But The Seller Only Paid $X!!!

By
Real Estate Agent with RE/MAX Elite 513.520.5305 www.LizTour.com SAL.2002007747

paid what??With so much real estate information public record, it's easy in our area to find the price a seller paid for their home.  It's right there on the county auditors' sites, or a host of other sites.

And it's not uncommon for a home buyer to think that price is relevant to how much the buyer should pay today.

Here's the short answer:  it doesn't matter what the seller paid.

As a buyer, you don't get to decide how much profit a home seller makes (or doesn't make).

The seller may have gotten a great deal, or not.

They may have spent major money updating the home, or not.

They may have been in the home for 6 months or 16 years.

The ultimate number to consider:

WHAT WILL IT TAKE FOR YOU TO BE THE HOME'S NEXT OWNER?

And that number is not determined by what the seller paid, but by TODAY'S market conditions.

Are there a large number of similar homes for sale?

Have they been selling?  And at what price?

Are you going to have competition for the home?

What considerations do you need for your financing?

These are the factors that help determine the price it will take you to get the home under contract.

So ignore what the seller paid when they bought the home if you REALLY want to be the home's next owner.

Serving Greater Cincinnati home buyers and sellers,

Bill & Liz aka BLiz

Posted by

Serving Warren County Ohio & Adjacent Areas

 

The Liz Spear Team of RE/MAX Elite
Elizabeth Spear, ABR, CRS, Ohio License SAL.2002007747

William (Bill) Spear, CRS, Ohio License SAL.2004011109  Kentucky 77938
Ask for us by name if you visit the office!

EHO Two locations: Lebanon & Mason, OH
Bill Direct:  513-520-5305
Liz Direct: 513-265-3004     
Fax: 866-302-8418

MailTo:  Liz@LizSpear.com

Search Homes:  Https://WarrenCountyOhioRealEstate.com

Our Website:  www.LizTour.com

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Rainmaker
3,647,286
Michael Jacobs
Pasadena, CA
Los Angeles Pasadena 818.516.4393

Hello Liz and Bill - another contender for ways a buyer will remain a buyer and NOT a homeowner.   You're right, it makes no difference. 

Jul 05, 2020 08:45 PM #1
Rainmaker
1,569,632
Kat Palmiotti
406-270-3667, kat@thehousekat.com, Broker, Blackstone Realty Group - brokered by eXp Realty - Kalispell, MT
The House Kat

Here, the price that was paid for a home is not public information so thankfully it's not as much an issue for us. But... you are absolutely correct. The important thing is what the house will sell for now, not what it sold for then.

Jul 06, 2020 05:00 AM #2
Rainmaker
3,590,197
Wayne Martin
Wayne M Martin - Chicago, IL
Real Estate Broker - Retired

Good morning Bill. They say timing is everything. The seller had his time and now it is time for you. Enjoy your day!

Jul 06, 2020 05:16 AM #3
Rainmaker
2,855,713
Laura Cerrano
Feng Shui Manhattan Long Island - Locust Valley, NY
Certified Feng Shui Expert, Speaker & Researcher

That seller is pretty remarkable. Although, I’m not surprised really at all.

Jul 07, 2020 10:55 PM #4
Rainmaker
1,019,874
Thomas J. Nelson, REALTOR ® e-Pro CRS RCS-D Vets
Big Block Realty 858.232.8722 - La Jolla, CA
& Host of Postcards From Success Podcast

YES! "it doesn't matter what the seller paid" ugh how many times have I had to say that. Buyers create Hollywood drama "us vs. them" and what they paid, etc. GREAT POST!

Jul 08, 2020 09:50 PM #5
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