Home Buying in Southfield>Question Details

Doyle, Home Buyer in New Albany, IN

How do I find out the listing price of recently sold homes?

Asked by Doyle, New Albany, IN Fri May 2, 2008

I'm a first time home buyer and I was told to find out the difference between the listing price and the sold price of homes in the area that I'm looking in to determine a reasonable offer.

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There is more to it than the ratio of other list to sold prices. The asking price has little to do with what is "reasonable." Some sellers are motivated an price at "reasonable" or better. Some sellers want to leave room to negotiate or want more than the market will currently support. You really need to determine "reasonable" based on a CMA of that specific home. As others have advised, your agent will help you with that.
Web Reference: http://mibirmingham.com
0 votes Thank Flag Link Sun May 4, 2008
Maureen Fran…, Real Estate Pro in Birmingham, MI
Yes Doyle, the fast and most correct anwer will come from a licenced Realtor. We have access to all properties listed and sold.
0 votes Thank Flag Link Sat May 3, 2008
You should contact a licensed realtor and we are able to check with our multi list system for you in about 2 mins.
0 votes Thank Flag Link Sat May 3, 2008
1) Your buyer agent has access to all the Sold data.
2) The township or city will also have it, some publish it on the tax information on line at their web site and some do not.

A buyer agent can get the data and advice you of the best price to offer and where to stop negotiating.
0 votes Thank Flag Link Sat May 3, 2008

A real estate agent would be able to provide you with a detailed analysis of comparable sold prices in the neighborhood of a particular listing. This is the same type of comparison analysis that is provided to a potential seller when they are determining an appropriate selling price for their home. Your agent would find several sold properties in the area of a listing and then make adjustments to the sale prices based on differences from the listed property you are considering. For example, adjustments would be made based on differences in square footage, lot size, location, updates, garage size, basement description etc.
0 votes Thank Flag Link Fri May 2, 2008
Doyle, just like in a casino, everyone has their method of winning big. Suppose the average listing price of every home within an area was 1 million dollars and the actual sale price range was from 140,000 to 180,000. What good would the difference between listing price and sold price do?

The average list price of homes in an area means zip to a buyer, especially in southeastern Michigan. And, if you were also informed to figure the average sale price per square foot of the homes living area, that may also be in error. That's because in southeastern Michigan land, basements, and other factors are not calculated into the area of a home.

Now, agents and appriasers do pay attention to final sale prices. But even those may not give you a good range in value for your bid on a home. That's because sellers frequently give concessions and concession information is only available to real estate professionals. And it is only available on the Multiple Listing Service. Sold prices before concessions are readily available in a home search on Trulia. Simply select sold from the choices.

I agree, working with a Buyer's Agent (which requires signing a contract) would provide the most information about similar recent sales and allow you to make an informed decision. Sample forms are available on the website below.

If you have any other questions, feel free to ask a member privately or post another question on Trulia.
Web Reference: http://www.mi-living.com
0 votes Thank Flag Link Fri May 2, 2008
Hi Doyle...The best advice anyone can give you is to find an agent that you feel comfortable with and feel that you can trust . Then sign a buyer's agency agreement. By doing so, the agent can work on your behalf to provide this type of information. As a buyer's agent, you can work together to determine the best offer price and the best strategy for your particular situation. In most cases, all commissions are paid by the seller, so you will likely find no cost to you for working with a buyer's agent. After you have enlisted the help of a buyer's agent, your house-hunting will become a much smoother and pleasant experience. Good luck to you...buying your first house if very exciting!
0 votes Thank Flag Link Fri May 2, 2008
Doyle - I agree with Gordon's answer! Your buyers agent should be able to prepare this information for you. It is the only way to make a reasonable offer on a property. You need to know what comparable homes that have sold recently actually sold for. I am not sure what help knowing the orignal listing price would be...the most information can be gained from the actual sold prices. Good luck!
0 votes Thank Flag Link Fri May 2, 2008
Your buyers agent should be able to provide this information. Additionally, your buyers agent should provide a full market analysis on the home you intend to purchase.
Web Reference: http://www.MInextHome.com
0 votes Thank Flag Link Fri May 2, 2008
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