steph808, Home Buyer in Boyertown, PA

Is it worth looking at homes 10% higher than what I qualify for and hoping to negotiate the price down?

Asked by steph808, Boyertown, PA Mon Aug 20, 2012

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Terry Bell, Agent, Santa Rosa, CA
Thu May 15, 2014
The market is more complicated than what you are suggesting and that is why you need to work with a good Realtor that understands what you want and will know what you can stretch for. An agent gets regular information on the MLS about how many days on the market a house has been for sale, whether something has fallen out of escrow, and many other situations that can be an opportunity for you.
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Linda Henry, Agent, Douglassville, PA
Tue Aug 21, 2012
The majority of sellers understand in today's market that they will not be receiving full asking price. I recently represented a buyer in a transaction where the asking price was $135,000 and we offered $85,000 and it was accepted without counter offer. My clients were not interested in spending more then $125,000 however, I sent them listings up to $135,000 with the understanding that we could negotiate the price down to something that would work for them. There are many variables that come into play which are different for each seller with regards to their bottom line. I live in Boyertown and am very familiar with the market in the area. I would definitely not discount houses that are a little above your price range. You could end up missing the perfect house for you over an agent not sending you listings that are slighlty higher then your pre-approval amount.

Linda Landan
Re/Max Achievers
(610)489-5900 Office
(610)960-7860 Cellular
(610)370-6796 Fax
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Valerie Mack…, Agent, Wyomissing, PA
Mon Aug 20, 2012
As a realtor here in Berks County, the best advice I can give you is the same as my fellow agents in California - if you have a GOOD buyer's agent, they will be able to help you navigate the real estate market. I usually set my Buyer's multiple listing searches right at the top of where they are comfortable paying (don't forget, with real estate taxes, that monthly payment is usually the best indicator of that, rather than a set-in-stone list price (because a more expensive house with low taxes can be more affordable than a cheaper house with high taxes). Your buyer agent can also do you up a Buyer Cost estimate on any house you really like, to make sure it's in your price range - and OF COURSE, pull "comps" or comparable sold houses in the vicinity of the house you like to make sure that it's priced correctly.

Also, it greatly depends what you need as a buyer - if my buyer needs $10,000 back in sellers assistance to help with their closing costs, I pull comps to make sure the house is priced right, and if it is, I would advise putting in a full price offer but with the $10,000 assistance included - so the net amount to the seller is $10k off their list price. However, if you didn't need any closing cost assistance, again we would pull comps and then if the house was priced right, we would probably put in an offer UNDER list price and negotiate from there.

My advice to you would be to go NO FURTHER than $5 - $10K over what your top price would be comfortable at, depending on how tight your budget was and how much sellers assistance you think you need. If you need a lot - don't go over your budget, because you're going to need that wiggle room....

Hope this helps. If you need more help, please don't hesitate to give me a call - I can always be reached on my cell phone at 610-207-0172.

Sincerely yours,

Valerie Mackey
610-670-5900, ext. 7542
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Terri Vellios, Agent, Campbell, CA
Mon Aug 20, 2012
I am not familiar with your market in PA, but in Santa Clara County Buyers need to look at properties below their limit and be prepared to pay more.

I have a buyer interested in a property listed in the Mid $400's. The three recent closings are in the high $400's and low $500's. Buyer decided to offer above asking but is still under recent comps. Agent told me that they have offers above our offer. This Buyer is most likely not even going to get a counter offer.

When an agent advises their client on market value it's not because we want them to pay more. We are doing the job we are hired to do. Provide information, and council. When Buyer's don't take that advice that is when they usually miss out and keep writing failed offers.

Sometimes buyers just get lost in the listing price. I honestly don't understand why a Buyer would not take the advice of their agent unless they don't trust them. And in that case they should work with a different agent.

Good luck, if you keep trying and offering market value, something will work out.
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Ron Thomas, Agent, Fresno, CA
Mon Aug 20, 2012
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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