Zillow Advice: Buying Process - Is it normal to offer more than the listing price on a house when making an offer? http://www.zillow.com/advice-thread/Is-it-normal-to-offer-more-than-the-listing-price-on-a-house-when-making-an-offer/396221/ Zillow Advice | Zillow Real Estate All agents have their own ... http://www.zillow.com/advice-thread/Is-it-normal-to-offer-more-than-the-listing-price-on-a-house-when-making-an-offer/396221/ All agents have their own style that may work with some people, but not with others. The most important component&nbsp;of any relationship is trust. If trust&nbsp;is lacking everything comes under question and few issues get resolved. Answering your question, yes in certain markets paying above asking price does happen. If your agent represents you he/she should be able to show why properties have a certain value. Your agent should give you a comprehensive market analysis&nbsp;demonstrating&nbsp;current property values and&nbsp;market trends.That is their job. If you are not represented maybe you should be.It's best to work with someone you trust and our comfortable with maybe you should speak to the agent&nbsp;to make sure you are both on the same page.<br/>best of luck Fri, 14 Feb 2014 17:54:00 GMT http://www.zillow.com/advice-thread/Is-it-normal-to-offer-more-than-the-listing-price-on-a-house-when-making-an-offer/396221/ 2014-02-14T17:54:00Z Hi PeaceUnlock,I'll address ... http://www.zillow.com/advice-thread/Is-it-normal-to-offer-more-than-the-listing-price-on-a-house-when-making-an-offer/396221/ Hi PeaceUnlock,<br/>I'll address your 3 concerns in order:<br/>For your first concern about whether to offer above or below list price, it depends on the situation.&nbsp; A good realtor should be able to give you some guidance on which homes require you to bid over asking and which do not.&nbsp; A good realtor takes all the information into account to help you come up with a good price to offer.&nbsp; Some of the information we take into account are past sold prices of similar homes within recent months, how long the home has been on the market, how many other buyers are interested, etc.<br/><br/>Regarding your second item, I'd give a pass to your realtor on that one.&nbsp; He is correct that some consumer sites do not update in a timely manner.&nbsp; When he said he was "thinking about it" he probably was really checking the status on the official MLS.<br/><br/>For your third item, it depends on your preference.&nbsp; Your realtor should have better communication with you to know your likes and dislikes.&nbsp; Some buyers want to have their realtor look around with them, some prefer to have privacy and look on their own.&nbsp; Your realtor should ask&nbsp;you, or at least read your facial expressions and body language to figure out which way you prefer.&nbsp; <br/><br/>Bottomline, he might be a good realtor for someone else, but sounds like your realtor doesn't match with you.&nbsp; Sounds like he doesn't have the patience or desire to work with first time home buyers.&nbsp; For some of us, it's not about dollars and cents.&nbsp; Sure, from a money perspective, first time home buyers take the longest, require the most work, and pay the least, but some realtors forget that we also do this for the joy of helping people get their first home. Fri, 14 Feb 2014 17:35:00 GMT http://www.zillow.com/advice-thread/Is-it-normal-to-offer-more-than-the-listing-price-on-a-house-when-making-an-offer/396221/ 2014-02-14T17:35:00Z Wow!&nbsp;&nbsp; Peace, it ... http://www.zillow.com/advice-thread/Is-it-normal-to-offer-more-than-the-listing-price-on-a-house-when-making-an-offer/396221/ <p class="MsoNormal">Wow!&nbsp;&nbsp; Peace, it seems as though you may want to discuss your agents "style" of showing with his broker.