Zillow Advice: Selling Process - should I, pay for a house the price the agent is asking for???? http://www.zillow.com/advice-thread/should-I-pay-for-a-house-the-price-the-agent-is-asking-for/419043/ Zillow Advice | Zillow Real Estate The price you offer should ... http://www.zillow.com/advice-thread/should-I-pay-for-a-house-the-price-the-agent-is-asking-for/419043/ The price you offer should not be a flat percentage.&nbsp; It should be determined by the market value of the home in today's market.&nbsp; Homes that are priced to sell will not even look at an offer of 70% of asking price.&nbsp; Most <a href="http://www.zillow.com/homes/for_sale/fore_lt/">foreclosures</a> will not entertain such a low offer unless there is enough margin in their price.&nbsp; <br/><br/>No one can predict the future, but I don't think <a href="http://www.zillow.com/local-info/#metric=mt%3D18%26dt%3D1%26tp%3D5%26rt%3D14%26r%3D102001%2C394913%2C394806%2C394463">home prices</a> will fall an additional 30%.&nbsp; Thu, 03 Nov 2011 20:12:00 GMT http://www.zillow.com/advice-thread/should-I-pay-for-a-house-the-price-the-agent-is-asking-for/419043/ 2011-11-03T20:12:00Z It really depends on where ... http://www.zillow.com/advice-thread/should-I-pay-for-a-house-the-price-the-agent-is-asking-for/419043/ It really depends on where you are, <a href="http://www.zillow.com">real estate</a> is local, here in North Carolina, the Triangle area, homes are getting 97% of their offer if the seller has priced it correctly.<br/>None of us can predict the future, we are just looking at our individual clients and how long they intend to stay in the home and their needs and these incredible <a href="http://www.zillow.com/mortgage-rates/">interest rates</a> and how much they could rent it for , if for some reason they &nbsp;had to move.<br/>So how safe is your job? How long do you intend to live in the home?<br/>And (you dont have to answer this) where do you live? What are real estate prices doing in your area.Ask a <a href="http://www.zillow.com/directory/real-estate-agents/">realtor</a> to pull recent stats for you. Do the research before you put down the green:) Thu, 03 Nov 2011 20:00:00 GMT http://www.zillow.com/advice-thread/should-I-pay-for-a-house-the-price-the-agent-is-asking-for/419043/ 2011-11-03T20:00:00Z Eberganza, there is no blanket ... http://www.zillow.com/advice-thread/should-I-pay-for-a-house-the-price-the-agent-is-asking-for/419043/ <p>Eberganza, there is no blanket answer to your question. What you should offer is a function of many factors, how well priced the property is, how strong your offer is in other respects, the interest level on the property and the motivation of the sellers just to name a few. Working with a buyer's agent who is familiar with the market and can give you advice based on all these items is a good start.<br/><br/>Best of luck to you on your property search! It is great time to be in the market!!</p> Thu, 03 Nov 2011 19:48:00 GMT http://www.zillow.com/advice-thread/should-I-pay-for-a-house-the-price-the-agent-is-asking-for/419043/ 2011-11-03T19:48:00Z I'm afraid that, if investing ... http://www.zillow.com/advice-thread/should-I-pay-for-a-house-the-price-the-agent-is-asking-for/419043/ I'm afraid that, if investing in properties were such a black-and-white issue, everybody would be doing it all the time.&nbsp; Clearly, your approach is not working in your area.&nbsp; Furthermore, being rigid about any percentage-of-asking-price is not going to bring your consistent success in any area.&nbsp; Sellers and their agents strive to get the asking price in line with the local market...after all, they do want the property to sell within a reasonable amount of time.&nbsp; Is the <a href="http://www.zillow.com/local-info/#metric=mt%3D18%26dt%3D1%26tp%3D5%26rt%3D14%26r%3D102001%2C394913%2C394806%2C394463">listing price</a> appropriate?&nbsp; You have to evaluate that based on location, size, condition and upgrades (or not).&nbsp; Then you need to look at a comparable market analysis (CMA) carefully prepared by a <a href="http://www.zillow.com/directory/real-estate-agents/">realtor</a> knowledgeable with your area to investigate days on market and compare actual sold price to asking price of similar properties in your area.&nbsp; <br/><br/>In some areas (like my own San Francisco Bay Area), there are many pockets where sellers are receiving multiple offers and many are above the asking price.&nbsp; If the area "standards" don't correspond to your 70% figure, you might want to rethink your plan.<br/><br/>Emma Thu, 03 Nov 2011 19:37:00 GMT http://www.zillow.com/advice-thread/should-I-pay-for-a-house-the-price-the-agent-is-asking-for/419043/ 2011-11-03T19:37:00Z In our area the agents price ... http://www.zillow.com/advice-thread/should-I-pay-for-a-house-the-price-the-agent-is-asking-for/419043/ In our area the agents price the homes at market value.&nbsp; There is no "fluff" in the prices so we tell buyers to expect to pay full price or close to it.&nbsp; The answer to your question though will vary depending on the market.&nbsp; If you are consistently asking agents in a strong market to put in low offers for you, you will probably continue to be discouraged.&nbsp; Good Luck in your home!