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Buyer's Special Report
How Much
Should I Offer? We're often asked by our
clients, "How much under the listing price
should we offer?" This is an excellent question.
The answer is difficult. The main reason we emphasize
the education phase of looking at homes is
because that is the best way for you to know
value. When you review and study 40-60 (or more!)
listings, then drive by 10-20 and look at 5-10,
you will recognize the "Hot Listings."
You'll also recognize the "dogs." Sellers price their homes
differently for 4 basic reasons: 1. Ridiculously Overpriced! These sellers have listened to
a real estate agent over-inflate the value of
their home in an effort to obtain a listing.
There is a natural tendency on the part of
sellers to list with the real estate agent who
gives them the highest promise. There is a
tendency by some real estate agents to give the
seller a high "value" in an effort to
obtain the listing. These homes can be 10-20%
overpriced. These sellers may need a "dose
of reality" for a few months before they
begin to realize that their home is way
overpriced as compared to others in the area. The longer an overpriced home
is for sale, the more likely we can get the
seller to face reality and sell at a fair price. 2. A Little Overpriced! These sellers fall into 2
categories: • Those that feel their
home is worth every penny of their asking price. • Those that want to
leave a little "negotiating" room. These homes can be 4-10%
overpriced. Perhaps 75% of all homes for sale are
priced in this range. 3. Priced At Fair Market
Value These sellers have carefully
and realistically studied other homes for sale.
They have priced their homes very competitively.
These homes usually sell within 4 weeks at or
very near the listed price. 4. Priced Below Fair Market
Value These homes are priced below
value. Perhaps the seller wants a fast sale.
Perhaps the real estate agent recommended too low
of a price. These homes usually sell within 7-10
days, at or above the listed price. There are
usually competing offers. Bank Protection Even by carefully studying
homes for sale, it's difficult to establish Fair
Market Value. If you're obtaining a new home
loan, you'll be protected by the Professional
Bank Appraisal. Home lenders want to make sure
that you don't over-pay for a home. If the home
does not meet value in the eyes of the bank
appraiser, you'll be informed. At that time, we
can re-negotiate the sale price or void the
agreement and refund your earnest money deposit. Our job is to
ensure that you have the tools and information
you need to make an informed decision. We'll help
you prepare the offer. Then we'll present it to
the seller on your behalf and try our best to get
it accepted at your price and terms! Call us
anytime at REALTY WORLD – Unlimited, 410-795-5500
ext. #300. The Jim
Blaney Team |
 Jim
Blaney Your Real Estate Consultants... For Life! |