The vast majority of buyers want a deal. They don’t want to overpay and they don’t want to pay full list price. I understand buyers wanting a deal because I like a deal too.
Paying full list price occurs when the house is listed for $158,000 and the buyers agree to pay the sellers the $158,000 price. In this scenario the sellers are receiving what I call a “net sales price” of $158,000.
In the next scenerio, the buyers agree to pay the full list price of $158,000 but the sellers have agreed to contribute $5,000 towards the buyers closing costs. The sellers are receiving a “net sales price” of $153,000 ($158,000 sales price – $5,000 contribution to buyers closing costs).
In both of these scenarios, the buyers are paying full list price but are they overpaying or are they getting a deal? To be able to determine if the buyers are getting a deal or NO deal, we would need to determine what similar style homes in the same area have sold for recently (the comps).
The comps show similar homes have recently sold for $162,000. In both scenarios, the buyers are getting a deal. Yes, the buyers are paying full list price but paying full list price doesn’t have to mean the buyers are overpaying.
The idea that paying full list price is not overpaying is difficult for many Spring Texas home buyers to understand especially first time home buyers. But before you assume you are overpaying, you need to review and study the comps. The comps and not the list price hold the answer to the question “Are you overpaying if you pay the home’s list price?”
We entrusted Jill Wente with the sale of our current home and purchase of a new home. From the beginning... read moreWe entrusted Jill Wente with the sale of our current home and purchase of a new home. From the beginning she was extremely up front and honest about exactly what we would need to do to get our house sold. We had an incredibly tight timeline, that she explained would be difficult to make - but she helped us make it happen and our house was under contract in 2 days! She had recommendations for all our home repair needs and they were all professional and fairly priced. She worked hard to really sell our offer for our new home - she was able to pull off the tight timeline, securing a rent back from our old house so we had time to move out, and a contingency for our new home. Definitely exceeded our expectations. She was so helpful along the way - as first time home sellers we really relied on her and we feel lucky to have worked with her! You will not regret working with Jill! read less