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What has been the trend? 3 year view and last 6-12 months kind of trend? About to put an offer on a place listed for $250K, wondering that would be the magic number. I know it all depends on how motivated the seller is, the precise location/block, etc. etc., but I'm looking for some high level stats to get an idea of how low I should/can go. Thanks guys!
Nope, doesn't really show what I'm looking for. The link shows median list price and their movements (# of price cuts) and inventory data.
I'm more interested in actual sales (and how the sales price compare to list price). When I bought in boston 3 yrs ago, I had my agent pull comps for the area and created a spreadsheet myself to show list vs. transaction price. At that time, most places were going for ~ 5% below ask.
I could do that again, but was hoping someone else had done something similar lately... (yeah.. I'm gettin' lazy!)
Nope, doesn't really show what I'm looking for. The link shows median list price and their movements (# of price cuts) and inventory data.
I'm more interested in actual sales (and how the sales price compare to list price). When I bought in boston 3 yrs ago, I had my agent pull comps for the area and created a spreadsheet myself to show list vs. transaction price. At that time, most places were going for ~ 5% below ask.
I could do that again, but was hoping someone else had done something similar lately... (yeah.. I'm gettin' lazy!)
Why not just offer what it is worth to you?
From what I see in my town, people aren't getting their lowballs accepted. Sellers have to get there themselves.
I'm just guessing based on rough numbers I've been seeing, but a 5% lower than ask offer has a good shot, 10% could be a starting point but would be considered a lowball.
What its worth to me is irrelevant in a way. Whats more relevant is what it's worth to the market (now, and a few yrs down the road when I am renting or selling it).
Unless it is urgent to sell, there is no reason sellers would accept a lowball offer, say less than 15%. Instead they can lower the asking price 10% and increase their chances for an offer. That's why the selling price is usually within 95% of asking-after one or more price cuts!
The person above was right. The best way to get a house for much less`is wait for them to lower their price. Prices are going down so just wait.
True, the sold to list price ratio doesn't reflect any prior price reductions, only the last reduction.
that's why I am looking at both SP as % of LP and SP as a % of OLP. For the areas I'm lokking at, the SP as a % of OLP looks shocking.. quite a few are in the 80% range.
Thanks for the stats above, helpful to know.
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