Is 5-10 % below asking price for a home in Carlisle, closing cost assistance and realtors fees unreasonable?

Asked by Ann, Mon Jul 14, 2008

line to ask on a home less than 5 years old?

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Eileen Musser ex realtor’s answer
Eileen Musser…, Home Owner, York, PA
Tue Jul 15, 2008
Seems to me the answers below are night on. If the list price was ten percent over the real market value, then the sale price should be well below the list price.
I am not sure what you are asking about when you say "and realtors fees". When I first read the question I was assuming that you were a buyer. Is that correct? Are you really paying Redltor fees from your side of the transaction? That would be somewhat uncommon here in Central Pa.

Give us some more informaton and we may be able to give you more sound advice.

Working as a buyers agent I did just get a contract through at very close to 10% below asking price, so it is not impossible, just not quite the norm here in the midstate because our list prices don't seem to be artificially inflated by that much.

Eileen's Green Team
2 votes
Mim Heisey, , Shippensburg, PA
Mon Jul 21, 2008
Ann,
Sounds like you are making a good decision. Remember that when you allow youremotions to be involved on a purchase, you give up some of your negotiating skills.
Blessings as you look for--and FIND-- a home that will work for you.
1 vote
Mim Heisey, , Shippensburg, PA
Wed Jul 16, 2008
Ann,
Keep in mind that the property is on the market at a price at which the sellers are willing to sell. Anything else is negotiable between buyer and seller.
The seller takes a risk if they price too high that buyer don't even consider that home or make an offer. and YOUR risk of offering low is that another buyer may come in and you may not have a second chance to compete with that offer. More likely if the propertyis new on the market, but possible anytime.
May I give you some advice from someone who has been in the business of buying and selling homes for over 2 decades?--BOTTOM LINE is always this: compared to other properties that you see being offered for sale, what is it worth to you!! If it fits your family wonderfully, and you are going to live there for some time, a few dollars more or less will not seem so important compared to the enjoyment that home gives you. If you are not planning to live there for more than 1 or 2 years, maybe you should consider a rental.
Hope that helps
1 vote
William Rudge, Agent, Boiling Springs, PA
Sun Sep 1, 2013
In Real Estate everything is negotiable. So when buying a home it is not unreasonable to start with a number that is lower than the asking price. Is it reasonable to expect a 20% reduction in the asking price? Could be but if priced based upon the local market conditions it would be very unlikely. Many factors must be looked at when setting an offer price. Length of time the home was on the market, is the property vacant, and what are the comparable prices of recently sold homes are a few factors to consider. Remember that asking for closing cost assistance that the seller looks upon such as nothing more than a reduction in price.
0 votes
jo, Home Seller, Carlisle, PA
Sat Aug 31, 2013
that sounds like it would be a great place to start
0 votes
jo, Home Seller, Carlisle, PA
Sat Aug 31, 2013
no they can all be filled in with the paperwork
0 votes
Thomas Linds…, Agent, Carlisle, PA
Fri Feb 8, 2013
If you are working with a buyer agent they will inform you how long the property has been on market, has there been a reduction yet on listing price, value of property compared to other properties in neighborhood, etc. as to what % would be a good offer.
0 votes
Eric Shryock, Agent, Carlisle, PA
Thu Feb 7, 2013
There are a few factors to consider. How long has the property bben on the market. The lower DOM will influence a seller on how much less they might take. If the property is new to the market, sometimes the seller will ask close to list, especially if they are asked to pay any of the buyers closing cost. Buyers very seldom pay any realtors fees even though most buyers have a buyer agency agreement with the broker.
0 votes
Sj209, Both Buyer And Seller, California
Tue Jul 29, 2008
Not unreasonable. That is a very generous offer. I would probably go 15-20% below asking if I could.
0 votes
William Rudge, Agent, Boiling Springs, PA
Tue Jul 29, 2008
In real estate everything is negotiable. Remember that all real estate questions are best answered by a local real estate professional who lives in and practices locally. In the Carlisle market it is not unheard of to ask for and receive the % you are asking about. Closing cost assistance is another possiblity but the answer depends upon the motivation of the seller, how long the property has been on the market, and the local trends. Realtor fees in PA are paid by the sellers not the buyer's and that is a contract between the seller and the their selling / listing agent.
0 votes
Ann, Home Buyer,
Sun Jul 20, 2008
Thank you all for answering the question with some very helpful advice. The home is a higher priced home and the seller absolutely would not budge after a very small counter offer. The home was on the market for a very short period of time, but the seller indicated that he was eager to sell immediately. We decided to bypass this home for other, more reasonable options that will need some small work to meet our needs. --Ann
0 votes
Beth Masland, Agent, Camp Hill, PA
Tue Jul 15, 2008
Hello! The only thing I would add to the answers below is that in our area, the price range you are in has a substantial impact upon how much play there may be in the price. In the low to mid ranges there is still fairly steady demand, so the prices tend to have less negotiation on them. As you climb in price over 250-300k, the higher the price the longer the days on the market tend to be, indicating more supply and less demand; therefore there is more chance of negotiating a greater percentage discount off the asking price. I just had a home listed at 219,900, and it had many buyers interested, and sold in 4 days at full price. Now this home was also in a desirable neighborhood, very clean, and had little competion on the market at the time. You have to consider how much you want the home versus all those other market conditions! Good luck to you in finding and closing on a new home! Take care, Beth
0 votes
Harry Speelm…, Agent, Carlisle, PA
Tue Jul 15, 2008
The market right now has become what is know as a buyers market. It is not unreasonable to see offers come in at all ranges below a homes listed value. There are some factors that influence the offer prices: amount of work needed to be done to the home, length of time it's been on market, homes and curb appeal. With regards to the closing assistance some people ask for this money to be paid for by you because they have no cash on hand. Without your help they wouldn't be able to purchase your home.

With some more information about your particular situation I may be able to give you some more advice.

Good luck and if in need of advice in the future see the site below for contact information.
Harry Speelman
Century 21 A Better Way
Web Reference:  http://www.C21ABetterWay.com
0 votes
Chris & Step…, Agent, Philadelphia, PA
Tue Jul 15, 2008
It really is a case by case basis and would depend on what the listing price of this property is. Is it priced to sell ? Is it priced a little too high ? You can touch base with your realtor to get the "differential" of the average sale vs listing price. On the face, it sees reasonable to me.

Good luck with the offer !

For more helpful hints and a wealth of info, visit our website below:
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