Profile picture for rushel6

how much should i offer on a $110,000 listed home?

  • September 04 2009 - Indianapolis
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Answers (8)

Rushel6,

Find a Realtor who can answer the following market trend questions:

1) What is the average asking price per square foot?
2) What is the average days on market?
3) What percent of properties had price decreases in the last week?
4) What percent of homes were relisted in the last week?
5) What percent of homes had price increases in the last week?
6) What is the median price for homes in your quartile of the market?
7) What is the Market Action Index this week?

Get the answer to these and you will be on your way to making a great purchase offer and be happy. Good luck.
  • September 16 2009
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The answers before me have been true in information,,, and I would add this:In my area of San Diego Calif., right now, due to the $8000 tax credit ending soon, the interest rate threatening to go up, and the still great home prices, we are seeing anywhere from 5-25 offers on each home. IF this is the case in your area, you MUST take this into consideration, or you will be one of the offers that is rejected without a counter offer.  Be sure your listing agent finds out if there are offers on the home BEFORE you write yours. Also find out when the seller will act on the offers and plan your offer accordingly. If you are trying to get costs paid from your offer by the seller, you  may be out of luck in such high competition, so you may have to ADD those costs to your price. BUT if doing that will make the price for the home, not able to appraise out... well.. that's another issue... be sure you have an experienced agent helping you, as it takes a lot of experience to know how to navigate in that type of market.  Good luck!
  • September 05 2009
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Profile picture for sksharma
i dont have any idea.
  • September 05 2009
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Profile picture for Anna Stout
Here's an article that you might find helpful on how Sellers price their homes and how much to offer.  Hope this helps.
  • September 05 2009
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Pull recent comparable sales and make an offer that you are comfortable with. There is no right or wrong way to do this. If it is fairly priced, offer within 10% of asking price.
  • September 04 2009
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Profile picture for cindybaggett
Your offer will depend upon the market value of your home.  Does this home need any repairs done to it? You can determine this by having a home inspection. If there are repairs that are needed to be done, one option is to add this cost to the list price.  This way saves your cash and it only adds a small ask the owner to do the repair if the list price is a good price for this home. Your agent can do a market analysis to see what other properties with similar features have sold for in the same area.

  • September 04 2009
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Profile picture for ChandaB
rushel6, That is really up to you.  If you have an agent representing you, they should be able to provide comps for other homes sold in the area which may be helpful in determining an amount to offer on the home.  Of course every home is different, it also depends on how much or little work is required on the home, unique features and amenities, etc.  Ultimately, it depends on how much you like the home and what you can afford and are willing to pay for it.

Hope this helps...
  • September 04 2009
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It depends on the market value of the home. Sometimes a listing could be priced high or priced to sell quickly. This is when you need to perform a market comparison to see what other properties in the area have sold for. Each area of the city has different list to sales price ratios. Its the average percentage of the asking price that sellers are getting for their homes. During the good times, homes average 97-100% of asking price. Now some areas have seen much less. What area of town is it? What's the condition compared to others in the area? Any special features?
  • September 04 2009
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