I have found this year more so than other years, that many buyers will ask that question, only to then inform us to bid even lower than the amount we suggest as a starting point. Either they think they know more than we do, or they have read articles informing them that properties are selling for X amount lower than the list price, and want to act accordingly.
There are are several caveats to that rule though. Many times, a savvy seller in today's market will have priced the property to sell, so it is imperative that you have your agent look at all of the recent sales in the area for similarly sized properties. Look at the price per square foot, how many days the home has been on the market, and listen to your agent. He/she is there to help and advise. Ultimately we must submit the offer that you want to bid on a property, but as we agents all know, if you start too low, then sometimes the sellers will not even counter...silly perhaps- but there you have it.. and if another bid comes into the fray, they may just look more kindly to the other buyers because of your initial low bid. SO make that opening bid wisely, just like the 3 bears and Goldilocks.. "just right" Not too high, low, but just not at list price . If the properties are all selling in the area for $100,000 more, it doesn't make sense to start your bid at $100,000 lower... if the property in question is in in good condition.. it might well be that you only have a $5000 - $10,000 leverage... or even less depending upon the actual list price. I had written earlier how one client factored into his bid how much time he would be spending in the finished basement, how much time it would take him to travel into the city, and then lowered the bid accordingly. Yikes!
SO, listen to your agent of choice. We are there to make the buying process as stress free as possible.
Larchmont and New Rochelle are GREAT!
Comments(4)