Home Buying in 22801>Question Details

Vahomebuyer, Home Buyer in 22801

What percentage below asking price would you offer on a house that's been on the market for over 3 months?

Asked by Vahomebuyer, 22801 Tue May 12, 2009

The house was listed over a year ago at a higher price and was relisted 3 months ago. Our initial offer was 9% below and they came back with a 4% reduction and said that was final. I don't feel like we are getting a good deal for today's market but this is our first home so we're not really sure this is true.

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Do you think it might be too late?
1 vote Thank Flag Link Mon May 13, 2013
If the house was listed a year ago at a higher price, and is now on the market for a lower price, that is telling me that the seller's want to sell, but may have a set price they have to sell for. If you feel as though you're paying too much for the house, then move on to the next house. If the house is really what you want for your home, the 4% price reduction from the listing price doesn't sound that bad.
0 votes Thank Flag Link Sat May 18, 2013
The average ratio of list price to sale price in my local area is 95% percent so, a 5% reduction should be reasonable.
0 votes Thank Flag Link Mon May 13, 2013
The correct answer is the simplest one. Make an offer you like. If the seller does not accept it move on until you find a seller who will accept your offer.

If they say it is final accept it as not going to happen. Then tell your realtor to tell the other realtor they just lost a sale. Walk away and who knows, maybe the seller will change their mind. After all, a buyer in the hand is worth 100 on the road going to look at other places.
0 votes Thank Flag Link Fri Nov 6, 2009

Homebuying and negotiation is like a dance, give and take. A successful transaction depends on a lot of factors and a big one is the seller's motivation. If the seller is in financial trouble they may not be able to take less, i.e. upsidedown in their house, or their house is worth less than they can receive in the market.

My advice to you would be to get as much data as possible to accompany your offer and go as low as you think the data supports. A recent appraisal or a CMA and being represented by a good Realtor will help you establish a value and help you get a deal!
0 votes Thank Flag Link Fri Nov 6, 2009
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