I've heard it so often that I cringe each time I hear it from a potential home buyer: "So-and-so told me to never offer more than 50% of the list price" or some version of that sentence.
My response? If the homes list price is double what the market value is, then by all means an offer of 50% off the list price is justified. Otherwise, expect your offer to be rejected.
Most homes in the Macomb County area that are for sale are already market value priced. It doesn't matter whether the home is a foreclosure (bank owned), a short sale (lien holder negotatied sale) or a private non-distressed home for sale. In order to compete with todays market values home owners are pricing their homes to sell. It's as simple as that.
The 1300 square foot brick ranch in Chesterfield Township that once sold for $180,000 in 2001 is now listed (and selling) for $90,000 to $125,000 depending upon the condition of the home.
If you listen to "So and so" and offer $45,000 for the home without taking in to consideration the condition of the home, the current market values for the neighborhood and the buyer activity in the area then you are setting yourself up to be rejected. Over and over and over again.
Be smart. Hire a buyers agent to work for you and to assess market value that is current. This is your best shot at receiving value in your new home purchase, not listening to "So and so" who are not in the trenches every day.
Contact Kris Wales - A partner for your real estate needs in Macomb County MI
Search Macomb County MI homes for Sale with MLS provided data updated daily.
Want to chat about local real estate? Visit A Macomb County MI real estate blog
