What percentage of real estate list value can I expect to pay in Central California?

I am moving across the country to Madera California and will be purchasing a home shortly. What percentage of the list price on a house shoudl I expect to pay? The house I have my eye on is listed at $164,000 and has been listed for several months. This is a little out of my price range honestly. What would be a resonable offer? Is there a “rule of thumb” on what percentage to offer for real estate?

By | 2013-08-26T09:23:14+00:00 August 26th, 2013|Mortgages Home Loans Interest Rate|6 Comments

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6 Comments

  1. Sandy August 26, 2013 at 11:29 AM - Reply

    95%-97% if priced at market value? Well, in this case we know it’s NOT priced at market value. Otherwise, it would have sold. But in today’s soft market, I wouldn’t advise starting out at 97% of the list price. Frankly, it’s impossible to determine to the penny what market value is. And many sellers leave a bit of wiggle room anyway. If you’re absolutely in love with the house and it’s one of a kind, maybe 97%. Otherwise, no.

  2. loanmasterone August 26, 2013 at 11:28 AM - Reply

    There is no formula for making an offer on a property. There are circumstances/motives that would make a seller sell for less than the asking price of a property. It would benefit you if you knew a few of these motives to use in the negotiations. Also the length of time a property has been on the market might have a bearing on the seller’s willingness to take a lower than asking price.

    seller that is retiring, moving to another state and has purchased a new property based on this transaction closing would be motivated to sell for less than asking price.

    Also a person that has not mortgage on the property would be more than willing to make an adjustment in the sales price..

    You might look at a few of the things that would need repair and deduct these repairs from your offer. Make sure you have sufficient evidence of the repair cost.

    Doing your homework on any transaction could reap you many benefits in negotiating a sales price.

    You must remember also that if the seller would accept your sales price you might not be in a position to ask the sellers to pay or assist you in paying all or portions of the closing cost.

    This might be difficult as you are in anther state,but a good buyer’s agent might be of some assistance to you in this transaction.

    An offer must be fair so all would feel as if they got something of what they wanted in the transaction..

    I hope this has been of some benefit to you, good luck.

    “FIGHT ON”

  3. OH MY August 26, 2013 at 11:15 AM - Reply

    find a good buyers agent to represent you.

  4. Flower August 26, 2013 at 10:37 AM - Reply

    The housing prices are very low in the Central Valley in Fresno, Merced, Tracy, Stockton because of the foreclosure rate due to unemployment and depressed economy. I would offer $150,00 and negotiate upward. I hope you have a job there and that is a reason for the move.

  5. American August 26, 2013 at 10:08 AM - Reply

    you are lucky to get anything – NO ONE IS BUYNG PROPERTY

  6. Joseph the Second August 26, 2013 at 10:05 AM - Reply

    Start with 150K, & negotiate Upward. If You can get that House for Less than $157K, -You got a “Bargain” !! 🙂 Good Luck !

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