&nbsp; Personally, when a client enters the living room I give them about two paragraphs of verbal info with regard to the subject property, neighborhood, and area, then I walk behind them and let them taking note as to what they like or dislike about a particular home. &nbsp;Simple Job LOL</p><p class="MsoNormal">&nbsp;</p><p class="MsoNormal">Your agent should be concerned about your likes and dislikes, so that he can help narrow the search and save time / money.&nbsp; He should also be concerned about the liability when showing a property LOL.</p><p class="MsoNormal">&nbsp;</p><p class="MsoNormal">NOW FOR YOUR REAL QUESTION:</p><p class="MsoNormal">Certain markets are heated and certain markets are cold.&nbsp; Some sales are bank owned, some sales are short sales, and some listings are undervalued.&nbsp; Have you been targeting undervalued property?&nbsp; Undervalued property may have been listed lower than the market will bear in order to create a bidding war or at least a higher offer.&nbsp; Many times a short sale or pre foreclosure listing will be listed well bellow market value, so that potential buyers will bid the highest price, which still must be approved by the current owners lender or the bank in the case of a bank owned.&nbsp;</p><p class="MsoNormal">&nbsp;</p><p class="MsoNormal">Heated markets, such as certain areas in both Florida and California, also command higher than listing price in order to attract the seller.&nbsp; He may be right in asking you to offer more and he may be attempting to increase his commission.&nbsp; Use zillow and determine how long homes are on the market in your target neighborhood. &nbsp;Markets selling less than 30 days on market would command higher than listing price, however, if you are seeing over 90 days on market, offer less than asking price and begin negotiation. &nbsp;Less than 60 days on market but no more than 90 days, present a comfortable offer.</p><p class="MsoNormal">&nbsp;</p><p class="MsoNormal">That is my 2 cents.&nbsp;</p><p class="MsoNormal">&nbsp;</p><p class="MsoNormal">Andrew Cherry</p><!--[if gte mso 9]><xml> </w:WordDocument> </xml><![endif]--><!--[if gte mso 9]><xml> </xml><![endif]--><!--[if !mso]><object classid="clsid:38481807-CA0E-42D2-BF39-B33AF135CC4D" id=ieooui></object> <style> st1\:*{behavior:url(#ieooui) } </style> <![endif]--><!--[if gte mso 10]> <style> /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-style-parent:""; font-size:10.0pt; font-family:"Times New Roman";} </style> <![endif]--> Tue, 04 Feb 2014 00:53:00 GMT http://www.zillow.com/advice-thread/Is-it-normal-to-offer-more-than-the-listing-price-on-a-house-when-making-an-offer/396221/ 2014-02-04T00:53:00Z List price should be assessed ... http://www.zillow.com/advice-thread/Is-it-normal-to-offer-more-than-the-listing-price-on-a-house-when-making-an-offer/396221/ List price should be assessed with selling price and Market trend. In this market list price is a joke to advertise I sold 100k more than asking. Think about it if you don't know the market you will list low. Then buyers who are new placing offer do not get the game, and takes them time to get a home. If you are having trust concern with your realtor you need to clarify and resolve your opinions , if not then find the one that can explain you the different market. Tue, 04 Feb 2014 00:22:00 GMT http://www.zillow.com/advice-thread/Is-it-normal-to-offer-more-than-the-listing-price-on-a-house-when-making-an-offer/396221/ 2014-02-04T00:22:00Z It is normal for people to ... http://www.zillow.com/advice-thread/Is-it-normal-to-offer-more-than-the-listing-price-on-a-house-when-making-an-offer/396221/ <p>It is normal for people to offer over the amount of the asking price if they feel it is very desirable and it will go quick. That is where a good agent comes into play by advising you of this. You should have your agent do a CMA to see what the actual "sold" properties have been going for in that area. It sounds like you might want to speak to your agents broker and express your concerns. The broker would be able to match you with someone that is more suited to your needs.