Pasadena Home Buyers - How low do you go?
I showed homes most of this weekend, predominantly in Pasadena. One of my clients asked me “if the seller is asking $850,000 – we don’t offer $850,000, right? Answer: it depends:
How long has the home been on the market? Most home sellers don’t want to consider a low ball offer during the first several weeks of marketing. Is the home well priced? If the home is well priced it is likely that it will sell near asking price. According to MLS data, 60 Pasadena homes sold in July, 18 of which sold at or over (final) asking price – nearly 1/3 – doesn’t sound like the market is as bad as you might think.
Pasadena's July Stats indicate that the "average" home sold for 96.62% of final asking price. Well priced homes continue to sell quickly. Overpriced homes do not. Homes that require a lot of work or are in poor condition need to be priced well or they aren’t selling. Desirable homes that are well priced are selling, many quickly and many at or over asking price.
When making an offer, how low do you go – it depends.
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8/21/2008 2:08 PM
Los Angeles Real Estate Blog wrote:
When I meet with home sellers the second question is typically “how long will it take to sell my house”. The average Pasadena home is selling (closing) within 100 days, Glendale: 120, La Crescenta 102, La Canada 101. Some homes are selling faster and some take longer. But some are taking a lot longer. Let’s look at homes in Pasadena, Glendale, La Crescenta and La Canada that have been on the market for over a year and "still trying". I am not certain what to make of the home in ... -
8/21/2008 2:09 PM
Los Angeles Real Estate Blog wrote:
When I meet with home sellers the second question is typically “how long will it take to sell my house”. The average Pasadena home is selling (closing) within 100 days, Glendale: 120, La Crescenta 102, La Canada 101. Some homes are selling faster and some take longer. But some are taking a lot longer. Let’s look at homes in Pasadena, Glendale, La Crescenta and La Canada that have been on the market for over a year and "still trying". I am not certain what to make of the home in ... -
8/21/2008 2:13 PM
Los Angeles Real Estate Blog wrote:
When I meet with home sellers the second question is typically “how long will it take to sell my house”. The average Pasadena home is selling (closing) within 100 days, Glendale: 120, La Crescenta 102, La Canada 101. Some homes are selling faster and some take longer. But some are taking a lot longer. Let’s look at homes in Pasadena, Glendale, La Crescenta and La Canada that have been on the market for over a year and "still trying". I am not certain what to make of the home in ...
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