Property Q&A in Lake Grove>Question Details

Jay, Home Buyer in New York, NY

Wondering why some houses are listed with price ranges

Asked by Jay, New York, NY Mon Feb 23, 2009

I was wondering why some houses are listed and it says buyer willing to accept offers in the range of 449k to 515k. What is the point of the range. Wouldn't everybody offer 449k at that point?

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Jay,

Are you working with an agent? Reason I ask is - no matter what the listing price is - a range or a "regular" list price - an agent should be able to provide you with an analysis of area sales - NOT FROM ZILLOW.

Now - not every agent knows what they're doing so they don't really know what they're looking for as for "comps". I have agents, in this business for over 20 years and they don't know how to pull comps. They'll try and negotiate with me on a particular property and they'll be pulling available homes in a completely different town, different style of home, etc... crazy. That WILL NOT help you as a buyer.

You can visit my site for some interesting articles about the market and other material to catch up on what's going on out there.
Web Reference: http://www.tommcgiveron.com
0 votes Thank Flag Link Mon Feb 23, 2009
The rationale behind the range is so that a potential buyer understands that although the listed price is $515K, the seller will respond back to you if your offer is over $449k.

I understand the idea started in Australia and moved to California and now it is used around here. I also feel, that if the end user doesn't understand it, how can it be of benefit? But, statistics have shown, that once a home is moved into a price range, quite often it does receive more offers and sells.

Carol Bromm, SRES, CBR
Associate Broker
Prudential Douglas Elliman, Babylon
631 422-8269
0 votes Thank Flag Link Mon Feb 23, 2009
Hi Jay,
Yes, I agree with you that the buyer would offer $449k at that point ( I had few times when the buyer had questioned that). I guess the goal is to have the listing come up in the search of the large price range, example if buyer is looking in $449k to $500k or $500k to $515k the house will come up in search.
Jane Zilpelwar
0 votes Thank Flag Link Mon Feb 23, 2009
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