Home Buying in Lemoyne>Question Details

Kim Fickes, Both Buyer and Seller in New Cumberland, PA

We are frantically looking for a home. Searching the internet daily and even foreclosures I still havent

Asked by Kim Fickes, New Cumberland, PA Sun Mar 1, 2009

anything in our price range. My question is this. If a house is priced at 200k what offer would you place? If the house has been on the market for 3 months or more would 180k or 185k be a reasonable offer? I've been looking at comparable sale prices and it seems that most of them went for 15-20k less then the asking price.

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Our recommendation is to seek a local real estate professional for their support. Let them do the leg work. They know the local market as well as what is happening with the "foreclosure" sector and will be able to advise you best.

Generally, sellers, including banks, do not expect to recieve full price offers from today's buyers. How low they go will depend on a number of factors. Our recommendation to our buyers is to come in low but keep it real. The danger of offering a price that is too low(low balling) is they will not counter your offer leaving you with the sinerio of increasing your offer of looking elsewhere.

Best of luck
1 vote Thank Flag Link Sun Mar 1, 2009
This question is a year old.
0 votes Thank Flag Link Wed Apr 7, 2010

I agree with the tax credit getting ready to expire (you have until April 30th to have the contract accepted) you might have missed the prime time to sell or buy, but theres still hope as homes are moving fast and you have 23 days left to find that home. Our office specializes in foreclosures as well as other homes for sale. Take a look at our website and take a look as we have well over 100 listings that are foreclosed, and over 100 more that are with regular sellers. But you want to mak sure your home gets marketed the correct way as well as priced accordingly. With all the new technology out there there are over 50 websites that our office uses to market a property as well as adding a virtual tour, and holding open houses. We just added a new feature to keep up with the technology and that is text to look. You have a sign customized just for your home and anyone driving by can text your address or your homes id number to a 4 digit number we have set up and get all your homes info in the palm of their hands. Take a look at our website I am sure you can find something that catches your eye.
0 votes Thank Flag Link Wed Apr 7, 2010
Hi Kim,

QUOTE>> I have not located a real estate agent at this time. We have been pre-approved for 200K but we do not want to spend that much. Our home is currently not on the market at this time. We were hoping to find a home first. Our desire to move fast is based on alot of personal issues. We have currently lived in our home for 15 years and we need to move on.

Well this really complicates things. I agree with Bill's statement - it is highly unlikely that a seller would accept an offer from you, with any contingency on selling your current home. Are you able to carry two mortgages at once? (ok - I'm assuming that you still have one - and maybe that's wrong - sorry).

So ... if you DO have a mortgage on your current place AND you can't carry both homes - then - Sorry - but you need to sell yours first. And you should get it on the market right now - repeat - RIGHT NOW. Otherwise you will miss the spring rush, for anyone who wants to buy and get their kids into the school system for this coming year.

If you have not yet prepared and staged your home for sale please do so without haste. And interview for a listing agent that is really top notch and is a great marketing person. The agent should be a top performer and really good listener - someone full time that you like and a solid professional.

Good luck!

0 votes Thank Flag Link Mon Apr 13, 2009
Kim - you are in good hands with the comments made by the prior Agents/ Realtors.
Most of the time if you have an agent representing your sale they will creat regular showing reports and comps over time in order to follow the market 'timing'.
When using a buyers agent remember that as a seller you want Top Dollar to sell and as a buyer you want a Good Deal Below Market - don't get confused anymore - Hire a Realtor to assist you best as a seller and as a buyer - that's the best advice I could give you...
Don't get caught up in the sales process WITHOUT a Realtor on your side. It is invaluable in this or ANY market... :)
Happy home searching and happy home selling - with a REALTOR - Kim... with a Realtor...
0 votes Thank Flag Link Mon Apr 13, 2009
Hi, Kim, there have been lots of good answers here. A couple things I would like to add: 1. according to last Sunday's patriot news, homes in the West Shore School District are still selling fairly quickly (average 56 days on market) and 2. in our market, homes are selling for an average of 97% of list price. What both of these things mean to you is that if your home is priced right, it will move fairly quickly, and also that if you are looking to buy in the same area, you may pay close to list price for the home. I personally noticed when I helped buyers find a home in New Cumberland last month that there was a lot less inventory to choose from than in other areas.

