Mary, Home Buyer in Floral Park, NY

How much should I bid on a house asking $480 in Floral Park, New York?

Asked by Mary, Floral Park, NY Thu Sep 8, 2011

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Una Walsh, Agent, Floral Park, NY
Thu Sep 8, 2011
You need to take into consideration your qualifications as a buyer. You are more likely to be accepted at a lower offer if you are: A. Giving a good downpayment, B. Don't have a house you need to sell, C. Have excellent credit. You would have the most leverage to give a lower offer.
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Anna M Brocco, Agent, Williston Park, NY
Thu Sep 8, 2011
This question should be directed to your agent--review comps, recently sold similar properties in the immediate area--see what the data suggests and go from there--be aware that a mortgage pre-approval letter is required in order to determine your price range and for any offers to be taken seriously.
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Don Tepper, Agent, Burke, VA
Thu Sep 8, 2011
I don't know. You tell me: How much is the property worth?

You don't know? Then get a Realtor to give you a CMA (competitive market analysis) on the property. Then pay no more than the CMA figure. Probably offer less. Your Realtor will be able to give you some strategies for how much less to offer.

Hope that helps.
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Shanna Rogers, Agent, Murrieta, CA
Thu Sep 8, 2011
Hi Mary,

Hopefully you are working with a Realtor. If not, hire one. If you are, have them do a Comparative Market Analysis (CMA) on the property using Sold comps within a 1 mile radius of the property (the closer, the better) that have Sold in the last 3 months. This will give you current market value and this is what you should base your offer on - don't base it on list price which may be too low or too high.

Shanna Rogers
SR Realty
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Ron Thomas, Agent, Fresno, CA
Thu Sep 8, 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.)

Different Banks have different philosophies about pricing their properties: You cannot draw any conclusions without a good analysis.

Have your Realtor do a CMA, (Comparative Market Analysis) to help you determine your Offering Price. It is the surest way to determine the Market Value of the property.
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