Anonymous
Anonymous asked in Business & FinanceRenting & Real Estate · 1 decade ago

house prices...full asking price?

do people selling their homes actually want full asking price or do you think they are willing to go down abit if so...when putting forward an offer by how much lower do you think is acceptable?

13 Answers

Relevance
  • 1 decade ago
    Favorite Answer

    Absolutely, I would bargain on everything. Agents always ask a slightly inflated price in case someone comes along and says ' I absolutely love this property' and then has to pay the full asking to secure it. If the house has been on the market for a while and your in a good position ie; first time buyer or cash then i would offer 10% below the asking and work it out from there.

    I will tell you one agent tactic here is to advise the vendor to reject every offer you make then when they haven't heard from you for a day they will ring you back, add a grand or two to your last offer and say the seller would accept that. So play them at their game and say your interested in two properties and would like to make the first offer on theirs.

    • Login to reply the answers
  • 1 decade ago

    As with all things it's supply and demand. People will usually ask a bit over the odds in order to get the best price possible,and be willing to go down a fraction. However it depends on how much the buyer wants the property. If he's really keen he will offer very close to, if not the full ,asking price. If he is a little interested he might make a silly offer a lot below the asking price and hope for the best. I've used both tactics and they can work!!

    • Login to reply the answers
  • 1 decade ago

    My house is currently for sale for $369k, but I would go about as low as $350k.

    We bought a piece of property that was priced $180k, but we offered $120k, and were countered $145k.

    It all depends on the seller and what the house is actually worth. It also depends on whether the house is fsbo or through an agent, as a lot of sellers who use agents want to be sure the sale covers that 6% commission as well.

    If the house hasn't been up for sale very long, I'd offer about 2-3% less. If it's been up for sale for quite a while, offer 5-6% less.

    Most real estate guides tell sellers to ask about 5% more than they want to begin with so that they can reduce the price if the house doesn't sell.

    • Login to reply the answers
  • Jay
    Lv 7
    1 decade ago

    Depends on the market. These days, despite some slump in the market, asking price is selling price. That doesn't mean you can't offer less, but chances are good that if you're too much below asking price, someone else will get the house.

    How do you know? If you have a competent buyer's agent, they'll know the local market, how much the house is worth, and how likely it is that the buyer will accept a lower offer (and how much). You did interview 3 agents, right?

    • Login to reply the answers
  • How do you think about the answers? You can sign in to vote the answer.
  • Anonymous
    1 decade ago

    Depends on the state of the market, and the area.

    In a "buyers" market (like now), there are lots of proerties and few buyers. Houses rarely go for full price. In a "hot market, a house may get multiple offers over the asking price.

    • Login to reply the answers
  • Anonymous
    1 decade ago

    5-10% off the asking price is standard.. here is why.....

    Most people will put their house about 5 % or so above the actual value of the house, so if you go 10% below in reality you are going about 5% below the actually value. Then the hope is that you will meet somewhere in the middle around the actual home value.

    • Login to reply the answers
  • 1 decade ago

    Offer 20% less. You will almost always get rejected with no counter offer, but eventually you will hit a desperate seller and get a good deal. Just don't take it personally when all the others scream at you.

    To do this, you can't have your heart set on a particular house. This is a business no-emotions type approach to home buying.

    Lastly, don't listen to your buyer's agent. They will tell you to bid higher so they can lock up a deal and get their commission. My strategy will save you thousands, but your agent will hate it.

    • Login to reply the answers
  • 1 decade ago

    make a reasonable offer.. say 10 % less or tot up what work you think needs doing and what that'll cost and deduct it from the asking price.. if you don't ask you don't get.. you can always increase an offer but once one offer is made it is tricky to then go lower! unless of course the survey reveals faults which will cost to fix then you can reasonably deduct these from your starting offer or pull out if it's a major problem you are not prepared to tackle...

    • Login to reply the answers
  • 1 decade ago

    It depends on your specific market situation. It is easy enough to find out what is happening in your market free of charge.

    1) Go to your county tax appraiser web site and find 30 or 40 homes sold in the last 6 months within the subject area. Calculate selling price per square foot for each home and average it out. (SELLING PRICE divided by SQUARE FOOTAGE)

    2) Go to realtor.com and find 30 or 40 homes for sale in the same area with matching the criteria. Calculate the listing price per square foot for each home and average it out. (ASKING PRICE divided by SQUARE FOOTAGE)

    3) Compare the average SELLING price to the average LISTING price. Are they selling for about the same or lower?

    Now you know!!

    • Login to reply the answers
  • Anonymous
    1 decade ago

    When they put their sale offer up they go slightly above estimated value,therefore they will be willing to knock a little off.Sometimes up to 10 k

    • Login to reply the answers
Still have questions? Get your answers by asking now.