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Old 03-06-2014, 07:17 PM
 
Location: Massachusetts
5,895 posts, read 6,655,485 times
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When looking on real estate sites like Mov, Tru, Red, Zil, Real, how far below and above do you set your price parameters?

For example, if you were looking for a $500K house, how much lower or higher would you set the drop down menu on your search?
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Old 03-06-2014, 08:44 PM
Status: "42 restaurants within 6 blocks of my house" (set 6 days ago)
 
Location: The Berk in Denver, CO USA
13,051 posts, read 18,470,960 times
Reputation: 20209
Default It all depends

1. Is $500K the absolute maximum? Not one penny over?
2. What does the local market data show for sold/asking price ratio?
3. Balanced, sellers' or buyers' market?

I remember looking to buy my first house in Sudbury, MA.
We told our agent $58K.
She showed us a house that was $63K, but "we could get it for less".
I told her if she did that again, she was fired.

Having said that.
If I were searching on Zillow, I would set the range at $460K-526K so I would see some bargains and some possibilities.
On the other hand, right now in Denver, houses are selling over asking price. So, if $500K was firm, I would still use the range above, but would not likely seriously look at anything over $490K.

I think you are asking the wrong question.
A better question is: what does the typical want-to-be buyer do?
For that, I have no idea. HGTV has convinced me that every buyer is a complete moron.
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Old 03-07-2014, 10:06 AM
 
Location: North Idaho
20,774 posts, read 25,261,064 times
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I look at least $100K higher and lower. I want to get a feel for pricing in the area.

It's pretty easy to get 10% off the asking price, so you shop at least that much higher than what you have to spend.

Also look lower, because you might find something perfect for less than you are prepared to spend. I have also found places that had been badly under-priced. If that is the case, you have to snatch them up quick, because other buyers will notice them.

Don't expect an agent to drive you around showing you all the houses. You have to do a lot of shopping on-line and select a reasonable number to view the inside. Your agent, however, should be willing to give you addresses so you can do drive-byes. Lots of houses look good on the internet, but don't look so great when you see the neighborhood they are in.
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Old 03-07-2014, 10:08 AM
 
Location: South Texas
478 posts, read 814,519 times
Reputation: 593
Quote:
Originally Posted by 495neighbor View Post
When looking on real estate sites like Mov, Tru, Red, Zil, Real, how far below and above do you set your price parameters?

For example, if you were looking for a $500K house, how much lower or higher would you set the drop down menu on your search?
It really is determined by how much house you can afford and/or willing to buy.

If you are new to an area and are just beginning your home search, delay setting a price ceiling or floor. Instead, put your "must haves" and "wants" into the search fields and see where the data guides you. It should give you some idea which areas/neighborhoods meet your requirements and aid you in developing an understanding of the price range of homes in those areas/neighborhoods.

At that point, you can filter into the search what you can afford or are willing to pay for a home and see how those neighborhoods compare to each other.

This should give you a good working list of homes that meet your needs and fit your budget so that you can make intelligent decisions about which homes to see in person.

Hope this helps.
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Old 03-07-2014, 10:12 AM
 
Location: North Idaho
20,774 posts, read 25,261,064 times
Reputation: 38724
Quote:
Originally Posted by davebarnes View Post
...........
We told our agent $58K.
She showed us a house that was $63K, but "we could get it for less".
I told her if she did that again, she was fired............
That's an interesting outlook on life. It isn't out of possibility to purchase a $63K house for $58K. That's not a terrible price drop for a seller eager to move on.

Maybe your agent had heard that the seller was eager to get out from under the house. But hey, if you refuse to buy a $63K house for $58K, that is always your option.
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Old 03-07-2014, 10:37 AM
Status: "42 restaurants within 6 blocks of my house" (set 6 days ago)
 
Location: The Berk in Denver, CO USA
13,051 posts, read 18,470,960 times
Reputation: 20209
Default All real estate is local

Quote:
Originally Posted by oregonwoodsmoke View Post
It's pretty easy to get 10% off the asking price
Come to Denver and see how easy it is.
Not!
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Old 03-07-2014, 01:24 PM
 
4,610 posts, read 7,104,801 times
Reputation: 4712
I look at all price points as my market is in the hole.

A house I looked at when it had it's second price drop down to $1.1 million......closed last week at $800,000.
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Old 03-07-2014, 05:19 PM
 
Location: El Dorado Hills, CA
3,667 posts, read 7,909,664 times
Reputation: 3748
Quote:
Originally Posted by davebarnes View Post
Come to Denver and see how easy it is.
Not!
Exactly. Our market sells at 98% of the original list price.
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Old 03-08-2014, 06:57 AM
 
2,607 posts, read 4,051,095 times
Reputation: 1863
Quote:
Originally Posted by davebarnes View Post
Come to Denver and see how easy it is.
Not!
It's just a matter if the seller sets an accurate price or asks for 10% more just because.

There was a house in my neighborhood (not Denver) that was asking for the same price that they paid in early 2008... in 2012. The area was down about 20%. Some people are delusional or just want to make a profit of X.
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Old 03-08-2014, 12:26 PM
 
Location: Mokelumne Hill, CA & El Pescadero, BCS MX.
6,958 posts, read 18,413,624 times
Reputation: 6354
I'm one of those agents that prices at the even number. No 499,900, it's 500,000 precisely because of the way folks search online.

I would search at 10% over and under the price range I would be comfortable at.
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