about Buyer Agency.

http://www.trulia.com/voices/Home_Buying/Buyer_Agency_Contra…

Moral is, make sure you understand what you sign! Even if you need to take the contracts to your lawyer.
0 votes Thank Flag Link Thu Feb 5, 2009
I wish to thank you all for the responses. I was to the bank only yesterday and got pre-aproved. Have to see one RS agent tomorrow and, of course this question will be at the top of the list, but wanted to check here before.
0 votes Thank Flag Link Wed Feb 4, 2009
Juan,

I would agree, an area professional should be able to provide List to Sale ratio of similar homes. As Derek mentions, this value will change for each home. If the home is properly priced to create interest from qualified buyer's you may actually end up offering more than asking price, but less than the value your appraiser determines for the home.

Keep in mind, only a Buyer's Agent can represent your best interests in a real estate transaction, so after pre-approval, that should be your next step. I suggest interviewing at least 3 agents and get in writing what services they do (and do not) provide.

There are several local agents available in a member search on Trulia.
Web Reference: http://mi-living.com
0 votes Thank Flag Link Wed Feb 4, 2009
Check with an Appraiser in your area for market trends of List-To-Sale Price Ratio for the past 6 or 12 months. You will get a more honest and accurate answer to your question without the sales pitch pressure from an agent. It is true, however, that the difference in list price and sale price may depend on an individual property itself, but an Appraiser can provide you with information showing market trend analysis of the average ratio difference between the two.
0 votes Thank Flag Link Wed Feb 4, 2009
FIRST ANSWER

I suggest you connect with a truly good area real estate agent, one who loves to work with buyers (if you like I can refer you to a realtor colleague of mine to assist you, just e-mail me and let me know that you would like me to do so... edithsellshomes@gmail.com) I am suggesting that because your real estate agent, your buyers agent who will exclusively work on your behalf, will be able to assist you in guiding you to where to start with your offer, based on how much you both think the home is worth, and that is different for each home, some need just some cosmetic work others need more extensive work, some are in great condition, move in and do nothing and sometimes the location or land deserves more, and when making an offer with your buyers agent, he or she will pull a market evaluation for you, and show you comparable properties that have recently sold and the agent will also suggest a certain negotiation strategy to get you to the price you feel most comfortable with for that specific home....
And sometimes the seller's situation will make it harder or easier to negotiate...
There is never a fixed % but a range which then depends on the condition, size and location of the home...

Let me know if you would like me to recommend a real estate agent in your area to you ....
Edith - edithsellshomes@gmail.com
Good Luck to you in finding the right home in Lansing MI
0 votes Thank Flag Link Wed Feb 4, 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