</p> Thu, 02 May 2013 13:32:00 GMT http://www.zillow.com/advice-thread/Is-it-normal-to-offer-more-than-the-listing-price-on-a-house-when-making-an-offer/396221/ 2013-05-02T13:32:00Z If this is a "hot" property, ... http://www.zillow.com/advice-thread/Is-it-normal-to-offer-more-than-the-listing-price-on-a-house-when-making-an-offer/396221/ If this is a "hot" property, with other bidders, than it is not unusual to offer over full price...but everything "just depends" and you do not have a good agent helping you.<br/><br/>Find a buyers agent that is experienced in representing home buyers and their majority of business comes from buyers.<br/><br/>Eve<br/> Thu, 02 May 2013 11:18:00 GMT http://www.zillow.com/advice-thread/Is-it-normal-to-offer-more-than-the-listing-price-on-a-house-when-making-an-offer/396221/ 2013-05-02T11:18:00Z Sure, if you really like ... http://www.zillow.com/advice-thread/Is-it-normal-to-offer-more-than-the-listing-price-on-a-house-when-making-an-offer/396221/ Sure, if you really like it and you and your Realtor think it will appraise for the amount offered. If you are paying cash, congratulations, offer anything you want :)<br/><br/>P.S. Find a new agent, yours sounds lazy and not helpful. Thu, 02 May 2013 00:11:00 GMT http://www.zillow.com/advice-thread/Is-it-normal-to-offer-more-than-the-listing-price-on-a-house-when-making-an-offer/396221/ 2013-05-02T00:11:00Z To answer you question.&nbsp; ... http://www.zillow.com/advice-thread/Is-it-normal-to-offer-more-than-the-listing-price-on-a-house-when-making-an-offer/396221/ To answer you question.&nbsp; After 32 years of seeing it all, it depends.&nbsp; In my area, we have low inventory and prices are going up at a good pace.&nbsp; So, if the home is priced right, it's not uncommon to have multiple offers and houses selling at higher prices than listed. This is what we call a 'Sellers' market.&nbsp; Even though, pricing may still be upside down to what it was in the past 'Sellers' market.&nbsp; We've had a 'Buyers' market for quite some time.&nbsp; We also call it market correction. Sellers sell high, then, buyers buy low.&nbsp; The ebb &amp; flow of the economy.&nbsp; So, set your priorities on your needs, wants and what you will pay for those.<br/><br/>As far as you agent goes.&nbsp; Have a heart-to-heart with him. Let him know your concerns and that you may be looking for another agent.&nbsp; If you have a contract, you will both need to mutually agree to cancel it, or, you can request a cancellation from his broker.<br/><br/>Good luck on your home buying journey. Wed, 01 May 2013 20:49:00 GMT http://www.zillow.com/advice-thread/Is-it-normal-to-offer-more-than-the-listing-price-on-a-house-when-making-an-offer/396221/ 2013-05-01T20:49:00Z First of all, fire your agent, ... http://www.zillow.com/advice-thread/Is-it-normal-to-offer-more-than-the-listing-price-on-a-house-when-making-an-offer/396221/ First of all, fire your agent, and find one who works full time and is a professional, maybe even with some designations. Depending on your market, you may very well have to pay more than the asking price if you really want the property. This is not usual, but does happen from time to time. Wed, 01 May 2013 20:36:00 GMT http://www.zillow.com/advice-thread/Is-it-normal-to-offer-more-than-the-listing-price-on-a-house-when-making-an-offer/396221/ 2013-05-01T20:36:00Z Think of the listing price ... http://www.zillow.com/advice-thread/Is-it-normal-to-offer-more-than-the-listing-price-on-a-house-when-making-an-offer/396221/ Think of the listing price as equivalent to the "MSRP" (manufacturers <strong>suggested</strong> retail price) for a car. Pay what the property is worth (true appraisal value) and then you need worry about the sticker price - offer more if the listing price is under the appraised value and offer less if the listing price is over the appraised value. Wed, 01 May 2013 20:31:00 GMT http://www.zillow.com/advice-thread/Is-it-normal-to-offer-more-than-the-listing-price-on-a-house-when-making-an-offer/396221/ 2013-05-01T20:31:00Z