Question Details

Ruthless, Other/Just Looking in 60558

HOW LOW CAN YOU GO? Let's have a contest for lowest sales price verses asking price.

Asked by Ruthless, 60558 Sun May 11, 2008

I saw a sale 64% of asking price after 237 DOM. The final price was $267k for a 4bd/1bth, 100 y.o. Victorian. I'm still seeing average closings around 95% and a few over 100%. Yet, how many buyers ask, "How much is too much?" and how many sellers say, "Motivated, bring all offers."

Months ago, agents (and me to an extent) berated a buyer for making low-ball offers. Those agents later had to eat crow when the buyer reported his success. My support for him came from a Frank Lloyd Wright listing that sold for 57% of asking price after 495 DOM. The final price was $3.3mil. These are in Oak Park. In Western Springs, IL the lowest I've seen lately is 71% and the average seems to be much lower than normal at only about 90%.

So who can report a closed sale (that they have seen, not necessarily participated in) for more than 57% of asking price? What is the lowest in your MLS for the past 120 days and how does it compare to your area's average?

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