Home Buying in Hollywood>Question Details

Stephan, Home Buyer in San Francisco, CA

How do I know if I should offer more or less than the listing price in Hollywood?

Asked by Stephan, San Francisco, CA Mon Apr 23, 2007

Is there a difference if I'm looking for a single family home versus a condo, or some other type of property?

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Answers

8
Stephan,
Quick....get an agent. He/she will walk you through the process, explain what needs explaining, and protect your interests.


Good luck,
The "Eckler Team"
0 votes Thank Flag Link Mon May 19, 2008
Interview 2 or 3 real estate professionals who work in the specific area in which you have an interest. Ask them for references and their sales record in this area. After you have done your due diligence choose an agent and put your trust in what he or she advises.
0 votes Thank Flag Link Wed Apr 23, 2008
Stephan: My husband David and I run our own boutique real estate brokerage in the greater Hollywood area (we're actually in Pembroke Pines, right next to Hollywood on the west side). Right now, you're definitely in the driver's seat - I can pretty much tell you categorically that you should offer less than the listing price. I still believe it varies situation by situation as to the motivation of the seller but that's where a good Realtor comes into the picture. I always check out the tax records, and the history of the property as well as the other activity in that community to help the buyer make an offer that works well for them, yet doesn't quite insult the seller! A combination of local knowledge, psychology and market research goes a long way in assisting buyers right now. The situation is the same whether you're looking at a single family home or a condo. If you're not already working with a Realtor, I'd love to work with you - what you eventually decide upon depends on how much you're able to spend, whether you'll be using the home yourself, what area suits you (if you have kids, work etc) or just as an investment property, whether you're interested in long or short term rental, Lots of questions but that helps to narrow down the perfect place for you.

It is a perfect time to buy down here and our sellers are VERY motivated!

Best wishes and good luck from sunny South Florida!

Angela
Villa G Realty - Pembroke Pines, Florida
954816-7996
Web Reference: http://www.villagrealty.com
0 votes Thank Flag Link Wed Apr 23, 2008
Everyone "knows" this is a buyer's market, but how much of a buyer's market is it? Find a local agent that can can get you information on how many homes were listed between 1/23/2008 - 4/23/2008 (assuming today's date in the analysis), and how many homes were escrowed in the same time period. Divide the number listings by the number of escrowed properties. Do the same for 1/23/2007 - 4/23/2007. Compare the numbers. Is the ratio of properties coming to market to the volume of escrowed properties smaller or larger compared to the last time period? Do the same calculation for 10/23/2007-1/23/2008 (the 3 month period just before the most recent 3 month period). How do the numbers compare? This gives you an idea as the velocity of the market whether its decelerating or accerlating and thus will help you determine, relative to the comparabel sales, if you should be offering list, under list, over list and how much under or over.
0 votes Thank Flag Link Wed Apr 23, 2008
Your real estate agent should have this answer for you. Your agent will know the history of the house, the rise or decline of your market, if there are any other offers. If you get into a "multiple offer" situation you will probably pay more than list price. Ask your agent!!
0 votes Thank Flag Link Wed Apr 23, 2008
This is a buyers market. It is very rare in this market to offer full list price unless it is already priced significantly lower than other units in the area. Your realtor will show what sold recently, and heklp gauge the motivation of a seller. Thet will help shape your offer.
0 votes Thank Flag Link Wed Apr 23, 2008
For motivated sellers, the asking price of a property is typically that - 'an asking price'.

For unmotivated sellers, is it a line in the sand, often based on their interpretation of the media reports, what their neighbor 'said' that his/her home sold for, and more of a fishing effort. You will be able to quickly identify these sellers by their approach to negotiation.

When working with buyers, I always prepare a market absorption analysis for the past 6 months, and review the current inventory and those sold, when determining an offer. This approach is invaluable when positioning a lower offer to the seller, as the market absorption analysis facts introduce reality, allowing the seller to quickly grasp the situation.

Sell now, or try to be the one in X to sell next month.
0 votes Thank Flag Link Tue Aug 7, 2007
Holywood offers homes for a broad spectrum of the population. Single Family homes are available on the market for sale from the low $200's inland to mansions on the waterfront with private dock that can be in the multi million dollar price range. It is definitely not advisable and often times very risky to purchase any type of real estate without enlisting the services of a professional realtor. Someone who has worked in the real estate market for 20 years including the last 10 years with the Keyes Company as one of their top producers. My name and reputation stands before me, I have a large international clientele I work with both buyers and sellers. Each year I sucssfully close many millions of dollars of real estate. A large part pf my sucesssfull closed transactions is attributed to my expertize in valuing properties and making sure that the sale or purchase price is well within the most recent market analysis. Our office has a market update daily on the most recent sales and new propeties on the market. Whether you are looking to buy a condo, a house or townhouse or commercial property,you as a consumer must be made aware of the new laws pertaining to realestate and the latest market statistics.
0 votes Thank Flag Link Mon Apr 23, 2007
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