Bay Area

[mgvb]

House is listed for 997K, any chance this could be sold for 850K or less? Thanks!

[Glenn]

Has it been on the market for more than 90 days? For us to comment on this, we'd have to get the MLS #. In most areas of the Bay, MLS data show that the closing price is within 97 - 98% of asking price. Sellers have adjusted to the downturn, at least to some extent.

Regards, Glenn

Glenn Kelman
CEO, Redfin

Message Edited by Glenn on 08-04-2008 03:53 AM

[mgvb]

MLS listing 40329275, It has been on the market for more than 120-days. We would like to attempt to make an offer for 800-850K. Not sure if acceptable. Many thanks!

[JanelleS]

The listing price of this home is currently $997,000. To submit an offer around $825,000 is a difference of $172,000, or 82.7%.

This price difference is substantial, and you would need to justify an offer this much lower. If other homes of this type in the same area are selling for $825,000 or if this home had structural issues that needed to be addressed, you may have something. But if all is well with this home, and the asking price is in line with others in the area, then an offer of $825,000 being accepted is questionable, even if the home has been on the market for this long.

A great way to determine a good asking price is to do a CMA.

A Comparative Market Analysis (CMA) is a neighborhood survey of recently sold homes that are similar in size and style to the home you want to buy. Buyers, sellers and real estate agents use a CMA to establish a fair price range for a home.

Redfin’s website also allows you to do your own Comparable Market Analysis, or CMA.

Check out this great page on our site about how to run the numbers and organize your research:
http://www.redfin.com/buy-a-home/comparative-market-analysis

[bdiez]

You'd be wasting your time. The house has sitting on the market for 4 months and they aren't lowering their asking price, suggesting that they believe it's worth that much and don't want to accept less. Lowballing by almost $150,000 isn't going to work, if they were desperate for offers and needed to sell the price would have dropped by now.

I think it's priced well, if you look at comparable properties (4+ beds, 3+ baths, built in 2000+) in the area, they're going for around $350/sq ft, which is what this house is priced at.