Home Buying in Alexandria>Question Details

D, Home Buyer in Florida

What's the ave % below a listing price being offer and acceptable in Alex VA?

Asked by D, Florida Fri Jan 25, 2008

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There is so much more to this.

I would rather you pay 2% ABOVE list on an underpriced home than get a place for 10% off that is overpriced by 20%.

Also you have to ask if you are talking about Original Price or the currently lowered price. Also did they fudge the MLS and relist the property? If you have an agent, make sure they check previous listings.

Also check out the listing agent's background with a FranklyCRA (tm) and see what % below list the agent has taken. That sometimes can be a huge indication of a coming price drop.
0 votes Thank Flag Link Thu Feb 28, 2008
The January data are out and it shows a slight decline in the average sold to list ratio. The average sold price for all of Alexandria city was just 92% of list price. Please note this is averaged across all sales for the month so, as others have said, your results may vary. Don't take this information and think that you can automatically offer 92% of the list price for the home you want and you will automatically get it. Not so.
Also, note that for the last year or more this figure has stayed pretty steady - that is, for quite a while now homes are selling at about 92-95% of what they list for.
Web Reference: http://www.broomclean.net
0 votes Thank Flag Link Thu Feb 28, 2008
As everyone else has stated there is no exact number. Each sale is different and each area in Alexandria may be different as well. The closer in to the city you are the less downward pressue there is in pricing. Jeff and Jim have given you the numbers from the MLS that give an average for the area. You could be looking at an area that is higher or lower.

You also have to factor in the sellers motivation which you won't be able to find out on your own. Hopefully you have a buyers agent working for you. The only way to protect your interest is to be represented. Good luck and if you need any further assistance let me know.
Web Reference: http://cindyjoneshomes.com
0 votes Thank Flag Link Sat Jan 26, 2008
As mentioned earlier; there is no "exact average" of what will or will not be accepted. That being said; in December, the average sold % to list price was 93.09%. December is typically one of the lowest months. In November the % was 94.68.

There are many factors to consider when making an offer. This % is one of the more unreliable ones. More importantly are: What IS the price compared to the comparable properties? How long had THIS home been on the market? What is the condition on the property?

It is also important to note; that the sold price vs. last year ('06), for Dec and Nov, was +1.05% and +6.22%, respectively. Home values are going up in some areas.

If you do not have a Buyer's Agent as of yet; I would be happy to help you with any more detailed questions about the area or specific properties.
0 votes Thank Flag Link Sat Jan 26, 2008
In December in Alexandria City (many areas of Alexandria are in Fairfax County, and I don't have separate stats for that area) the average home sold for 93.06% of list price. This is one factor to consider in making an offer. It is on the "how people are thinking" side of your decision on an offer price. Also on that side of the coin you should consider what a particular listing agent normally sells there listings for in terms of percentage of list price. Are you dealing with an agent who is anxious to sell at any price or one who fights hard for their sellers? Also, do you know anything about the seller's situation that will help you in negotiations? That is good information to know when you are negotiating with someone.

On the other side of the coin is the question of the value of the particular house you are dealing with. What are the comparable sales in the area and what do they say about the value of this particular house. The valuation information is what you actually take to the sellers to argue for the price you are offering. It is the hard information that can show sellers the reality of the situation with their house.

Doing your homework well before going into negotiations can be the difference between getting a house or not, or it can be the difference between getting a fair deal and overpaying. Don't settle for just an average percent off list. Know the specific situation you are dealing with.

Jeff Royce
0 votes Thank Flag Link Sat Jan 26, 2008
There isn’t any "acceptable average" that one would offer below asking price, as it depends on the price range you're looking in and whether the house is priced right to begin with.

Many areas in Virginia are not suffering like areas of Florida, California, and Arizona. In Chesapeake Virginia, houses in the $325,000 - $475,000 price range are selling in as little as 2-10 days when priced correctly.

If you have not yet done so, contact a Realtor in the Alexandria area either by a referral or Google search. Or perhaps an agent from that immediate area will see your post and respond.

But there is no "acceptable average" that one would offer below list price. A Realtor will be able to tell you if the house is priced correctly, and whether there is room for negotiations.

Frank Biganski, Realtor ABR
0 votes Thank Flag Link Sat Jan 26, 2008
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