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The second house has a few flaws that may vary in importance to people. Still, unusual flaws. And differences from the others in the neighborhood (the comps). It's about 20 yrs older than the comps, has a tiny tiny den (the only living area), only one door to the nice back yard and it's in that tiny tiny den, and no venting at all for the stove in the tiny kitchen (no cost effective way to add venting to the outside, either, but could add recirculating venting). So although a cute house with many wonderful features, I know it isn't worth the same amt per square foot as the others in the neighborhood.
The things that you mention are not going to affect the price per square foot of the house. For all you know other homes in the neighborhood have other flaws that are worse to the average buyer. Flaws like you list above are going to affect someone's like/dislike of a house and whether they are willing to buy it, but they aren't going to specifically affect the price in any way you can measure.
That being said, it sounds like you are not happy with your realtor and don't trust their advice so it's time for you to find a new realtor.
I understand what you are telling me. Please show me comparables that show that other buyers have paid other sellers more than the asking price in this neighborhood in the last 60 days.
I think 60 days, depending upon the season (as there are some seasons when there are usually more homes listed than other seasons), is too short a period. Also, if there have not been many homes listed during that time period that are "TRUE COMPATIBLES" (not just price and model, square footage, etc., but CONDITION, updates, etc.), one may need a look-back further than that.
There is very little inventory in my area that would be a true comparable to my house, and if any agent (whether listing agent or buyer's agent) tried to use a gutted house's trustee's sale or foreclosure selling price as a comparison to mine, I would consider them to be incompetent.
I'm perplexed. Twice now, when expressing interest in a house, the agent who is showing me the house (not the list agent), "advises" me that if I turn in an offer, it's best to do it right away since another offer is coming in, and it's best to offer at least the list price.
Since when do agents "advise" to offer the full asking price? Now, bear in mind that I was pretty sure in both instances the houses were not worth the asking price, and both needed some things done. The first one needed a LOT of work, actually. I decided not to make an offer on either because they weren't right for me. But the first one did indeed sell for considerably LESS than the asking price. I don't know yet, but am pretty darn sure, the second one has sold for less than the asking price.
What the heck is the deal? Since when do agents who are supposedly helping YOU the buyer urge you to pay more than a house is worth? I even got comps from one that were very limited, and left out a comp that I knew about (because I've been following the market there closely) that would support a LOWER list price.
Somehow I don't think this happens to male buyers. I wonder if they think I'm stupid because I'm a female buyer, or that I'm more easily persuaded, or maybe buy from emotion rather than value?
Is this the norm? To encourage offering the asking price, or more? (Note: It's a bit of a buyer's market there. So it's not a seller's market situation.)
It has been and likely still is the norm for buyer's to offer over listing price in my immediate area and frankly, in most of the inner SF Bay Area.
I think that is likely to continue and possibly to escalate since I was told yesterday by one of the top-selling agents of houses in my area that investors have left the area now as houses have increased in price, so that "normal buyers' who purchase conventionally are the ones who are buying in this area. Investors are now concentrating their efforts on more affordable cities, especially if they intend to be landlords.
Way back in 2001 when the market was in doldrums, I overpaid the asking price for my house by $7,000. My realtor analysed that the house was under-priced because the owner's son urgently needed money to send his mother to retirement home.
It happened that five bids already submitted just after the first day of open house. All of them paid over the asking price by various amount.
So pick a reliable realtor and put all your trust in him/her.
I have visited at least 50+ open house. I am not picky. But I still found flaws in all the houses.
IMO no house is perfect unless you build your own. Even if you build your own house, after moving in you will regret that you should have built it the other way.
My advice.. (1) ask the agents to run comps for you before any offer; (2) listen to their advice; (3) make an offer based on what you feel the house is worth to you and you of course can afford. This is how i have always bought any properties. Once the deal close, the agent wont be there so you better make the offer that would cause you to have no/least regrets.
To me, an agent that consistently pushed you to make a higher offer for houses that end up closing for much lower without even bothering to look at comps is negligent. Doesn't sound like they have your best interest at heart
I'm always very skeptical of the "there are other offers" line. Show me the offers.
No realtor would talk me into offering full price (or especially over) right off the bat. I would start low and go up, because you can't do that backwards. If they want more, they'll counteroffer.
I'm always very skeptical of the "there are other offers" line. Show me the offers.
No realtor would talk me into offering full price (or especially over) right off the bat. I would start low and go up, because you can't do that backwards. If they want more, they'll counteroffer.
But then, I'm naturally very skeptical!
The "no other offers" shtick is a consumer fantasy.
After you had lost a few, or several, homes with your game plan, your skepticism would have you looking over your shoulder in hindsight.
Only a couple of times have I ever thought there were no other offers when I was told there were. I get to "see" the other offers when the MLS is updated in 12-36 hours with another agent's name listed as the successful selling agent.
Too often.
And, too often I have to explain to my skeptical clients why we need to move on to the next property, and leave the one they really liked behind.
I have completely fallen into multiple offers on my own listings when they were nearly ready to expire after a full listing agreement term.
Stuff happens in real estate, and multiple offers out of the blue is stuff that happens.
I'm perplexed. Twice now, when expressing interest in a house, the agent who is showing me the house (not the list agent), "advises" me that if I turn in an offer, it's best to do it right away since another offer is coming in, and it's best to offer at least the list price.
Since when do agents "advise" to offer the full asking price? Now, bear in mind that I was pretty sure in both instances the houses were not worth the asking price, and both needed some things done. The first one needed a LOT of work, actually. I decided not to make an offer on either because they weren't right for me. But the first one did indeed sell for considerably LESS than the asking price. I don't know yet, but am pretty darn sure, the second one has sold for less than the asking price.
What the heck is the deal? Since when do agents who are supposedly helping YOU the buyer urge you to pay more than a house is worth? I even got comps from one that were very limited, and left out a comp that I knew about (because I've been following the market there closely) that would support a LOWER list price.
Somehow I don't think this happens to male buyers. I wonder if they think I'm stupid because I'm a female buyer, or that I'm more easily persuaded, or maybe buy from emotion rather than value?
Is this the norm? To encourage offering the asking price, or more? (Note: It's a bit of a buyer's market there. So it's not a seller's market situation.)
Do you want the house or not? The agent works for the seller. Get over your silly sexist query.
Our house in Fairfax, VA will soon sell for 15-20K over asking guaranteed.
Did one a month ago. First day on the market. Bid 5K less than list and buyer than accepted a list counter. Seller's market with house priced below comps. We simply wanted to get to contract before others had the chance to get a bidding war going. And it worked.
Now we happened to have been working that model with this client for a while and it had at least one very strong feature. So we knew the comps and could instantly offer.
I would however never even offer an opinion on an offer without having worked the comps carefully.
I would replace the agent for basic incompetence. One of the few really good things an agent does is make sure the client understands the price in context. Blow that an much of the agent's value is gone.
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