What Is A Good Offer Price?
Monday, June 27, 2011
Listening to, and reading, the News, you would think every property that is ‘For Sale’ can be bought for 75% of its current asking price. And while this may be true in ISOLATED CASES, a majority of the attached and detached homes being sold today in metro Atlanta are selling for approximately 93.5% of their current asking price.
You notice I said current asking price in the previous paragraph. That is because REALTORS® are smart. They know when an owner has overly-ambitious-aspirations… (they’re over-priced). Yes, there are many property owners who disregard the advice of knowledgeable REALTORS® and list their property with the ‘highest-bidding-agent’, only to have to start a reducing campaign to find that market value was indeed what the good, knowledgeable agent recommended previously.
According to FMLS data, many homeowners will reduce their asking price a whopping 12-15 percent from their initial asking price before going Under Contract.
So what is a good Offer Price? Hire a knowledgeable REALTOR® to work as your agent. They will do an analysis and help you determine what is a good value and what is wishful thinking.
Finally – Make sure you are working with a REALTOR®. Many licensed agents are not REALTORS® and therefore do not have a Code of Ethics to which they must abide.
- Scott Askew
Posted in: Tips for Buyers