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Asked by Jeff Schrauben, Ferndale, MI Wed Jun 4, 2008

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Laura Caamano, Agent, Downers Grove, IL
Wed Jun 4, 2008

I have to agree with Jon below. This looks like lower priced properties are selling, which is brining down the average selling price. Example: There could be a couple homes listed at 200,000, a few more at 150,000 and the majority at 100,000 which is how you come up with an average list price of 140,000, but if the majority of the properties selling are the lower priced ones, this will bring down the average sales price. This doesn't have anything to do with negotiations...this is showing you "statistics" which is more or less WHICH price point is selling.

When you decide on a home and what to offer, you need to look at each property on an individual basis.
1 vote
., , Oakland County, MI
Wed Jun 4, 2008

Each house must be evaluated independently. As owners will differ in their motivation and ability to sell, some prices may be more realistic than others. List prices in this market should be at or slightly below market to attract offers and keep up with ongoing declines in value. However, since many sellers do not understand or have difficulty accepting that their homes are not worth what they were a few years ago they are reluctant to price as accurately as they should. I agree with the others that a qualified buyer's agent will be able to help you determine the approximate market value of a home based on comparable homes that have sold in the area. It is best to look at homes that have sold within the last 6 months as they will be better indicators of the subject home's value today. It is OK to select older comparables if that is all that is available, but adjustments must be made for declines in value over time.
0 votes
smith3gary, Agent, White Lake, MI
Wed Jun 4, 2008
Jeff, Bottom line, pay no attention to the List Price of a home. That is simply a starting point suggested by the seller. In some cases, the home may be overpriced for the market by 100 percent.

There were 88 homes sold in Ferndale during the past 90 days from $10,000 to $230,000. This would include 2, 3, 4 or more bedrooms, 1 or more stories, with and without a basement or garage, (the list goes on) The average for all types and styles of homes was

List Price $84,077 Sale Price $78,173

In Michigan, only a buyers agent can reprisent your interests and negotiate to get you the best price and terms for any home. (that does not mean it will be your price and your terms)

If you would like additional information, simply contact me through Trulia. I will walk you through some choices and can suggest some local agents to work with.
Web Reference:
0 votes
Jon, , 48198
Wed Jun 4, 2008
I think there is a misperception here, as is often the case with statistics.

Let's say there are 5 homes in the area listed at $180K and 5 homes listed at $100K - all of the homes listed at $100K sell for asking price...
0 votes
Gordon Johns…, Agent, Plymouth, MI
Wed Jun 4, 2008
From the information you provided it appears that the answer would be yes based on averages. The situation with each property is different so if the average is $40k there will be some at or near zero room and some that have much more room to negotiate. This is where your buyers agent is a real valuable asset, the buyers agent can try to help you determine the sellers motivation and also to help you determine which side of the average they are on.

Web Reference:
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