So, another question that I have received more than once in the past year, pertains to the price to offer on a property.
Here in the greater Temecula Valley CA, there are a few factors that will help you to determine price.
First of all, let's look at comparable sales, you should always do this when considering making an offer. That way, you know if your price is in line with the market value. Don't just assume the asking price is right, more often than not, it isn't.
Second, let's look at the market conditions, again, when looking at comparables, we can see trends in value. At the same time, it can pay off to look at sales numbers right now as well. If properties that used to sell in a week is all of a sudden sitting 2 months, that is a good indicator that the market has slowed down, and you might be able to get a good deal. This is currently the case in Temecula Ca, homes for sale are sitting longer, and hence, may have to sell for a lower price.
Third, let's do some digging... If we want to know how low we can go, then looking at what is owed is a place to start, now you have a chance to figure out where the pain threshold is at. Here in Temecula CA, homes for sale sometimes have high mortgages, meaning that if we drop that price offered down under a certain point, this may just become a short sale... Are you ready to deal with that?
Just a few pointers on pricing your offer. If you need some help wiht this, please feel free to call or email me.
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