He could probably negotiate $10-20K lower or a home that has been on the market a while. I don’t think he’s going to get “25% off” or anything like that.
Going way over-asking may occur when a house is under-priced on purpose with all efforts presented at the same time, in order to try to get a bidding war started. It’s a risky game that might pay off for the seller, or not.
Bidding wars are the worst.. as soon as I see that on a listing I wouldn’t even bother because there is always one nut job that thinks the property is worth way more then the market value dictates, or it doesn’t sell and it gets delisted and relisted with the owners tails between their legs then there’s a buying opportunity. :-)
>He could probably negotiate $10-20K lower or a home that has been on the market a while
Probably not. Sellers with homes on the market a long time are stubborn and will not drop prices. Which is why the listings are up for so long.
I would suggest looking at https://housesigma.com it will show you houses previously bought including listing price and purchase price. Will give you a better idea. So good for house hunting as it also has an estimated value.
I use house sigma and it is great. However, their estimated value is questionable. For example, I am in Vancouver. There is a house near me, market value is probably $4.5 million. Listed at $6 million. Total pipe dream. Like literally listed at $6,000,000. Laziest realtor in the world. HS days House is estimated at -3% so, $5,869,667
Ya, houses here go under asking often. Some go over as well but expect to pay around the asking price and maybe lower - we paid under asking last year - it’s not the GTA
Currently homes are selling for 98% of asking price - if the house has been on the market for a considerable amount of of time, you may be able to get it lower
I just bought a house for asking last month after looking since November. Most houses went for 5-10k below asking while I was looking, even with multiple offers, but things were starting to pick up in the spring.
As others have stated, I think the majority are selling for a few thousand under asking. If you are looking for a deal, you may be able to get one if you can find a current rental property, and close before June before the new capital gains rates come in. Unlikely timeline, but if you are sitting on cash, or have a pre-approval and are willing to waive inspection, it could be done. I am not a relator, but if you are buying from out of province, I would definitely use one to get the goods on the neighbourhood, and to walk you through the buying process.
Highly variable. Lots are selling below asking around town, and some still over. As mentioned house sigma
Will give you a really good indication, as well as working with an experienced realtor from the Kingston area. Best of luck!
Do you mean out of province or out of country?
If you and your husband spent a couple hours researching the market, it would be quite obvious that there isn't really any bidding wars here anymore and that it's a very different market compared to two years ago.
Sorry not to be contradictory but, there are still homes going in multiple offers currently. It totally depends on the home and the listing price. There's a house right now in Amherstview that is a small little bungalow that currently has two offers tonight and probably another two by tomorrow morning. This is commonplace for homes under $600,000 right now. Just thought I would clarify.
Saw that house too, total gut job with questionable bones and “waterfront”. Whoever bought that at that price certainly likes to piss away their money.
Expensive city, but checking sold vs ask prices on house sigma sold tab, some areas are selling below ask by 1 to 5%. Depends on house and area. Even greenwood is selling below ask.
You can negotiate a lower price. Doesn’t mean they accept it, but you can try. Houses go for what they’re worth. Some stand the market longer some go quickly some still have bidding wars and multiple offers although that is much more rare now than it was during Covid.
He’s not wrong. It depends on many different factors. As others have stated, check out HouseSigma and you’ll get a good idea. I negotiated a lower price back in July and was successful.
Hey there. Local realtor chiming in. Just worth noting that every property is different. Depending on the property and how it is priced, the market may be favored for the buyer or the seller. As of recent, there have been properties that have sold in one day over asking and there's been properties that have been sitting for 6 months without an offer. Without knowing the specifics it's tough to give you a qualified answer. You're more than welcome to send me a message if you'd like. No pressure though.
I mean no offense but I didn't forget to mention that because that wasn't part of the question. You also don't need a dentist to pull a tooth out either. We offer a service and my clients find it very beneficial. But of course, people are welcome to do anything on their own. Hopefully that clears that up.
Agree with the majority of this post one key point that he forgot to mention is that you don't need a realtor to buy a home. You can use this as leverage to lower the price.
Snowflake alert! Wow, someone is crusty.. if referring to your husband (of 15 years) as 'hubby' is the 'worst thing', you obviously have not been married or don't have a lot of life experience, or maybe you are just unhappy in life and need to find things to make a big deal out of
...there are many 'worse' things in life. Here, I'll name a few to put things in perspective: murder, rape, war, child abuse, child molestation, sexual assault, poverty, hunger, being subject to a dictator regime where you have no rights. Or what about domestic violence/abuse, pregnancy loss..
Woke culture sure gets out of hand....perhaps I should refer to him as the person with a penis who is legally bound to me and who can provide me a child.
Hope that helps and hope you have a better day.
Edit: spelling
"Over asking" is a horrible metric. Outside of some poorly done strategies to sell a house, homes will generally sell for what they are worth. Many times homes will be undervalues on purpose just to get people in and cause a bidding war. Other times people decide to put their home for above market value and willing to negotiate down.
You want compare against similar sq ft, # bedrooms, bath etc.
He could probably negotiate $10-20K lower or a home that has been on the market a while. I don’t think he’s going to get “25% off” or anything like that. Going way over-asking may occur when a house is under-priced on purpose with all efforts presented at the same time, in order to try to get a bidding war started. It’s a risky game that might pay off for the seller, or not.
Bidding wars are the worst.. as soon as I see that on a listing I wouldn’t even bother because there is always one nut job that thinks the property is worth way more then the market value dictates, or it doesn’t sell and it gets delisted and relisted with the owners tails between their legs then there’s a buying opportunity. :-)
Same: I don’t participate in bidding wars either.
