Is there any way to know how much to offer to purchase a home in today's market?

Asked by Karla Mccormack, augusta ga Sat Sep 6, 2008

I noticed in our area, the average list price is around $169,000 and the median sales price is $99,000 and the average sq ft price is $67. So, does that mean I can get a home that is listed at $169k for $99k, or multiply $67 x sq ft? That is what the numbers would look like to the average person, I think. Can someone give me a guideline to make an offer on a home to purchase?

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9
Dania Robley…, Agent, New York, NY
Mon Dec 17, 2012
Hi Karla Mccormack,

There is a way to get a price point range for your home in today's market. It's a great question. The market dictates the price of the home and there are many variables that come into play. Such as condition; location, sq ft, newly renovated... Pricing is a science. If the price is too high, then the property will stay on the market for a long time and will look stale. Buyers will think there is something wrong with the home and will lose interest. The best way to price it right is to hire a real estate agent. This is one of the many things Real Estate agents are well trained to do. Why waste time and energy trying to figure it out. Time and energy lost equals money lost. There are so many Real Estate agents find one you have something in common with, hire them and profit from their help.
1 vote
Crystal Ande…, Agent, Appling, GA
Mon Apr 12, 2010
Hello Ms. McCormack,

Seek the professional services of a Real Estate agent in the local area.


Crystal Anderson
Real Estate Professional
0 votes
Stacie, , 30909
Sat Sep 6, 2008
Hi Karla! How are you? Hopefully this will help...The MLS of the Greater Augusta Association of Realtors shows that the average list price to sale price is 97.6% for January, 97.2% for February, 98% for March, 98.1% for April, 97.8% for May, 97.0% for June, and 97.4% for July. In everyday language, this means that on average a house that had been listed for 100K would have sold for $97,400 in July. This is ONLY an average, and includes all of the areas serviced by the Greater Augusta MLS. Each town and each neighborhood varies greatly, so you really do need guidance from an expert in order to get the best deal that you can on a home. One other thing to consider is that the inventory in this same area is down from an 11 month supply in January to a an 8 month supply in July. This means that the market is trending away from a buyer's market to a more normalized market. If I can answer any other questions for you, please don't hesitate to call me at 706-373-4663. Thanks! Stacie Wells
0 votes
Brock Hughes, Agent, Augusta, GA
Sat Sep 6, 2008
Karla...As everyone below has answered, you need a Realtor. The numbers you quoted above are averages of the whole Augusta market, not of the general area in which you are looking to purchase. As a Realtor, I can show you surrounding comparable homes that have sold within the last 6 months to a year. This will be the biggest factor when writing an offer. I will be happy to discuss any questions you have regarding our market here in Augusta. Let me know what I can do to help. Until then, you can view all of the available homes on the market @ http://www.BrockHughes.com ...
Web Reference:  http://www.BrockHughes.com
0 votes
James Dudley, Agent, Suwanee, GA
Sat Sep 6, 2008
Karla,

Nice to meet you! I Grew up in Augusta myself.

When it comes to making an offer on a home there are several factors involved. Researching avg. home sale prices is a great way to start, but be sure the data you get is solid. You can't count on websites like realtor.com, zillow, or trulia to give you accurate numbers. It's best to have an agent put together a buyers market report for you.

Every seller has different motivations to sell. The seller will have a bottom line they can afford to sell the property. Much of this has to do with how much they owe on the property. An agent can research records to find out how much the seller paid for the home and what their mortgage history is. This can be a great way to see how much room a seller has to negotiate.

If you are buying a home take advantage of using a realtor. The seller pays the commission so it won't cost you anything to be represented and have a pro help you make a sound decision. If you needs the names of some great agents in Augusta just contact me. I know a few there!
Web Reference:  http://dudleysellshomes.com
0 votes
Tori Lawson,…, , Fayetteville, GA
Sat Sep 6, 2008
Hi Karla,
A REALTOR can assist you with this and represent your best interest as well. If you are thinking of purchasing a home, I can refer you to someone in your local area.
Please feel free to contact me anytime
Tori Lawson
Prudential Georgia Realty
Web Reference:  http://www.torilawson.com
0 votes
Bill Eckler, Agent, Venice, FL
Sat Sep 6, 2008
Karla,

This is one of the services a real estate professional provides. An agent has the information and knowledge to assist you with the buying process. Call one today........
0 votes
Joshua Jarvis, Agent, Duluth, GA
Sat Sep 6, 2008
Karla,

It sounds biased but you should talk it over with a Realtor. I look at the market from different angles and usually the information available to agents is more detailed than what's printed in tax records. For example, closing costs paid by the seller are not recorded on the tax records.

Your realtor should be able to come up with a guideline that you can feel pretty good about.

REMEMBER, you don't get ANYTHING without ASKING for it though. So go with your gut in some cases!
0 votes
William M "M…, Agent, Suwanee, GA
Sat Sep 6, 2008
Karla,

The best advice that I can provide to you is to work with an agent who specializes in the area that you are looking at. Not the agent that has the property listed, instead use the services of an Accredited Buyer's Representative (ABR). Your agent should assist you by preparing a market analysis of the area that you are looking at. This will provide you with as much information as an an agent who works the area on a daily basis.

Your question sounds as though you may be a first time buyer. If this is the case please check out the web reference below for additional helpful information for first time buyers.

Good Luck.
0 votes
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