U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > Virginia > Northern Virginia
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 04-09-2008, 11:21 AM
 
16 posts, read 26,749 times
Reputation: 21

Advertisements

Is it standard to offer 5% off list price? 10%? 15%?????
Reply With Quote Quick reply to this message

 
Old 04-09-2008, 11:49 AM
 
3,504 posts, read 7,947,214 times
Reputation: 3466
Its not what is offered - it is how desperate the seller is and what the buyer is willing to pay. I saw one home that sold for 50k less AND had a 10k giveback during closing. It is amazing how big the bargains are out there - there are so many forcelosures competing for sales - and the foreclosure houses are mostly new and beautiful
Reply With Quote Quick reply to this message
 
Old 04-09-2008, 12:04 PM
 
2,462 posts, read 8,057,112 times
Reputation: 995
A house in my neighborhood went under contract last week, three days after the first open house, for close to the asking price.
Reply With Quote Quick reply to this message
 
Old 04-09-2008, 12:26 PM
 
Location: Home is where the heart is
15,400 posts, read 25,828,923 times
Reputation: 18992
Quote:
Originally Posted by claremarie View Post
A house in my neighborhood went under contract last week, three days after the first open house, for close to the asking price.
Similar story in Lowes Island. Two homes on McGees Ferry Way in Sterling sold in the last few weeks for close to the asking price. We've been watching them because that's where one of my relatives lives. One had been for sale for a long time (8-9 months, as I recall). The other sold in about a month. That was a very nice and unexpected surprise--but it's nothing to get excited about, either. I don't think it means the market is recovering... not yet, it's still a little early. But it's a good omen for the future.
Reply With Quote Quick reply to this message
 
Old 04-09-2008, 01:12 PM
 
Location: Ashburn, VA
989 posts, read 2,474,823 times
Reputation: 638
Things are starting to heat up here a bit (Ashburn Farm). Three of five houses on the market in my small area of the neighborhood have sold in the past 2 months. A 4th has a contract and the 5th is still overpriced. Prices have gone down, but I think things are just starting to even out a bit.
Reply With Quote Quick reply to this message
 
Old 04-09-2008, 01:47 PM
 
88 posts, read 239,954 times
Reputation: 51
In fairfax county I'm seeing homes sell for 10% off and subsidies of $10K. Lot's of homes - including those in good school districts/low crime areas are sitting for months on end.

In my opinion, no use catching a falling knife with the economy in the doldrums and lots more foreclosures on the horizon.

But you really have to do your homework. Look at the recent comps and the subsidies. Look at how long the home was on the market. Look at where the economy is heading. It's all over the news. Read patrick.net. Then read a realtors website (see the difference!) Then decide - then you will make an educated decision on if/how much to offer.
Reply With Quote Quick reply to this message
 
Old 04-09-2008, 03:06 PM
 
2,728 posts, read 7,365,381 times
Reputation: 1062
I went into a place where it was on the market for 9 months, and the stench of the dirty cat litter box, the crust around the dishwasher turned me down. There has to be some prep work before you sell. My advice is to get a 50" TV and throw it up on the wall and pimp it out a little.
Reply With Quote Quick reply to this message
 
Old 04-09-2008, 03:32 PM
 
1,949 posts, read 5,318,428 times
Reputation: 1280
I don't feel that foreclosures or short sales are competition for resales. There is a lot of tape to got through for short sales and there is no guarantee that your offer will be accepted and some of those listings actually require the buyer to be qualified by the bank/mortgage company holding the deed.

The activity has started to pick up a little. That doesn't mean anything is going to change, but it does mean that sellers may "think" they can hold out for a better price if they are in a position to.

Again, it depends on your area, but in ours we have been told the banks are holding to their prices now and aren't doing much bargaining anymore.

There is no set percentage across the board. It depends on lots of things including how motivated the seller is.
Reply With Quote Quick reply to this message
 
Old 04-09-2008, 04:50 PM
 
88 posts, read 239,954 times
Reputation: 51
"....some of those listings actually require the buyer to be qualified by the bank/mortgage company holding the deed".

The whole process is filled with paperwork, negotiation and approvals. What's a few more, if you are qualified? Perhaps there should have been a bit more scrutiny before this mess. I"m not sure why you are saying foreclosures or short sales are not competition to resales?

Activity has started to pick up because it is spring. It is still very slow compared to previous years.

Banks can't hold out forever. The prices should come back to a reasonable level before this is over - sooner rather than later if people don't capitulate to the age old realtor saying "now is the best time to buy" or place emotion first. Even the National Association of Realtors lead economist is saying we are not out of the woods yet.. An economist cited in the Wash Post a couple weeks ago said 10 - 20% declines ahead. (although I've heard in some circles up to 40% decline).
Reply With Quote Quick reply to this message
 
Old 04-09-2008, 05:15 PM
 
1,949 posts, read 5,318,428 times
Reputation: 1280
I never said we were out of the woods.

When you make a bid on a short sale..you could wait for weeks, even months, and end up not getting the house. Most buyers don't want to do that.

My point was perhaps you don't want to go with the mortgage company that you must prequalify with. If say Countrywide is the holder, and you don't want to work with them, then you aren't going to buy any houses that require them to approve you. Other people have scenarios where they won't get approved by a bank but can get a mortgage with a broker. So if a bank is requiring preapproval from them, certain buyers won't even try.

I have made my statements based on speaking with several realtors and mortgage people very recently and I stand by them. It is very rare that a foreclosure is a deal nowadays....especially verses someone who has painstakingly taken care of their resale. Further, you have more chance of negotiating with a resale than you do with a bank.

There are more houses going under contract. Again, I'm not saying we are out of the woods.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Options
X
Data:
Loading data...
Based on 2000-2016 data
Loading data...

123
Hide US histogram


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > Virginia > Northern Virginia
Similar Threads
View detailed profiles of:
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top