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Q: I see ?For Sale´ signs all over the place, and homes seem to be on the market longer. We are looking to help our daughter buy her first home, is it a good time and can we expect a discount on the price?
- Curious, Corona del Mar
A: If you have taken note of what is happening in the area where you are looking to buy and have seen homes linger on the market, that is an indication that pricing could well be a factor. And offering less than the asking price is considered fair play as long as it is not so unreasonable as to solicit no counter offer from the seller.
It is no secret that there are more homes on the market and that they are staying on the market for longer periods of time. Many sellers have even priced their homes significantly higher than the last sales when there is no indication that prices are on the rise. Subsequently, in the last few weeks, our Multiple Listing Service has seen quite a few price reductions.
Keep an eye out for homes that have been on the market for long periods. If they work for your family, by all means make an offer. It is so important to check out as many homes as you can in the area that you are wishing to purchase and compare them to what has sold in the past several months (Your real estate representative can help you with this information).
Location is still one of the most important factors, and any home that may be impacted by huge traffic or noise issues might be something that will provide a large discount. Just keep in mind that when you sell that same discount might still be in play depending on market conditions.
Valerie Torelli is owner of Torelli Realty
in Costa Mesa. Direct your questions to
asktherealtor@torellirealty.com or call
714-540-7355 |
