You have posted an excellent question. The answer is- it depends. There are many factors that have to be taken into consideration.
1. Time on Market?
2. Local market trending ? UP or DOWN ( ask a broker about the price )
3. Is the listing being handled by a local agent who knows the area and has local MLS access?
4. Number of properties on market that are comparable
In short, you have to do a little research and team up with an agent that you have interviewed and that understands your needs, goals and time parameters. Looking at your zip I can refer 3-4 agents to you that I personally know, live in your area and also work your area. They are all veterans in the business as well as fun and easy to work with.
They can look up the BPO value(s) assessed by the bank and run sales comparables from their local MLS to support value or reduce your asking price on an offer. Banks review their pricing every 90 days with updated BPOs and you can submit an offer that has a lower offer price even though the bank hasn't adjusted their pricing - yet.
It's all possible with the right team in place.
if you'd like to have a some excellent referrals please don't hesitate to call me.
Prudential California Realty
Pacific Design Center- West Hollywood
8687 Melrose Avenue, Suite G271
West Hollywood, CA 90069
323 466 5358 Offc.
213 804 4245 Mobile
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