We’re going to get a little Web 2.1 for the moment and do something we can’t recall ever seeing anywhere on the web (please correct us if we’re wrong), and that is open up the mic to advice on a price when an offer is in hand as of moments ago. Had you seen me twittering about last night’s showings, you’d have known we were close to an offer yesterday. Now, it’s back to the blog.
So…some clients would like some help deciding about an offer that was received on their home yesterday at 579 23rd Ave.
Obviously, we can’t go into detail about anything on the offer (especially price), but we can ask what you’d pay for it and if you’d take any one, or all three, of the scenarios below.
1. Offer is above asking by $20k
2. Offer is at asking of $879k
3. Offer is below asking by $20k
Down payment is equal to or greater than 20%, inspections waived, close of escrow 45 days. Good offers, or should the clients hold out for something better?
We know what we’d do, and we’ve already given our advice to our clients, but what would you do? That’s what we want to know!
–579 23rd Ave [MLS]
12 thoughts on “Help some clients decide on an offer (579 23rd Ave)”
I would take all three. 20k is 2.5% of the asking price, is it really worth “hoping for something better” over 2.5%?
if only one offer has been received after the place has been shown a few times then i believe in listening to the market. a clean offer is golden and that bird in the hand is worth $20k either way (above or below asking)
I agree with Joseph and Paco.
Asking is basically right at the average $psqft for Richmond condos this year. So that was well priced, Alex. Twenty K below is 28 dollars a foot higher than last year’s average. And above is well, great. They can’t lose here.
I’m telling you. The Richmond is no slouch in 2008. Condos 1/1-6/2:
2008: 57 sales 919K avg sp 645 psqft
2007: 70 sales 866K avg sp 603 psqft
2006: 81 sales 770K avg sp 577 psqft
2005: 60 sales 840K avg sp 596 psqft
2004: 60 sales 703K avg sp 523 psqft
It’s an SFR! and it needs some luv. Obviously I’ll keep all informed, and again, if you’ve been checking my new twitter habit you’d already know we countered.
Agree with all of you, especially Paco regarding “bird in hand” and that is exactly the advice given.
now that i have all this info, i’m gonna bring a better offer. thanks for the openness alex!
Web 2.1 in action! Bring the offer! You might want to visit it first and tell me which clients were yours. ;-)
Got to run…
whoops. the size threw me! It’s condo sized. Well my point stands. Any one of those offers would be acceptable and par for the course.
If it’s a SFR and needs love, $20K and not having inspections is a bargain. I am assuming that the offer is 20K below (or else why would you be putting this listing on for comment ($20K above asking and no-body would be upset). However the inspections are bound to find some unsightly problem that will almost guarantee to cost over $20K. Not to mention 20% down and a fast close. Take the money and run.
whoa, whoa, whoa…
if you received more than one offer then i think you really gotta throw back a counter-as it sounds like you have.
Ratified! Details in 45 days. One offer, we countered. There were, however, several people circling.
I should add, my client read all of your opinions and it helped them come to a decision. Not only do I thank you, so do they.