Knowing the Stats

Every seller wants top dollar for their house and every buyer is looking for a deal. The problem is with this market the deals have pretty much gone to the waste side; there just aren’t any. Sure there’s the random home that sold for fifteen thousand under asking price or the seller who paid all the closing costs for the buyer. The truth is these are anomalies in this market and not the norm.

When you looking for a home it should have eighty to eighty-five percent of what you’re looking for. No home is going to be perfect. Working with the amount of buyers I do I know when they see the house they want. It’s no different than when someone meets their soul mate. Mood changes, they start to glow, they imagine the future. The right house is no different.

The problem that buyers run into is that when they find the house they want they still want to come in under asking, they still want to negotiate, they still want a deal. I’m not saying you shouldn’t see what wiggle room you have in price or that you shouldn’t try to negotiate terms. I am saying you should know the stats of the neighborhood before you decide to make an offer that might just offend the sellers of your dream home.

Your Realtor should easily be able to tell you what the average list price in the neighborhood is, what the average total days on market is, what the average sold price is, what percentage is the list price versus the sold price, and what the average concession price is for the neighborhood. Using these stats should determine how you wish to proceed with an offer. If the difference between listed and sold price is 2.5% and average days on market is thirty then maybe asking for 4% of asking price on week one of being on the market isn’t the smartest way to go about making your offer.

In the end we Realtors work for you and our job is to write the offer the way you see fit. However we also owe you the responsibility of advising you on what to do. Remember that you’ve hired us to help you find your dream home but more importantly to make sure you get it. Listen to our advice and make your choice wisely because it might just cost you your dream home.

Marc Bayes is a Broker Associate with the Colorado Dream House Team, Keller Williams Realty DTC. Contact Marc at 303-619-3052, marc@coloradodreamhouse.com, codreamhouse.com or coloradodreamhouse.com 

Click here to Get started searching for YOUR Colorado Dream Home.

Featured Listings