&nbsp; The best investment on earth is still earth.... Thu, 03 Nov 2011 17:42:00 GMT http://www.zillow.com/advice-thread/should-I-pay-for-a-house-the-price-the-agent-is-asking-for/419043/ 2011-11-03T17:42:00Z A list price is the asking ... http://www.zillow.com/advice-thread/should-I-pay-for-a-house-the-price-the-agent-is-asking-for/419043/ A list price is the asking price or the ideal price the seller would like to get. Offering 70% of that asking price without looking into some other factors like time on the market or the financing options available for the property is most cases will be a waste of time for you. Your agent should be telling you this. In some cases paying over the asking price is a good idea. Your strategy will end up frustrating you and you will not end up getting the home you want. Ask a professional on their opinion on a specific house.&nbsp; Thu, 03 Nov 2011 17:33:00 GMT http://www.zillow.com/advice-thread/should-I-pay-for-a-house-the-price-the-agent-is-asking-for/419043/ 2011-11-03T17:33:00Z In the Sacramento Region, ... http://www.zillow.com/advice-thread/should-I-pay-for-a-house-the-price-the-agent-is-asking-for/419043/ <p>In the Sacramento Region, homes are selling at about 97% of list price, on average. This means that some people are paying more than list price to get homes and of course, some are paying less than list, but sticking to the 70% price point when you may be bidding on a home that is actually priced correctly will always keep you from being successful.<br/><br/>A better approach may be to look at average price per square foot and choosing a ceiling on that. This will identify homes that may be priced appropriately and those that may be priced too high will stand out.<br/><br/>Good luck!<br/></p> Wed, 26 Oct 2011 07:03:00 GMT http://www.zillow.com/advice-thread/should-I-pay-for-a-house-the-price-the-agent-is-asking-for/419043/ 2011-10-26T07:03:00Z eberganza, the LA County ... http://www.zillow.com/advice-thread/should-I-pay-for-a-house-the-price-the-agent-is-asking-for/419043/ eberganza, the LA County market may be very much like the Phoenix market currently is. Distressed property sales, such as REO (bank-owned) and short sales dominate the market. The selling or approving bank sets the price based on market worth, not based on buyer emotion or motive. It doesn't work the same way as a market where real human beings are fishing for the highest price they can get for the property. List price is pretty close to sticker price right now. The banks will lower the price incrementally if a property is sitting stagnant, in most cases they won't likely take a 70% offer.<br/><br/>In 2002 to around 2005 we were in a real estate boom. People were paying whatever they could to just get a property so they could quickly resell it again for profit. We are now in a distressed market with depressed prices, but that doesn't mean we aren't back in a sellers' market. Full price and higher offers meet many other offers on the seller's table. The reason is different than in 2002. Now prices are so low that investors want to grab the properties to buy and hold rather than flip. But since inventory is so low there is lots of competition. Tue, 25 Oct 2011 19:43:00 GMT http://www.zillow.com/advice-thread/should-I-pay-for-a-house-the-price-the-agent-is-asking-for/419043/ 2011-10-25T19:43:00Z THANK YOU guys for all of ... http://www.zillow.com/advice-thread/should-I-pay-for-a-house-the-price-the-agent-is-asking-for/419043/ THANK YOU guys for all of your answers your help is great appreciated.I, live in Los Angeles county since 2002 up to to 2006 I used to pay whatever a house was listed for but I, was still able to sell sell it for five to fifteen thounsand dollars more but since 2007 up to now I, have been struggling with no sales at all, now August 2011 I, started making offers again no loan contingencies, cash offers&nbsp; but I, am afraid to offer more of 70% of the price that I can sell the property for most of my offers have been rejected but the property still for sale some of them with more than 180 days in the market which scars me to offer more cause what if I, get stuck with it????? thank you all. be safe and god bless you. Tue, 25 Oct 2011 19:25:00 GMT http://www.zillow.com/advice-thread/should-I-pay-for-a-house-the-price-the-agent-is-asking-for/419043/ 2011-10-25T19:25:00Z Clearly your approach is ... http://www.zillow.com/advice-thread/should-I-pay-for-a-house-the-price-the-agent-is-asking-for/419043/ Clearly your approach is not working. From a listing agent and seller's standpoint, if a house is listed for $200K, why would they accept an offer of $140K? If they are eager to sell, they will lower the sales price incrementally.&nbsp;By the time they get to&nbsp;a price of $160K they may be getting multiple offers.<br/>In our area the list price to sales price ratio is around 98%. Ask your agent to show you at what price ratio&nbsp;homes in your area end up selling. No one can predict the market, and the low home prices are already reflecting the uncertainty and buyer fears. If you're looking to purchase a primary rsidence, don't worry so much about the market. Focus on finding a home you love and can comfortably afford. To use your scenario: If you bought a home today and 90 days from now home prices go up by 30%, would you turn around and sell your home? Tue, 25 Oct 2011 16:17:00 GMT http://www.zillow.com/advice-thread/should-I-pay-for-a-house-the-price-the-agent-is-asking-for/419043/ 2011-10-25T16:17:00Z