“How Much Should We Offer?”
Posted on Saturday, September 12th, 2009
This is the number one question every homebuyer asks their agent. The answer is simple, there is no set price a seller will accept for an offer. Please do not dispare, there are some effective ways of figuring out a good asking price is for a home.
1. Days on market. Typically, a seller will be more wiling to negotiate if a home has been on the market for a long time. Looking at the current Raleigh NC real estate data, homes have been on the market for an average of 61 days.
2. Recent sales in the neighborhood. Analyze the current market data for sold homes in the neighborhood. Look at the sales price compared to the asking price. Calculate that percentage and apply it to the home you are interested in.
3. Average sales price for the market. Another imporant factor to look into is the average sales price for the market. Currently the average difference between asking price and sales price for the Raleigh NC real estate market is 2.5%.
Regrettably each seller has their own amount they need to receive for their home. So every calculation you do will mean nothing if it not close to or the exact price the seller wants to recieve. The best thing you can do is ensure your Realtor lets the listing agent know how you came up with your offer to prove there is logic behind it.
The current Raleigh NC real estate market data is provided by Birch Appraisal Group of Cary.
