Home Buying in Oceanside>Question Details

Gene, Home Buyer in Roseville, CA

I am in the market for a new home in Oceanside, and I want to know if there is a standard amount (% wise)

Asked by Gene, Roseville, CA Tue Mar 25, 2008

below asking prices you would advise buyers to submit initially?

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BEST ANSWER
Hi Gene,

Here in San Diego County, the MLS does not track the initial listing price of a home if that listing is cancelled or expired and then relisted with a new agent. Also with the popularity of range pricing, it can be confusing depending on whether we are taking about the high price or low price in the range.

In practise, I see many offers coming in these days below the low price in range-priced home. There are many buyers making low ball offers, and especially in short sales that have been priced under market, not too many of those offering prices actually end up being accepted without a counter offer on price.

To make a long story short and answer your question: for Oceanside zip codes 92056 and 92057 with homes that were priced between $400,000 and $600,000 and not in a senior community, there have been 59 closed sales in 2008. Using the last asking price prior to the sale, and the high end price if it was range-priced, the sales price to asking price ratio is 95.56%. The biggest variance in those 59 homes was one priced $599,000-609,000 and sold for $525,000. That home needed TLC and had been on the market 210 days and was not a bank owned home nor short sale.

If you would like the raw data for this analysis, or have any further questions, don't hesitate to ask.

Sincerely,
Tony
tonycannon@kw.com
0 votes Thank Flag Link Tue Mar 25, 2008
In my opinion, there isn't a percentage of the sales price that I can suggest to you as it greatly depends on how realistic is the listing price.
Sellers are still thinking that they can sell for more than their homes are actually worth.
If you have a situation that the seller must sell and the property is properly price you are not going to get as big a discount. Perhaps $10K to $20K for a home that is listed under a million.
Please don't hesitate to call me at 619 300-5008 if I can further assist you.
I have been a realtor here in San Diego for the past 34 years.
0 votes Thank Flag Link Fri Mar 28, 2008
Thanks for the quick responses! To clarify, we are looking for existing homes (new to us), and I am most interested in the average "spread" between originally listed asking prices and closing prices you have been able to get for your clients.
0 votes Thank Flag Link Tue Mar 25, 2008
Gene,

There is no average percentage below asking for new homes, it is on a case by case basis.
We are in a buyers market and many developers are willing to negotiate on price or offer free options. As an example, upgrade carpets, upgraded countertops, designer paint, etc.
If would be best to have a Realtor with you during your first visit to any new home. The realtor is experienced in negotiating price and/or options for you.

Same for existing homes, You need an experience Realtor to advise you the fair market
value of any property you would be interested in. We currently have a large inventory of homes for sale, presenting great buying opportunities.

If I can be of assistance, please call or email.


Alvin Pavao
760-822-2114
Web Reference: http://www.AlvinPavao.com
0 votes Thank Flag Link Tue Mar 25, 2008
Hi Gene,
When you say a "new home", does that mean brand new from the builder or are you buying a resale home which is new for you?

The first place to start when you find a home you like, is having an experienced local agent prepare a market analysis for the property, and to find out from the listing agent any particulars. What you offer can depend a lot on whether it is from a new home builder, a short sale, bank owned home, or a non-distressed seller, how long the home has been on the market, and whether yours will be the only offer or not. If you are asking for the seller to pay any of your costs, or if you might be making a cash offer can also influence the initial price.

As a point of reference, I don't see many homes going for less than 10% below market price where market price is what a ready and willing buyer will pay today. If you can get 5% below market price, consider that you are getting a "deal".

Let me know if I can assist any further as Oceanside is my area of expertise.

Tony Cannon
760-603-9823
0 votes Thank Flag Link Tue Mar 25, 2008
Gene,
Please contact Mark at mark@shea-realestate.com. He can answer this question. He is very familiar with Oceanside and very good to work with.
Good Luck
Marian Schaffer
The Schaffer Realty Group
http://www.marianschafferrealty.com
0 votes Thank Flag Link Tue Mar 25, 2008
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