Archive for August 2024 | HarrisonburgHousingToday.com :: Market Updates, Analysis and Commentary on Harrisonburg and Rockingham County Real Estate

Archive for August 2024


Two Versions Of Paying Slightly More For A House Than You Had Hoped
By Scott Rogers • August 1, 2024
Sometimes a buyer loves a new listing but thinks it is priced a smidge higher than it should be - and they aren't sure what to do. Here are two versions of how such a scenario might play out... Scenario 1 - A house is listed for sale for $545,000. You love the house, but think it should only be priced at $535,000. You ask if there have been many showings - there have been. You ask if other buyers seem to be considering offers - they are. You offer $545,000 for the house and secure a contract to buy it. You're happy but in the back of your mind wonder whether you should have only offered $535,000. Scenario 2 - A house is listed for sale for $545,000. You love the house, but think it should only be priced at $535,000. You ask if there have been many showings - there have been. You ask if other buyers seem to be considering offers - they are. You offer $535,000 and the seller waits for a day to respond. You are then notified that they have received two other offers. You add an escalation clause to your offer to confirm your willingness to increase your offer as high as $550,000. Your escalation clause goes into effect and you end up paying $547,000 for the house. Or the not quite as exciting outcome... Scenario 3 - A house is listed for sale for $545,000. You love the house, but think it should only be priced at $535,000. You ask if there have been many showings - there have been. You ask if other buyers seem to be considering offers - they are. You offer $535,000 and the seller waits for a day to respond. The seller informs you that they accepted another buyer's offer and when it goes to closing you see that the other buyer paid $545,000 for the house. If you love a house, and it's a new listing, and it's only priced a smidge higher than you think it should -- there can be merit in just going ahead and making that full price offer to try to secure a contract to buy the house that you love. Receive Updates by Email
Have any questions? Contact Scott Rogers at 540-578-0102 or scott@funkhousergroup.com
Based on information from the Harrisonburg-Rockingham Association of REALTORS® or its MLS, for the period Jan 1, 2000 through Nov 30, 2024 (unless otherwise noted).
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