Since you are pre-approved for a mortgage, you are obviously serious about making a move. It seems like you are hesitant about hiring an agent, and that's understandable. Probably the first step in your situation would be to invite a Realtor to visit your home to give you a realistic idea for a price and market time for your home, and also to explain the services a buyer's agent can provide. Feel free to ask for references from past clients. If you like the person, get started and let your agent handle all the details for you. A good agent can make the whole situation a lot less stressful for you.

I hope this helps. If I can provide any other information, please don't hesitate to contact me.
0 votes Thank Flag Link Sun Mar 1, 2009
It sounds like you have done a lot of research in an effort to understand an admittedly complex market. Unfortunately, there is no definitive answer. There are many variables that impact what a seller is willing to accept for his or her property. Motivation plays a key role, along with the specific terms of each offer. If you don't already have one, I would recommend working with an experienced agent to make this process easier in an ever changing market. Please let me know if I can help further. Best of luck.
0 votes Thank Flag Link Sun Mar 1, 2009
Kim, I have noticed a reply that you have just posted. If you are going to sell your home and you are looking to buy another home you need to get your home onto the market. In today's tough Real Estate Market you are not likely to find a seller who is going to accept an offer from you and take their home off of the market if your offer to buy will be dependent on the sale of your home. It takes 30-45 days to settle on a home. The average days on market in our area is approaching 60 days + for many homes. So if you are seriously in the market to buy you need to have your home priced by a professional and get it out on the market. Now is a key time with qualified 1st time home buyers looking and trying to take advantage of the recent approval of the $8000 tax credit and while mortgage rates remain low. Moriah was right on. I have not seen $20,000 price reductions in the Cumberland County area on homes priced at $200,000. If you are going to ask for the typical sellers assisting with closing costs you are likely to see only a slight reduction in the home price along with the assistance. As Moriah stated homes currently on the market are for the most part priced at today's market prices.
0 votes Thank Flag Link Sun Mar 1, 2009
Hello Kim!

These are all great suggestions. I would just like to be really honest with you as it does depend on the current market but IF the seller is working with a Professional Real Estate Agent the home is priced at 200,000.00 and has only been on the market for 90 days (remember this is normal now) if the home was listed for 6 months or a year that would be a different story...it is unlikely that the seller will take 15,000.00 off the price as if they wanted to sell at 185 they would be closer to that as a list price on Average. But, most seller's in a Buyers market on Average are negotiating around 7 to 10,000.00 off the sales price. Remember, the price is NOT the only part of an offer that a seller considers. As you may be familiar with being a seller? What type of Financing, How much money down, What type of Inspection option etc. are all parts of the offer. Pulling comps is good but you need to have the information about the condition of the home too, and this information can be given to you by a Real Estate Agent pulling this information from the Local MLS...in most cases they even have access to the seller's disclosure. You see, it all depends if the home is currently listed at current market value too...as a seller can list their home at any price they want. So....The bottom line, is there is nothing Bad that can happen to you by offering any amount. So, if you want to go for it ...go ahead. As the only thing the seller can say is NO.
0 votes Thank Flag Link Sun Mar 1, 2009
I have not located a real estate agent at this time. We have been pre-approved for 200K but we do not want to spend that much. Our home is currently not on the market at this time. We were hoping to find a home first. Our desire to move fast is based on alot of personal issues. We have currently lived in our home for 15 years and we need to move on.
0 votes Thank Flag Link Sun Mar 1, 2009
Kim, for the Cumberland County area a $20,000 price reduction on a $200,000 home on the market for 90 days plus might work. It all depends upon the motivation of the seller and what you may be asking for as a buyer. Location and the condition of the home will have a great deal to do with what a home may sell for. Short sales can also be an option but you must be willing to wait longer than normal for an approval if you go this route. I am not sure what comparable sales you are looking at. I spend a great deal of my time working with buyers as an Accredited Buyers Representative. I would be glad to discuss what you are looking for and to assist you if you like.
0 votes Thank Flag Link Sun Mar 1, 2009
Hi, Kim,
I noticed you are both buying and selling a home. Are you frantic because you have already accepted an offer on your current home? If you are already working with a Realtor, that person is probably the best source for the most current listings and advice about making an offer. I wish there was a simple answer to your question, but it all depends on the particular property you are inquiring about. A Realtor representing you should do a comparative market analysis on the property before advising you about your offer.
0 votes Thank Flag Link Sun Mar 1, 2009
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