what's good offer price for $420000?

Asked by Yo Zip, Gardena, CA Mon Mar 3, 2008

I saw property for $420000 today. 3bed/3bath condo, fairly good size (1500sq). What should be good offer price?

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Jann Patters…, , Kootenai County, ID
Mon Mar 3, 2008
It depends on the comparible sales in the area, length of time on the market, condition of the property, availability of similar properties, availability of other properties that you like and that meet your needs. If the property is priced right (average of sold comparibles) and the condition is in the top 50% of properties on the market then a reasonable offer is 3%-5% under asking. If the market is very slow in your area and the property has been on market a long time with declining values then 15% under market comparibles is not unreasonable. On the other hand, if the market is healthy, the property is priced well, the condition is good to excellent and it's just what you want you should pay asking price.
1 vote
Gita Bantwal, Agent, Jamison, PA
Sun Mar 28, 2010
Are you buying using a Buyers agent ? The agent should show you the comps for the area. You should look at similar homes in the area and then make an offer. If the home is priced below market value then there may not be much room for negotiation. If it is priced way above market value then make an offer based on the recent sold price.
The price is determined by what a buyer offers and what a seller is willing to take. Then it is in the hands of appraisers and sometimes if you offer more than what it is worth , it may not appraise. A good agent from your area can guide you.
Web Reference:  http://www.gitabantwal.com
0 votes
Gerard Dunn, Agent, Chevy Chase, MD
Sun Mar 28, 2010
I'll bid $1000 over Dan's best offer.
0 votes
Dan Chase, Home Buyer, Texas City, TX
Sat Mar 27, 2010
I like $27,000 myself. No specific reason. It just sounds good.

On second thought, it is condo. make it $2,500.

Offer less than the real value by a bit. But figure out what it is worth before making an offer. It could be priced right now. It could be greatly over or under priced.
0 votes
Ron Rovtar, Agent, Boulder, CO
Sat Mar 27, 2010
HI Yo Zip:

It seems like a number of people have asked questions like this recently. Unfortunately there is no right answer. If the home is underpriced significantly, then you probably want to get in a 100 percent offer before someone else does. If it is overpriced by a large factor, then you want to offer what your instincts tell you the home is worth. Unfortunately, you probably won't get a badly overpriced home, because the current owners apparently think a lot of their home and they will not listen to reason, at least until the home sits on the market for a while.

But most homes are priced near to their true value, which means you and your agent should do some research and come up with an offer than feels comfortable to you. I think the negotiating mistake many of us make is trying to second guess the other side. In the end though, you really should look inside yourself to find a figure that you are comfortable with. Then don't worry too much about what the current owners think. You want a deal that works for you. They will look out for themselves.

Ron Rovtar
Prudential Real Estate of the Rockies
Boulder, CO
0 votes
Monica Der E…, , 90210
Sat Mar 27, 2010
It really depends on what prices the homes are around the house you are looking at. Maybe the home is priced lower than the homes in its area, then probably don;t make an offer much lower or make a full priced offer. The seller is anxious to sell.
0 votes
Dorene Slavi…, Agent, Torrance, CA
Tue Aug 18, 2009
Hi There,
I hope you are working with a buyer agent..if not..please consider working with one who knows your area. Your buyer agent will help you to make decisions like this, based upon the comps for the area. I can tell you that there are 1500sf condo's in Torrance that have sold recently for 410,000. range,and in very nice developments.
Web Reference:  http://www.doreneslavitz.com
0 votes
, ,
Wed Jul 15, 2009
Is there a reason why you want a Condo over a Single Family Residence? I've seen quite a few Single Family Residences selling for about $400k in the Gardena area (of course, this depends which part you're searching). The realtors below are correct about determining value on an offer. Properties have been moving more because of the affordability, so you may be seeing some multiple offers. Also, since you're post was created you may be forced to pay Hazard Insurance on top of your HOA fees because Fannie Mae and Freddie Mac are requiring all Condo/Townhomes to have the interior ("Between the Walls" was their definition) insured (via a HO-6 Policy). I've been finding most HOAs' Master Insurance Policies carry only the exterior coverage, so this means you have to come out of pocket for the interior. Helpfully this two cents was helpful. Best wishes on your search.
0 votes
Sheyenne Sch…, Agent, Torrance, CA
Mon Oct 27, 2008
It depends on the comps in the area..and the price of other condos...if it is underpriced...you may want to give them their asking price...or lose it...if it has been on the market for a while you may be able to bid lower...and see what they want to do.
Shy 310-429-4170
Web Reference:  http://www.shysells.com
0 votes
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