Quality Mortgage Lending
The list -to-sell ratio is one of the most deceiving statistics in real estate. Let's say a 500K property is overpriced by 100K and someone ends up buying in for 450K. That ratio is 90%. Sounds like a decent deal, but in reality the buyer overpayed by 50K. Conversely, a property that is priced under market sells for full list price. That ratio is 100%. Who got the better deal?
Your first step is to research the most recently closed comparables and base your initial offer off of that. Hope that helps.
If you would like to know the current listing price of the homes in your area or the past home sales and prices visit http://www.forchicagohousevalue.com. I find this site useful to determine the price to list my house or find past house sales in the area.
for any other real estate questions visit: http://kirbypearson.com (kirbypearson.com)