to-do-list
Creative Commons License photo credit: Nils P. Prior to making an offer on a home,
many home buyers like you generally want a complete list of information about the home or a seller’s selling situation that can ultimately influence the price you pay for the home. Not having a complete list can be frustrating when deciding on what to pay for a home.
Fortunately the Multiple Listing Service (MLS) offers two type of reports in an easy to read online or pdf format. One format is called the client full report and the other is the listing history or archive report. The Garden State and the Middlesex County County MLS, which are two MLS systems that I have access to, makes it easier than ever before for tech savvy agents like me to TRACK and share with you the essential information about a home listing history and even a seller’s selling situation including:

Prior to Making an Offer on a Home, You Should Know

  • Listing Date, the day the home went on the market
  • Original Listing Price (OLP)
  • Price Changes
  • Days on the Market
  • Status changes from attorney review to under contract
  • Past listing expiration dates, assuming the seller ever listed the home for sale prior to current listing status
  • Possibly even the reason why the homeowner is selling
  • Type of financing the homeowner is will entertain (Cash, Conventional, FHA, Rehab loans like FHA 203k, Seller Financing)
  • Whether or not the offer is subject to lien holder approval or bank approval
  • If the seller is willing to offer a seller’s concession
  • Desired closing date by the seller
  • Additional terms the seller may be offering Ex. “As Is” condition, who is responsible for the certificate of occupancy and smoke certification, additional contingencies.

Check out this Listing History Screen Shot from the Garden State MLS  versus the Middlesex MLS’s Archive Report

Knowing all or some of the above information is important to home buyers prior to making an offer on a home. What may not be known or  documented, at least not publicly might be:
  • Number of showings
  • How many offers are currently on the property or home
  • Number of offers the seller has rejected, if any
  • Highest and best offer the seller has received
  • Current Market Value or Fair Market Value, which your agent will help you determine what offer to make given location and condition of the home
The MLS is the largest database of local real estate information and if you are not already receiving automatic emails of new listings from me, send me your buyer wish list today so that you can start receiving the client full reports of homes that might meet your wants and needs. More importantly when are you ready to buy, it’s ok to ask me for the listing history.
 
Sample Price Reduction History

Here is an example of a house that was listed for sale in Union, NJ. It was not listed for sale by me, but by another agent, a agent that I am friendly with. I showed the house in the photo array above to several buyers over time and kept track of while it was on the MLS listing. I liked it at $299,900. I liked it at $275,000. I LOVED it $249,900.

Over time, it was listed at three different price points. I did like it at all three prices, but when it was listed at $249,900, it was what we call in the business as being priced to sell. I remember that when my agent friend took the listing, she did everything right form a marketing standpoint. She made sure that the house was accessible; she staged it; had plenty of photos online and even held several open houses in addition to syndicating the listing to everyplace imaginable on the web. . .But after a few weeks of hearing why buyers wouldn’t  buy the home, she knew that chaging the price was the only way to attract new buyers.

A Lesson To Be Learned for Both Buyers and Sellers:
A Seller’s Takeway: When you list your house for sell, the most important thing for you to do during the initial stages of selling is to listen to the feedback from actual buyers and make the right price adjustments if you are not already priced to sell. Generally we set up benchmarks through the transaction as in after 30 days of aggressive marketing, if we do not have an offer, it might be time to reduced the price.
 
A Take Away for a Home Buyer:  It’s ok to shop a little bit outside of your price range since a house like the one above may come into your range. I actually encourage buyers to set thresholds in their search criteria with a minimum price you would consider and a maximum.

Post By Audeliz Angie Perez (160 Posts)

Angie Perez is a NJ Circle of Excellence award winning real estate agent for Re/Max Select in Westfield NJ. She sells anywhere from 12-25 houses per year on a consistent basis since 2005. Ms. Perez is primarily a buyer's agent on 60% of her real estate sales where she represents rental income investors, first time home buyers & trade up home buyers of 1-4 family homes within specific towns encompassing 4 NJ counties: Union, Essex, Middlesex and Somerset County. Many of Ms. Perez's clients appreciate her ability to negotiate favorable real estate deals for them. Many of her clients commented that her research abilities, her honesty, her knowledge of local market trends and her proficiency to manage multiple real estate transactions from start to close are some of the reasons why she was hired as their agent of choice. Please call, text or email Angie Perez to ask if she lists or sell in your town. If she can not help you, Ms. Perez would be more than happy to help or refer you to someone who can.

Website: → NJ Real Estate For Sale

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2 Responses to Making an Offer on a Home Essential Information for Buyers

  1. Post bookmarked and shared on facebook, I’ll post a feedback on my site asap

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