What will a seller accept as a fair price for their home? Many people ask this question, but the only true answer is it really depends on the given market. That’s why it’s important to work with a real estate professional who has the tools to do a market analysis and give you a more definite answer.
In the Central Pennsylvania market, sellers have accepted, on average, about 2.7% less than their asking price. As a general rule of thumb, you probably won’t ruffle anybody’s feathers if you offer 5% less than asking price, but it does differ from market to market.
In order to ensure you don’t overpay for a home or miss out on a home by making too low of an offer, seek out a local buyer’s agent in your market and ask them to do a market analysis. They can find homes just like the one you’re interested in, figure out what they sold for, and then give you an opinion of value of the one you’re putting an offer on. They can also inquire about the motivation of the homeowner, talk to the listing agent, and negotiate on your behalf to get you the best possible value for the home you like!
If you need real estate assistance, or if you have questions of any kind, real estate related or not, please don’t hesitate to reach out to us. We would love to hear from you!