Home Buying in New York>Question Details

David, Home Buyer in 11417

I'm a NYer and am looking to buy a place prior to getting married in 2009. What's a reasonable price to bid?

Asked by David, 11417 Wed Feb 13, 2008

w/o insulting the seller? I try to do comparable comps but most comp data is reflecting prices that sold at inflated prices a year or two ago. thanks.

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I'd suggest you work with a local Realtor who specializes in the area or areas where you are interested. True comps these days are sales within the last 6 months, preferably more recent. A local Realtor will be able to guide you through the bidding process and provide you with the most accurate information. They will know if the price of the house is accurate based upon location, size and condition.

In your searching you should include viewing homes that have acceptable offers if the owner is still allowing showings. These houses are attracting buyers and you should see why.

Good luck in your search.
0 votes Thank Flag Link Wed Feb 13, 2008
The first thing I would suggest is to hire a Realtor to represent your best interests. The Realtor can run current comps for you and guide you in the bidding process.

If you are looking at a "for sale by owner" property, what the seller does not comprehend is that comps are retail numbers and the "unrepresented seller" is selling at wholesale because there are no commissions involved. If I were bidding on a for sale by owner property, I would first deduct the typical area percentage that is charged for commissions and then I would reduce it by the percentage below asking price that properties are currently closing at in the area.
Web Reference: http://GailGladstone.com
0 votes Thank Flag Link Wed Feb 13, 2008
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