"Asking" price

Asked by Daniel, Austin, TX Fri Mar 21, 2008

How often do homes in the Anderson Mill area get their full asking price? When they don't get their full asking price, what percentage of the asking price do sellers typically settle for lately? I have heard stories of homes in Austin selling for their asking price the same day they listed, or even buyers getting into bidding wars over houses, but am wondering if this has changed much in the last 6 months or so.

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14
Paul B. Perez, , Austin, TX
Mon Mar 24, 2008
BEST ANSWER
Daniel, the answer to your questions has many factors to consider. #1: As you can see from the answers below it is hard to answer the first question pertaining to the Anderson Mill area however (#2) homes in Austin generally sell at a 95% ratio of Sales to List. The other 5% is for those folks who over price their homes and have to wait for appreciation to catch up before anyone comes along to buy it. (#3) Yes things have changed over the last 6 months! Inventory is way up which means that bidding wars are not so frequent these days, but with the right team, a below average asking price, and a great marketing strategy; you can definitely entice a bidding war. There are many homes in Austin that go for full asking price, but it is a function of the initial asking price. When people tell you stories, either they are an average frustrated realtor trying to win your business, or a friend of a friend telling you a great story! The next time someone tells you one of these stories ask to see the proof! (MLS Print out of Sold home with ADOM count at 1 day)
0 votes
Betina Forem…, Agent, Austin, TX
Fri Aug 8, 2008
Dear Daniel,
I am not sure what motivates people in AZ to respond to your question. They surely have no idea about our local market. I know I would not be answering neighborhood specific questions for areas I did not work.
In Anderson Mill you should get 98% of your asking price if its priced right. Good luck and call me if I can be of service.
Sincerely,
Betina
1 vote
Carol Pease,…, Agent, Austin, TX
Sat Aug 2, 2008
Your agent should be able to give you a good idea about what price to list your property. If you price it correctly it won't be on the market for long. You should be able to get 97-98% of list price in that area. The closer you are to the correct price the quicker your home will sell. Prepare your home in advance. Remove clutter and sometimes furniture pieces so that rooms look spacious. Make sure that the lawn is well manicured. When I sold my last home I rented a storage unit and removed half the "stuff" I had accumulated. It sold in less than 7 days at full price.

Carol Pease, ABR, CRB, CRS, e-PRO, GRI
1 vote
Betina Forem…, Agent, Austin, TX
Sat Aug 2, 2008
Dear Daniel,
If you price it to move, you may get multiple offers and have a bidding war. Then you may get far more than you thought. I have seen this a lot in Austin. Anderson Mill is a great affordable neighborhood that sees regular turnover because people can afford it. This is a great price point to be in. Stage it well, keep it clean and price it to sell quickly and I bet you get multiple offers. Good luck selling your home and call me if I can be of assistance.
Sincerely,
Betina
512-771-6318
Web Reference:  http://www.BetinaForeman.com
1 vote
Roy DuBose, , Austin, TX
Sat Mar 22, 2008
as i'm certain you know, anderson mill is a very popular neighborhood (high demand) so yes, sellers usually get asking price (close to 98% i'd say) -- when they don't, there is something in the condition of the property that keeps it below par and thus wouldn't bring top dollar. i've heard stories about a jolly fellow that wears a red suit and brings gifts to everyone in the world one day a year -- actually believe that one -- every market is different, every property is different, and value is in the eye of the buyer -- facts are facts though, and an experienced professional should be giving you facts and let you form your own opinion. i don't believe neighborhoods like anderson mill will experience much, if any, loss in appreciation -- because of demand --
1 vote
Jeff Kessler, Agent, Austin, TX
Sat Mar 22, 2008
Really depends on the price point. Austin is still a great market. We have only gone up about 28% in the last five years so we don't have far to fall. We are also the number 1 city with growth potiental over the next 4 years.
If the home is under $200,000 they usually go quickly, especially if they are in good shape. If you need any help please let me know,
Jeff Kessler ABR,GRI
512.801.5666
Web Reference:  http://www.realtyatx.com
1 vote
Perry Hender…, Agent, Austin, TX
Fri Mar 21, 2008
I tell everyone to judge their house as a fixer-upper these days.
1. Price low - sell quick. First of all, if you price reduculously low, you get multiple offers and that drives up a bidding war.
2. There are a lot of really nice alternatives. I mean really - really nice, much better than the one you think is nice, no matter how good it is. And it might even be $5K less than yours.
3. If you're happy at the lowest price you can get, then every penny above that is karma coming back to you. You must of done something nice in a past life because god won't let you take that less.

Have fun selling your home.
1 vote
Betina Forem…, Agent, Austin, TX
Sun Aug 16, 2009
The sold price change from the asking price will depend on how well it is priced. If the listing agent is very accurate with the pricing the sold price should remain close to asking price. If a house is really spectacular, it could sell for more than asking if a bidding war breaks out. Bidding wars are still possible, but not as common as last year.
0 votes
E.J. Mckinney, Agent, Austin, TX
Tue Aug 12, 2008
Austin's market as a whole still remains strong compared to many areas of the country and the Anderson Mill area is a strong area. Based on recent data, you should expect to get somewhere between 95-100% of asking price, provided that your home is priced correctly. If I can answer any questions for you or provide any assistance, please let me know. Regards, E.J.
0 votes
Daniel, Home Buyer, Austin, TX
Tue Mar 25, 2008
Thanks everyone for your answers! I realize with so many factors being involved in determining one's list price (personal issues, unreal expectations, etc.) no hard-and-fast rules exist. But I think I have a better understanding of how the homes in the Anderson Mill area have been affected by the recent mortgage/housing problems.
0 votes
Lani Anglin-…, , Austin, TX
Mon Mar 24, 2008
Daniel, Paul hit the nail on the head. PLEASE disregard the first answer as they are not in Austin and likely don't know what Anderson Mill is- Austin's market is nothing at all like the national market (nor Arizona's, I assure you).

The most important thing that I would reiterate is that a quick phone call to your selected Realtor will really ease your mind about this!
0 votes
David - Appr…, , Maricopa, AZ
Sat Mar 22, 2008
Check with a local aprraiser in your area to find out the List-To-Sale Price Ratio of comparable properties in the particular market area you are interested in.
0 votes
Dallas Texas, Agent, Dallas, TN
Fri Mar 21, 2008
Where is your realtor?

Many buyers forget a few issues when placing a bid on their next home
Seller responsible for the following when selling a home
These $xx,xxx have to be backed out of the list price when a seller is selling their home
a) 6% to buyer fees (listing agent and buyers agent),
Example $400,000 - $24,000 (real estate agents) $376,000 prior to any other expenses
b) taxes ~ any remaining balance
c) insurance ~ any remaining balance
d) closing fees ~ based on the amount of the home approx. $5K or more
e) Remaining balance for the mortgage

$400,000 Agreed price to purchase the home
- 24,000 (realtors fees for listing agent and buyers agent)
- 7,000 (insurance taxes)
- 5,000 (closing fees)
- 500(minor repairs if the buyers requests)
- 1,000 (their fees to move out of house)
$362,500 ~~~ remaining to pay off the mortgage usually 1st and 2nd liean

I hope that helps buyers don't know all the expenses incurred when purchasing a home or selling a home
Web Reference:  http://www.lynn911.com
0 votes
Thomas Trott…, , Tempe, AZ
Fri Mar 21, 2008
It has and here is why, the values are unstable, and downwardly mobile, plus the buyers cant qualify, people desparate to sell lower the price and in effect have a sale which lowers the general market value.
0 votes
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