HOW MUCH SHOULD I OFFER?
Two of the most frequent questions we receive from potential home buyers are:
∙ How much should I offer for a house?
∙ What is the normal concession from the list price?
Unlike the automobile business (one of the other major purchases where prices are negotiable) real estate does not
have an established selling price or a specific cost. It is impossible to give “standards” as to what is fair as every
property stands on its own price and merits.
This is where a Prudential Gary Greene, Realtor® is invaluable. Constantly attuned to the latest market data, value
assessment is our specialty. We can develop a Home Price Evaluation for homes in which you are interested. It is far
more in‐depth than the one found on our site or any other. A Home Price Evaluation considers age, condition and
location in respect to the most recent comparable homes sold in the area. In this way, when you make an offer, you
will have a good idea of what the home is worth and can establish a price point to begin negotiations. In addition, the
list/price sale price ratio of comparable homes is also a good indicator.
Example: If homes that have sold in the area were listed for $100,000 and the average list/price sale price ratio of
the sold homes is 98%, then the homes actually sell for an average of $98,000. This is a helpful metric to establish a
starting price point in negotiations.
We can assist you with more specific guidelines when we know what specific home you would consider making an
offer to purchase.
I hope this information has been helpful to you and I look forward to assisting.
SELLER TIPS
When it comes to selling your home, take a look around your home and see if there are any fixtures that you would
like to take with you when you leave.
What specifically is a fixture in real estate terms?
Everything affixed in place and/or attached thereto is considered a fixture and conveys with title. You may wish to
review a 1‐4 Family Residential Contract for the explicit detail on what conveys with title on your property, but suffice
it to say, fixtures, unless reserved by the seller on the actual contract that is signed and agreed upon by all parties,
convey with title.
If you hung an heirloom chandelier in the dining room, implanted a gas grill or have draperies that are endearing to
you, the best advice would be to remove those items you wish to take with you before you place your home on the
market. Replace the item removed with an item that is representative of the home’s overall quality. In some
instances, like a gas grill, you may not need a replacement.
You also have the option to leave the item affixed to the property while it is on the market however, it must be
written as reserved in the contract and unfortunately, buyers want everything they see. It could become a
negotiation block that would not have been present had the item been removed from the beginning.
When you are ready to place your home on the market, I will ask if there are any items you want reserved and if so,
review the risk of leaving the item attached during the marketing.
Please know that if I can assist you in anyway, I will be happy to do so.
Buyer/Seller Tips – Sample to copy on alindamartin.garygreene.com