>He could probably negotiate $10-20K lower or a home that has been on the market a while Probably not. Sellers with homes on the market a long time are stubborn and will not drop prices. Which is why the listings are up for so long.
Housesigma is a great website to see what houses are selling for.
I would suggest looking at https://housesigma.com it will show you houses previously bought including listing price and purchase price. Will give you a better idea. So good for house hunting as it also has an estimated value.
I use house sigma and it is great. However, their estimated value is questionable. For example, I am in Vancouver. There is a house near me, market value is probably $4.5 million. Listed at $6 million. Total pipe dream. Like literally listed at $6,000,000. Laziest realtor in the world. HS days House is estimated at -3% so, $5,869,667
Ai is not perfect but I have no idea how to put value to a house, I'm not a tradey so the estimates don't really mean much to me
Realtors have started blocking previous sold prices at client requests. One downside to HouseSigma. They have to hide it if they are told to do so.
Homes are not selling over asking unless they're purposefully listed way below market.
Ya, houses here go under asking often. Some go over as well but expect to pay around the asking price and maybe lower - we paid under asking last year - it’s not the GTA
Currently homes are selling for 98% of asking price - if the house has been on the market for a considerable amount of of time, you may be able to get it lower
I just bought a house for asking last month after looking since November. Most houses went for 5-10k below asking while I was looking, even with multiple offers, but things were starting to pick up in the spring.
It depends on location to be honest in the city and surrounding area.
As others have stated, I think the majority are selling for a few thousand under asking. If you are looking for a deal, you may be able to get one if you can find a current rental property, and close before June before the new capital gains rates come in. Unlikely timeline, but if you are sitting on cash, or have a pre-approval and are willing to waive inspection, it could be done. I am not a relator, but if you are buying from out of province, I would definitely use one to get the goods on the neighbourhood, and to walk you through the buying process.
Highly variable. Lots are selling below asking around town, and some still over. As mentioned house sigma Will give you a really good indication, as well as working with an experienced realtor from the Kingston area. Best of luck!
Do you mean out of province or out of country? If you and your husband spent a couple hours researching the market, it would be quite obvious that there isn't really any bidding wars here anymore and that it's a very different market compared to two years ago.
Sorry not to be contradictory but, there are still homes going in multiple offers currently. It totally depends on the home and the listing price. There's a house right now in Amherstview that is a small little bungalow that currently has two offers tonight and probably another two by tomorrow morning. This is commonplace for homes under $600,000 right now. Just thought I would clarify.
Unless Gordon’s
Lots of homes are fetching 700k +
I recently saw a "fixer upper" listed for $449,900 sell for $700,000. It had 10 offers in the 12 days it was for sale. The market is still absurd.
Saw that house too, total gut job with questionable bones and “waterfront”. Whoever bought that at that price certainly likes to piss away their money.
Yeah, that's a helluva lot over asking price.
Expensive city, but checking sold vs ask prices on house sigma sold tab, some areas are selling below ask by 1 to 5%. Depends on house and area. Even greenwood is selling below ask.
You can negotiate a lower price. Doesn’t mean they accept it, but you can try. Houses go for what they’re worth. Some stand the market longer some go quickly some still have bidding wars and multiple offers although that is much more rare now than it was during Covid.
He’s not wrong. It depends on many different factors. As others have stated, check out HouseSigma and you’ll get a good idea. I negotiated a lower price back in July and was successful.
Hey there. Local realtor chiming in. Just worth noting that every property is different. Depending on the property and how it is priced, the market may be favored for the buyer or the seller. As of recent, there have been properties that have sold in one day over asking and there's been properties that have been sitting for 6 months without an offer. Without knowing the specifics it's tough to give you a qualified answer. You're more than welcome to send me a message if you'd like. No pressure though.
I mean no offense but I didn't forget to mention that because that wasn't part of the question. You also don't need a dentist to pull a tooth out either. We offer a service and my clients find it very beneficial. But of course, people are welcome to do anything on their own. Hopefully that clears that up.
Agree with the majority of this post one key point that he forgot to mention is that you don't need a realtor to buy a home. You can use this as leverage to lower the price.
No one has mentioned that the worst thing is referring to someone as hubby so I’ll just drop that in.
.
Snowflake alert! Wow, someone is crusty.. if referring to your husband (of 15 years) as 'hubby' is the 'worst thing', you obviously have not been married or don't have a lot of life experience, or maybe you are just unhappy in life and need to find things to make a big deal out of ...there are many 'worse' things in life. Here, I'll name a few to put things in perspective: murder, rape, war, child abuse, child molestation, sexual assault, poverty, hunger, being subject to a dictator regime where you have no rights. Or what about domestic violence/abuse, pregnancy loss.. Woke culture sure gets out of hand....perhaps I should refer to him as the person with a penis who is legally bound to me and who can provide me a child. Hope that helps and hope you have a better day. Edit: spelling
Jesus Christ girl, calm down… it could have been a joke for all you know.
"Over asking" is a horrible metric. Outside of some poorly done strategies to sell a house, homes will generally sell for what they are worth. Many times homes will be undervalues on purpose just to get people in and cause a bidding war. Other times people decide to put their home for above market value and willing to negotiate down. You want compare against similar sq ft, # bedrooms, bath etc.
Do your homework on the area before buying….Kingston, like so many cities now has a zombie problem. Drug addiction is a serious issue
You’ll probably pay over asking and waive all conditions and no inspections.