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 (and doesn't join the ranks of expired listings). 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 Canada
9 homes sold, $718,000 - $1,480,000
Average days on market: 80
7 of the 9 homes had a price reduction prior to entering escrow
97.04% AVERAGE list to selling price (based on final asking price), none sold over asking
Glendale
23 homes sold, $490,000 – $1,200,000
Average days on market: 61
Apparently Glendale home sellers and their Realtors were more attuned to the market as only 6 of these 23 homes had a price reduction prior to entering escrow. Notice that because these listings were priced well they sold more quickly (days on market).
94.76% AVERAGE list to selling price (based on final asking price). 4 of these homes sold over asking price. 
La Crescenta
13 homes sold, $365,000 - $1,510,000
Average days on market: 89
9 of the 13 homes had price reductions prior to entering escrow.
95.30% AVERAGE list to selling price (based on final asking price) 2 homes sold at asking price and one over. 
Check February MLS sales stats here
Categories: Glendale, All about Money, La Canada, La Crescenta, A Buyer's Perspective
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2/3/2009 8:23 AM
Los Angeles Real Estate Blog wrote:
You found the perfect home! Should you offer the asking price or is it better to start low and have some bargaining room? This is what I often counsel my clients: “It depends”. Is the property priced competitively? How long has the home been on the market? I haven’t yet met a seller who is excited about a low offer during the first week of being on the market. In a buyer’s market, when the property is competitively priced and newly listed, you may be able to induce ...
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