List price vs. actual sale price - Page 2 - PhillyBlog

passyunk square · #11 (**permalink**) 01-14-2008, 03:01 PM

Quote:

Originally Posted by ellsworth

Has anyone purchased a home on the West side of broad in the last few months? If so, can you tell me what the property was listed for and what you actually paid for it? Also, whether it was a fixer upper or rehab. My realtor is pushing me to pay only ten thousand below list price for a rehab. The block itself is a mixture of rehabs and boarded up homes. The home I am looking at has been on the market for several months and is next door to a boarded up home. Do you think my realtor is right?

I live west of broad and know the market pretty well. If you give me some info about the house i can tell you what a good price is.

I bought a not very well maintained 2 bedroom grandma house around 16th & Morris back in June for $109k. They were asking $129k for it and I didn't make an offer until i saw that they had come to $119k. IIRC our initial agreement was $113k but after the home inspection turned up a few surprises i got them down some more. That was listed through an agent. After gutting it and an extensive rehab I sold it w/o a broker in September for $165k.

passyunk square · #12 (**permalink**) 01-14-2008, 03:05 PM

Quote:

Originally Posted by ellsworth

Thanks lemonfresh, this was exactly what I was looking for!

that's good if you're trying to determine averages but if that's your only info you have no idea what the condition of the property was like. You need to be able to compare shells to shells and new construction to new construction. Your agent should email you the old listings so you can see the original list price and the actual sale price as well as the number of days on the market and pictures of the property inside and out.

robyns · #13 (**permalink**) 01-14-2008, 07:05 PM

We bought our home WOB and it came to about 15K under the asking price. We had some work to do on the place, it wasn't in great condition, but the block is fantastic, so I feel like we got a really good deal.

I agree that you should start out by offering less. See what happens. Good luck!

Tim K · #14 (**permalink**) 01-14-2008, 09:42 PM

1. None of those sites will help you to know what the original asking price was or what the asking price was at the time of sale. The MLS is the only source of that info.

2. That said, it is not really important to know what people were or are asking in order to determine what the property is worth. Remember, sellers determine their asking price so its really a meaningless number to base an offer on. You should be looking at comps.....meaning similar properties in the same neighborhood that have sold in the last 6 months. BRT and other sites can give you some of that, however it sometimes takes a couple months before transactions end up being posted on their site.

3. Your REALTOR is not only ABLE to give you ALL of this, but he/she should have already done so. If he/she is giving you and opinion of what it is worth he/she should have sent you the comparable sales. As someone mentioned earlier, you should be able to see the previous sales in the area and see the pictures from the MLS listings as well.