How do I know if I should offer more or less than the listing price in Lighthouse Point?

Asked by J.P., Tampa, FL Mon Apr 23, 2007

Is there a difference if I'm looking for a single family home versus a condo, or some other type of property?

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9
Jennifer Sus…, Agent, Boca Raton, FL
Tue Jan 15, 2013
Dear J.P.

This seems like an easy question, but unfortunately there is no easy answer. The truth is that there are a number of factors at play, no matter the market or the seller. The important thing to remember is that the simple rules of supply and demand usually prevail. If it’s an attractive property at a good price, there is likely to be competition and it will probably sell quickly and get close to the asking price. If there are issues with the property or the price is too high, or both, you can usually underbid and negotiate with the sellers.

You can contact me if you need further assistance on what to offer for the home.
Sincerely yours,
Jennifer Sommers, Nestler Poletto Sotheby's International Realty
One South Ocean Boulevard, Suite 11 ⃓ Boca Raton, Florida 33432

O. 561.235.7777⃓ C. 786.390.9299 ⃓ F. 561.997.2614
Jen@AgentBoca.com ⃓ http://www.AgentBoca.com



"Artfully Uniting Extraordinary Properties with Extraordinary Lives"
Email Jen@AgentBoca.com

Web Reference: http://www.agentboca.com/SWFL/lighthouse-point/
0 votes
Miekeba Jones, Agent, Silver Spring, MD
Tue Jan 15, 2013
Hi J.P.! Contact your Realtor. Let your Realtor help you by preparing a Comparative Market Analysis for you. Do you Have a Realtor, because I can help you find a Realtor?
0 votes
Meir Aloni, Agent, Plantation, FL
Thu Jan 10, 2013
Make your best offer; an offer that if you do not get the property, once you find out what was the final selling price, you have no regrets....

With enthusiasm,

Meir Aloni & Team

CRS (Certified Residential Specialist)

CDPE (Certified Distressed Property Expert)

RECS (Real Estate Cyberspace Society)

Successfully selling Broward County since 1986!

Direct phone# 954-338-5220 http://www.WeSellBroward.com

All Star Realty Inc.
0 votes
Gary and Kar…, Agent, Boca Raton, FL
Fri Aug 24, 2012
There are many factors to take into consideration.

Today we have many Short Sales and Foreclosures, these properties must be looked at carefully, as generally you do not get a counter offer from the bank... Many banks will be placing these properties on the market 10 to 15% below the value to stmiulate a "bidding" environment. They will ask for your "highest and best" offer first.
So this type of offer must be presented at or near the makrtet value of the home regardless of the listing price.

This is done by performing a careful market analysis, adding various individual attributes and features and in summary value the property.

On a traditional sale the same measures should be taken, however one can be more comfortable to offer a lower price (under value) as the seller is likely to counter the offer. Giving you another opportunity to purchase,

In addition, the cash buyer today has a great deal of leverage!

I have been a local resident almost 25 years and understand the markets.

If you have any questions I am an expert at negeotiating and understand value.

Gary (561) 306 - 7653
Web Reference:  http://www.garyyoungman.com
0 votes
Jennifer Sus…, Agent, Boca Raton, FL
Sun Oct 16, 2011
Dear J.P.

This seems like an easy question, but unfortunately there is no easy answer. The truth is that there are a number of factors at play, no matter the market or the seller. The important thing to remember is that the simple rules of supply and demand usually prevail. If it’s an attractive property at a good price, there is likely to be competition and it will probably sell quickly and get close to the asking price. If there are issues with the property or the price is too high, or both, you can usually underbid and negotiate with the sellers.

You can contact me if you need further assistance on what to offer for the home.
Sincerely yours,
Jennifer Sommers
Not Your Typical Realtor!
Jennifer Susanne Sommers
Keller Williams Realty—East Boca Raton
2424 N Federal Highway, Suite 318
Boca Raton, Florida 33431
Email Jen@AgentBoca.com


Please click on this link toView more Information about Jennifer Sommers: http://www.agentboca.com/about-1/jennifer-sommers-south-flor…
0 votes
Ron Thomas, Agent, Fresno, CA
Fri Aug 12, 2011
Understand that the LISTING PRICE has one primary objective, to attract attention: It is not intended to be set in stone, and in many cases it is not even a good guideline toward the SELLING PRICE.

Some Sellers believe that by setting the LISTING PRICE high, they can always come down, and people will make an offer anyway: WRONG! Buyers will just bypass the property and look at houses that are within their price range. And six months from now, the Seller will slowly start lowering the PRICE, (this is called “chasing the curve”) and Buyers will be asking the question; “What’s wrong with that house?” and “Why has it been on the Market so long?”

Other Sellers set the LISTING PRICE low, to attract multiple offers. (The correct strategy.) We are asked; “Aren’t you obligated to sell at this price if someone offers it?” The answer is probably not; for that to happen, you would first have to have only one offer, and secondly, the offer would have be exactly the same, down to the smallest detail, (please discuss this with your Realtor).
Another thought; Buyer will search for potential properties by groups; for example, $400,000 to $450,000, and $250,000 to $300,000. If your house is priced at $460,000 or $310,000, the Buyers will never see it. (something else to discuss with your Agent.)

We have found that extremely often, the LISTING PRICE that is set on SHORTSALES and REO’s are not determined, nor even discussed with the Bank: The banks play their cards very close to the vest, they will not tell the Listing Agents any more than they have to; they will not give us their lower limits. So usually, the LISTING PRICE on a distressed property is a number taken out of the air.

If you are considering a property, have a Realtor do a CMA, (Comparative Market Analysis) to help you determine your Offering Price. If you look at enough CMA’s, you will see the trends.
0 votes
Anna Torres, Agent, Boca Raton, FL
Fri Aug 12, 2011
Dear Buyer. Ask your Realtor to run comps and if it's not a foreclosure, than offer a little less. If it's a foreclosure, than most likely you will be facing a multiply offer situation, so will need to offer more.
Call me, I'll run those comps for you.
Anna 954-325-8486
0 votes
Susan J Penn,…, Agent, Weston, FL
Fri Apr 15, 2011
Dear J. P.,

All properties are based on comparables, whether you are interested in a home, condo or another type of property.

Susan Penn, PA, SFR
EWM Realtor
2000 Main Street
Weston, FL 33326
954-557-5993
penn.s@ewm.com
0 votes
Ana Maria S…, , Lighthouse Point, FL
Mon Apr 23, 2007
You should offer less than the listing price in this city. Sellers are willing to negotiate. There are a lot of properties on the water so single family versus condo prices are close to each other. Condos are usually high end and houses are on canals and intracoastal.
0 votes
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