I've started looking into buying a home, regarding the asking price, what is the average % you can offer to get a good deal without paying the asking

Asked by kelvisd15, Methuen, MA Thu Apr 11, 2013

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Ron Carpenito’s answer
Ron Carpenito, Agent, Andover, MA
Thu Apr 11, 2013
That's a complicated question, because you need to first determine if the asking price is over, at or below the market value of the home to begin with. Then you need to determine the current status of the local market, and then take into account the days on market and condition of the home as compared to other homes like it...its not a black/white answer.

Currently the markets are on the upswing and we are seeing many many OVER ASKING price offers on new listings, this is a factor of reduced inventory, current low rates, and an overall positive attitude towards real estate going forward.

To sum it, it really depends on the situation and property.
1 vote
Also, doing your best to understand what is motivating the seller....and remember its not just about price...its Price, Terms and Conditions.
Flag Thu Apr 11, 2013
Christopher…, Agent, Methuen, MA
Sat Apr 13, 2013
Just to answer your question in general, in Methuen right now the average Sale Price to List Price ratio for the past year for single family homes is 97% of the list price and the average Sale Price to Original List Price ratio is 93% or the original list price.

However, the asking price of a home for sale is ultimately decided upon by the seller. Sometimes homes are listed much higher than true market value and some times they are listed at or below market value.

My advice is to work with a local real estate professional as your buyer's agent and when you find a home that you would like to purchase have your agent look up comparable homes for you to determine a good estimate of market value. Many homes right now are selling very quickly especially if they are priced near market value.

Here is a link to general price trends for home prices in Methuen:

http://www.manhrealestate.com/mimarket/zip/01844/

Feel free to sign up on that page for a free monthly market report to be emailed to you.

I hope that my answer has been helpful. Thank you and good luck!

Chris Lefebvre
eXp Realty
Methuen, MA
Web Reference:  http://chriscares.net
0 votes
Bill Eckler, Agent, Venice, FL
Thu Apr 11, 2013
Every home presents its own unique and individual challenges and this includes negotiating its price.
The best offers are always those that one can defend and justify with comparison information. With this said, consulting with an agent will definitely put you in a position of being able to present an informed purchase offer.

I believe that you might be disappointed by taking the approach of applying a basic formula applying a percentage when calculating a fair asking price. Please note that I am not saying you can't shoot for a lower price, only that you need to do your homework and be able to justify and defend your position, whatever it is....

Good luck,

Bill
0 votes
Richard Shap…, , Framingham, MA
Thu Apr 11, 2013
Depend on the property and the town. Generally speaking, at this point in time, don't expect to pay less than list.
0 votes
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