How low do you go?
Everyone wants to know - how low of an offer do you make? Property that is selling is generally priced well and that's why it sells. If you are thinking of making an offer on a house, how low do you go?
Let’s look at how low home sellers went in February:
FEB. GLENDALE MLS STATS:
23 homes sold 95.98% AVERAGE list to selling price, of the 23 sold, only one sold for less than 90% of asking price (88.%) 2 of the 23 sold for full price, and two over full price
FEB. LA CANADA MLS STATS:
10 homes sold AVERAGE 92.18% list to selling price, two sold for less than 90% of asking price BUT one home was very near the freeway, the other home had been on the market for 322 days
FEB. LA CRESCENTA STATS:
6 homes sold AVERAGE 94.46% list to selling price, only one sold for less than 90% of asking price (86.4%)
Well priced properties continue to sell quickly at or near asking price. Homes are selling for today's market value and compared to last year's values - it's a deal! There are a lot of motivated buyers in the market and they are buying homes - this is Spring selling season.
Freddy & Fannie just raised their conforming loan limits.... more home buyers will again be able to obtain financing. There are good values out there and many of them are listed to sell at or near asking (list) price.
Categories: Glendale, All about Money, La Canada, La Crescenta
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4/3/2008 6:54 AM
Los Angeles Real Estate Blog wrote:
Everyone wants to know - how low of an offer do you make? Property that is selling is generally priced well and that's why it sells. If you are thinking of making an offer on a house, how low do you go? Let’s look at how low home sellers went in March:La Canada9 homes sold, $718,000 - $1,480,000Average days on market: 807 of the 9 homes had a price reduction prior to entering escrow97.04% AVERAGE list to selling price (based on final asking price), none sold over asking Glendale23 homes sold, $490,000 – $1,200,000Average days on ... -
4/3/2008 6:23 AM
Los Angeles Real Estate Blog wrote:
Everyone wants to know - how low of an offer do you make? Property that is selling is generally priced well and that's why it sells. If you are thinking of making an offer on a house, how low do you go? Let’s look at how low home sellers went in March:La Canada9 homes sold, $718,000 - $1,480,000Average days on market: 807 of the 9 homes had a price reduction prior to entering escrow97.04% AVERAGE list to selling price (based on final asking price), none sold over asking Glendale23 homes sold, $490,000 – $1,200,000Average days on ...
It looks like the ratios you gave are selling price to last listing price, but shouldn't the proper ratio be selling price to ORIGINAL listing price? That plus DOM should give help give a more accurate picture of what's going on.
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good point, also be interesting to see of those that were reduced what the days on market just for reduced price, a lot of different ways to look and calculate.... I just calculated the one that was the quickest to calculate, only because I can't spend the entire day on these interesting fun filled statistics or I wouldn't have time to show and sell property
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Those charts are helpful but they dont tell the whole story. I came up with some new numbers for the Glendale chart. I'm bored can ya tell.
Sidenote:
A complete random pick of a house pointed out that 1433 idlewood sold for only 20k more than in 2004 when it was last sold. 4 years of owning and they made no money.
As Corntrollio pointed out, it should be % off the original list price to be more accurate. So I took the time to do the work.
12 houses needed to be changed to show the sale price vs the original list price for a more accurate assessment.
The corrected info reads as
10 homes sold for less than 90%
2 of those sold for less than 80%
Just update the excel chart to use the original price. And could you make the charts a little bigger please?
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I can't make the charts larger because the page won't load, but I am happy to email them to you. I didn't make an excel chart, this info is straight from the MLS - you are more of a genius than me
Nothing tells the whole story - I have been approached a handful of times over the past two years as a listing agent to engage in cash back to buyer schemes.... I am sure I am not the only agent approached and I would think that some of the agents did get involved in this scam.
some of these sales were looking at involved lender fraud, http://los-angeles-real-estate-blog.com/2007/09/09/beware-of-lender-fraud.aspx
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