Do people usually bid the asking price

I'm curious what everyone is hearing. We bid asking price and think its fair... but I have it in the back of my head that we should have just waited longer at a lower price.

Re: Do people usually bid the asking price

In my experience in today's market...it's useless to bid below asking price....because someone else will always top you. Sometimes...people get into bidding wars and they wind up paying over the asking price....this has happened to me because I just sold my condo....OVER the asking price. Luckily...the house we bought we only paid the asking price.

The good houses go very quickly....the bad ones stick around.

Re: Do people usually bid the asking price

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Posted by luvsun27

In my experience in today's market...it's useless to bid below asking price....because someone else will always top you. Sometimes...people get into bidding wars and they wind up paying over the asking price....this has happened to me because I just sold my condo....OVER the asking price. Luckily...the house we bought we only paid the asking price.

The good houses go very quickly....the bad ones stick around.

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i agree even if someone outbids you but 1000 dollars there still getting the house. if you really like the house and think its worth it i would bid asking

Re: Do people usually bid the asking price

My husband and I REALLY did our research in the area. We knew that homeowners could ask whatever they want on houses and sometimes do. You have to be careful. Maybe they are just looking to see what they can get in this market on the house and are not really interested in a fair sale. Maybe they have a number in mind and know it is a reach but will sell if they get that number only.

My advice is to forget them. My husband and I poured over the comparables for days. We involved a real estate lawyer and a trusted appraiser. We analyzed the comparables and when they sold to death. We came up with one number based on that that we thought was not extremely low (although lower than asking for sure), but extremely fair and attractive. We were NOT going to negotiate- this was the offer we liked and we had our realtor represent that. The owner was reasonably pleased with the offer we made and accepted our offer.

I am happy we did not haggle because, as we are closing, things are nice with the owner. She is replacing a lot before we move in, throwing in a lot of new things, repainted the whole house, new cabinets, and installed new lighting. Bid what you think is fair.

Re: Do people usually bid the asking price

I think most people bid lower than asking price...but it all depends on the particular home and the listing price.

When we saw our home, we knew it was a steal, so we immediately offered asking price.

Re: Do people usually bid the asking price

We bid lower with the thought that we may have to move up. Our feelings were if we don't get it then it wasn't the 'right' house for us. The house that we wound up getting we bid $20,000 lower then asking price and wound up getting it for 13K lower.

You have to decide how much you are willing to pay for the house and don't go a penny over that number. We walked away from a house where we were only $2,500 away from what the owners wanted. We just didn't think that it was worth going up in price for.

Re: Do people usually bid the asking price

before we found our house, we never bid over the asking price. It did turn out a few times, that people actually bid over the asking price. I couldn't believe it!

Re: Do people usually bid the asking price

I think people more often than not bid lower than the asking price.

We put in a number of offers: A couple were lower, one was $40k higher and the last home we bid on we offered the asking price. That ended up being the home we bought and now live in.

Re: Do people usually bid the asking price

My thinking is that you should always bid lower because if you don't, you'll always wonder how much less they would have accepted.

Re: Do people usually bid the asking price

We bid lower than the asking price, I think that most people do. However it is a gamble because you definitely risk losing it to a higher bidder. I think if there is an open house and there are other bids, you really can't bid lower.

Re: Do people usually bid the asking price

We just lost a house we made an offer on this weekend. We bid a bit under asking price figuring we would meet in the middle somewhere, but someone bid the asking price, so we lost the house.

Re: Do people usually bid the asking price

How low do you think you can bid below asking price?

Re: Do people usually bid the asking price

I think it depends on a few things. How long has the house been on the market? Houses that are priced right in desirable areas usually dont last long, so you may have to bid full price or close to it to compete with other buyers. You should do research in the area and see what the houses are going for and how quickly they are sold.

Good luck!

I think we bid 10k less and then would up going up 5k for the house we bought.

Re: Do people usually bid the asking price

Our house was exactly what we were looking for. We bid asking price the 1st week it was on the market and the sellers accepted right away.

Re: Do people usually bid the asking price

I think it's a case-by-case thing, as well as a market-trend thing. When we found our house, we didn't want to lose out, so we bid full asking price .. even considered going higher, just to make sure we'd give it our best shot at getting the house .. well, our bid was accepted after just a few questions .. like how quickly could we move in.

Prior to finding this house, we had seen houses with more than 15 offers on them .. or were being shown houses that already had accepted offers on them .. just a real rough market then .. and still seems to be that way now.

Re: Do people usually bid the asking price

What's the absolute lowest you would bid on a house if it's been on the market for a while and you really wanted it?

ETA (How much lower than the asking price...)

Re: Do people usually bid the asking price

We bid 10K below asking price and got it. We took a chance. I was very surprised actually that they accepted. It turms out the owner had claimed backruptcy a year ago so she was probably in a hurry to sell it and get $.

Re: Do people usually bid the asking price

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Posted by Valentinegirl

We bid 10K below asking price and got it. We took a chance. I was very surprised actually that they accepted. It turms out the owner had claimed backruptcy a year ago so she was probably in a hurry to sell it and get $.

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I guess if we bid any lower than that, we'd be pretty much guaranteed to not get the house, huh? I know the owner is in a rush to sell and she absolutely adored us. But the taxes are $12,000 so we can't afford the house plus taxes payments. Oh well, I guess we'll just keep looking.

Re: Do people usually bid the asking price

wow - 12K in taxes - that must be some home... is that nassau?

Re: Do people usually bid the asking price

No, it's Suffolk. The reason the taxes are so high is because they added a screened in porch (lanai) and have a HUGE inground pool in their yard.