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Jonathan Dalton
REALTOR
ePro, SFR
602-502-9693

Buying A Home Is NOT Like Being on the Price is Right

Buying A Home Is NOT Like Being on the Price is Right

Jonathan Dalton, Phoenix Real Estate AgentThere was a question – rather, a series of questions – on Trulia Voices that has stuck with me over the last day or so. Combining and shortening the multi-question thread, a buyer had made an offer on a bank-owned home, the offer had been rejected and now the buyer was trying to figure out what they now should offer to purchase this home.

Putting aside for a moment the fact this buyer has an agent to whom they ought to be turning for advice (why hire an agent if you don’t value their experience and opinion?), the scene struck me as a contest on the Price is Right. How much is that bottle of fabric softened? Oh, gee, I don’t know … (turning to the audience, where people are jumping up and down shouting out figures) … $3.23? Is that good?

Without knowing where the home’s located and the state of that market, there’s no way to answer the question “what should I offer?” Determine what the current fair market value of the home is and work down from there.

Or if you’re not willing to pay that amount, decide what the maximum you’re willing to pay is – your best and final offer – and write an offer at that price. No need to leave room for negotiation at this price since you’ve already decided you won’t spend a bit more.

Either way, it’s a far more effective pricing strategy than looking at the mewling mob and hoping to hear a coherent answer.

[tags]Phoenix real estate, Trulia voices, real estate negotiation[/tags]

No Comments

  • Come on Down! LOL! I love it!
    I agree but why are people not looking to there agents and taking there advice on how much to offer or sell a home for.

    If you disagree with an agent then ask to see the facts to back up there reasoning for this price.

    If that doens’t get them to follow the agent suggestion then are they just not capable to understand that there is a current market value.

  • Everyone seems to want a second opinion, even if it’s from a bunch of folks hoping to actually capture a buyer.

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