Do I have to pay full price? Can I offer 10% less? How do I know what to offer?
All questions I’ve been asked by first time home buyers (and asked when I was one!)
Back before homes were as affordable as they are now, I knew I wanted to buy. I wasn’t involved in real estate yet, so I didn’t know the drill like I do now. I would constantly be looking for homes and condos that were at least near my price range, and wonder how much the seller would come down in price. I would obsess over purchase prices, interest rates, and the Windermere mortgage calculator. The idea of buying was new to me so I had millions of questions.
One big thing I always wanted to know was: what is the percentage of the purchase price that the seller will come down?
This question varies A LOT, and depends on the seller. Every home is priced differently. Some sellers are motivated, and don’t even care about making money off of the sale. Some don’t need to sell, and will stay if they don’t get exactly the offer they want.
I thought this would be a fun stat to research. I searched the last two weeks in Snohomish county solds, and found right around 100 sold listings. Average list price: $287,299. Average sale price: $271,393.
On average, buyers in Snohomish county bought homes for 94.4% of the list price in the last two weeks. Don’t be afraid to offer a little less. Don’t be surprised if a seller will not sacrifice 5.6%of their list price.
Can’t wait to help you decide what to offer on your first (second, or third…) home!!
