I am looking into buying a condo and am just wondering about how much below the asking price we should bid.
TIA
coxmandi
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Re: How much below the asking price did you bid?
That depends on how much the property is worth, how comprable the list price is to what similar houses/condos are selling for. Down here in VA everything is selling for thousands over asking. (We bid 10,000 over asking and weren't the highest bidder.)
Jordan
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Re: How much below the asking price did you bid?
I don't think there's a set formula for under-bidding. You just need to bid what you are comfortable with spending.
We have bid on 2 houses - one was a considerable amount below asking...the other was less than 2% below asking. The first house is still onthe market - and has been since November and the 2nd one went for over asking price.
There are other factors that go into a winning bid - if you're flexible on moving date, how much you're putting down, etc - these can all help (or hurt) your bid.
Good luck!
Jenny5150
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Re: How much below the asking price did you bid?
Every house/property is different. Some are under priced while others are over priced.
Like someone else mentioned, bid with what you think the home is worth and what you're comfortable spending.
I know some homes we under bid, others we over bid (and still lost) and the house we eventually bought, we offered asking price.
Gonnacatchapeacock
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Re: How much below the asking price did you bid?
LOL...we just bid $32,000 less than asking price and got a call back after being told it was too low that if we come up a little higher - it's ours.
RIDICULOUS!!!!!!!!
heidla
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Re: How much below the asking price did you bid?
Our co-op's list price was $179k. Our first bid was $160k. They countered with $165k and we accepted that amount.
littlewilson
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Re: How much below the asking price did you bid?
*Below* asking price? HAHAHAHA. Seriously though, like everyone said, every listing is different - some may be listed at well below what it's worth on the market (or worth to you), and some are priced above that number.
Sasha96
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Re: How much below the asking price did you bid?
I agree with everyone about comparing a house to market value. But, if you are interested...our first house we got for about $20k below asking (reasonably priced to begin with) and the house we are now buying we got for $5k over asking (underpriced for the area).
AnniesSS
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Re: How much below the asking price did you bid?
Just don't insult the home owners.... a woman sent her RE agent to our co-op last night with an offer of $40k below our asking price The woman was so embarassed and knew we would not accept the offer.
TracyInQueens
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Re: How much below the asking price did you bid?
$15k below, and we expected the sellers to counter. They didn't.
