Even In This Market My Buyers Paid Full Price for Their New Home

By
Real Estate Agent with Old World Realty

Even In This Market My Buyers Paid Full Price for Their New Home

Getting a Deal Paying Full PriceYOU READ IT RIGHT!

There is a misconception among buyers in this market that every home available should be bought at 20% below listing price. After all, this is a buyers market.  But one way to really lose out on a great buy is to low ball a home that is already priced right.

Some sellers price homes to sell from the get go.  And some sellers price homes even lower because they are motivated!

Consider this scenario: "Buyer A" comes along and is looking for a steal. While "Buyer A" makes an offer 20% below asking price, "Buyer B" is having contracts drawn up on the same home because he realized the great value and offered full price. "Buyer A" wasn't educated correctly along the way.

How do you find out if the asking price is appropriate?  Have your real estate agent complete a market analysis of the home you want to buy.  This is a great way to educate yourself and be able to present a fair offer to be considered by the sellers. It is also a way to get a great price on a home and beat the competition!

When a real estate agent completes a market analysis of a home, they find comparable properties of that home that have recently sold that are located close to the property. This is also how an appraiser will calculate the value of the home you are buying.  

Many buyers and even some agents are so against full priced offers that they often miss out on a great buy.  Don't let that be you!

 (By the way, I am currently working with a client who is paying full price for their new home and is paying 15% below appraised value!)

Posted by

Andrea Kappre is a Realtor in New Jersey, helping buyers and sellers to successfully accomplish their real estate goals. For your own customized MLS search of homes for sale in Gloucester, Salem or Camden County or other South Jersey areas call or e-mail Andrea Kappre now.  You can visit Andrea on the web at www.AndreaKappre.com or at http://realtorinnj.wordpress.com/

 

Up to the minute information about real estate market conditions in your neighborhood is at your fingertips. Click the Market Snapshot photo below and simply input your address.

 

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Contact Andrea Kappre at 856-419-3560 or AndreaKappre@yahoo.com

 

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Anonymous
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Rainer
40,526
Josh Murphy
Windermere Peninsula Properties - Belfair, WA
Belfair WA Real Estate, 360-710-3972

It is happening a ton. Agents are also becoming more realistic with pricing, so paying "asking price" for some is frusterating, even though they dont understand the numbers behind it. They only think they are getting a deal if the seller comes off the listing price.

Aug 06, 2009 10:29 PM #1
Rainmaker
340,047
Robert May
Verico Canada First Mortgage/ Rainbow Realty - Lethbridge, AB
Real Estate Expert & Mortgage Broker- Lethbridge

List price and purchase price and the value of the property need not be the same thing or even remotely related anymore.  It is important for buyers to understand their own finances and what they want and expect for a certain price.  There are lots of bargains out there as long as you dont get distracted and do your homework in advance.

Aug 06, 2009 10:39 PM #2
Rainer
290,849
Richard & Carol DeGrace
1st Colonial Community Bank | Bank - New Jersey - Cherry Hill, NJ
Mortgage Loan Officers NJ 609-209-3700

Education is always important. A little buyer education goes a looooong way! And with a client that is ready to spend a little more time learning from a good agent, they can greatly benefit from other's experience.

Aug 06, 2009 10:42 PM #3
Rainer
17,612
Janis Trent
Realty USA Southwest, Inc - Phoenix, AZ

Yes...it is happening here in Arizona as well.  I have had several clients still get great buys on homes and even paid a little over the asking price.  They did this because I also showed them the comps and they could see first hand what was going on in that neighborhood.

Aug 06, 2009 10:46 PM #4
Rainmaker
157,128
Valerie Spaulding
Windermere Peninsula Properties~Allyn~Belfair~WA - Belfair, WA
Allyn-Belfair-Hood Canal & Puget Sound-WA-Real Est

Well researched home values and educated clients in any market make or break the deal when it comes to their expectations and offer. ! Yes it does seem we are seeing more full priced offers and the stats show that they are homes that are generally new on the market receive full price,close to or better as opposed to others that have been on the market for an extremely long time (because they did not come out of the gate running - they limped in to the market) which shows the old stat of the longer you are on the market the less you will get a true statement.

 

Aug 06, 2009 11:11 PM #5
Rainer
35,837
Andrea Kappre
Old World Realty - Mickleton, NJ
New Jersey Realtor, New Jersey MLS, Homes for Sale in NJ

Josh - I agree.  Some buyers are so set in their mind about having to negotiate that they will stand their ground even if it hurts them later.

Robert - I think most buyers miss out of great deals because they think low balling ever seller is appropriate.

Janis - Some agents are in such a rush to show show show that they forget that we need to teach our buyers.  If we don't take the time to show we ARE the experts, who will our buyers listen to???  Family and friends who most of the time are not educated themselves.

Valerie - This is a great lesson for sellers; the longer your home is on the market the less you will get for your home.  I think if agents start "taking control" and educating their buyers sellers will be more open to pricing their homes "to sell"

Steve - We need to prove ourselves the experts before our clients start taking advice from their co workers who have never purchased a home!

Aug 07, 2009 08:57 AM #6
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Andrea Kappre

New Jersey Realtor, New Jersey MLS, Homes for Sale in NJ
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