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Old 08-02-2007, 11:13 AM
 
Location: Raleigh, North Carolina
331 posts, read 901,827 times
Reputation: 127

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If you are in the position to offer cash for the home (no financing), would this give you better leverage to negotiate the price down?
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Old 08-02-2007, 11:16 AM
 
11 posts, read 20,438 times
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Since home owners in my neighborhood are getting 99 to 101 percent of their asking price...If someone offered me 5 percent below asking...I would not even counter.
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Old 08-02-2007, 11:43 AM
 
112 posts, read 333,312 times
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I understand what ya'll are saying, but that's because the market might be very good in your particular neighborhood.
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Old 08-02-2007, 11:56 AM
 
Location: Raleigh
279 posts, read 772,052 times
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Default cash

Quote:
Originally Posted by Lori1961 View Post
If you are in the position to offer cash for the home (no financing), would this give you better leverage to negotiate the price down?
IMO yes...depending on the difference in price, but a cash offer is stronger because their is no financing contingency and you can close quicker without the underwriting process. Also, getting back to offers....we are not really in a seller's market now, (like the latest article said)...I think it is more balanced, but in a seller's market it is not uncommon to see bidding wars and many offers above asking price. Just wait until a nice ranch in North Hills comes available and see the swarm that will go around it....
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Old 08-02-2007, 01:24 PM
 
8,667 posts, read 15,960,575 times
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John Kane is going to be building a bunch of stuff where he just cleared the land near his North Hills mall.

His prices may bring up surrounding home prices too.
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Old 08-02-2007, 02:15 PM
 
Location: Raleigh, NC
10,416 posts, read 18,038,895 times
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You are right, saturnfan. We are already seeing the homes around North Hills continuely going up.

By the way...2 years ago, this was a great area to flip homes but now, with prices going up, you'll want to remodel and live there! Such a beautiful area!

Once the area around North Hills become more pricey, the thought is that the area around Millbrook Road will begin to go up in price a bit more quickly.

Vicki
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Old 08-02-2007, 06:25 PM
 
132 posts, read 265,693 times
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Ours was asking 199,900, we paid 188,500 plus they paid 5K in closing costs for us. Was on the market 30 days and I watched it from day 1. They were transfered to Texas, so they didn't have a lot of options. The house up the street some people from NJ moved into and they bid and paid over the asking price and no one else was even interested in the house because it was over $300k (they are stupid people). The house on the other end of the street has been on the market since before ours went on, and it is still vacant, they won't budge at 239,000. They are stupid as well.


(I am most certainly entitled to my opinion as to who is stupid and who is not in my own neighborhood, so please...)
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Old 08-02-2007, 07:23 PM
 
23,901 posts, read 19,976,246 times
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My house in another area was on the market for a long time, long time. My neighbors came on the market and had theirs listed for three months. The dropped their price by 25K which was 25k less then us. We had an offer a few days later at their new price. Wait unbelievable we had another offer that same night at 15K more. Incredible sorry lower bidder no house sale. So she went to our neighbors and low balled them that weekend. Wait this is incredible they got two other offers and she lost out again. To make a long story short it was like two years ago for two weeks in our community with the most expensive homes being bid on. Then back to the drought. The spring buying season lasted two whole weeks and was like old times. The moral and point is that if you want the house don't low ball as the sale that gets lost may be yours.
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Old 08-02-2007, 07:26 PM
 
Location: Raleigh
279 posts, read 772,052 times
Reputation: 190
Quote:
Originally Posted by TuborgP View Post
My house in another area was on the market for a long time, long time. My neighbors came on the market and had theirs listed for three months. The dropped their price by 25K which was 25k less then us. We had an offer a few days later at their new price. Wait unbelievable we had another offer that same night at 15K more. Incredible sorry lower bidder no house sale. So she went to our neighbors and low balled them that weekend. Wait this is incredible they got two other offers and she lost out again. To make a long story short it was like two years ago for two weeks in our community with the most expensive homes being bid on. Then back to the drought. The spring buying season lasted two whole weeks and was like old times. The moral and point is that if you want the house don't low ball as the sale that gets lost may be yours.

moral and point is correct...seen many lose out trying to "win".
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Old 08-02-2007, 09:09 PM
 
Location: Wake Forest, NC
40 posts, read 78,189 times
Reputation: 11
Default Home Pricing

In Raleigh, a home listed with a licensed realtor is analyzed through careful market analysis of like homes that have closed in the last 6-months. Based on that data, a price is established and agreed upon with the seller.

Unlike other parts of the country that had experienced huge double digit gains in the early 2000's in home appreciation/equity (ie. CA/NY/NJ/CT) and those markets which have softened and in some cases stalled. Buyers have been succesful getting low ball offers accepted in those markets with high inventory and low demand... and want/need to sell.

That's not the market conditions in Raleigh.... yet... if we're not careful about overbuilding) but ...it is my experience that a desirable, well cared for, updated home usually sells for close to asking... and is usually within 1-2% of the asking price.
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