When considering placing an offer on a Downtown loft, how does one determine exactly how much to offer? Real estate professionals know that there is one primary method used to determine property values and market conditions. Here’s the easy way to know the actual market value. #sold
That method is by analyzing the prices of recently sold comparable properties. The average home buyer and seller makes the mistake of only looking at asking prices on property listings, but this is not accurate for determining real market value because only about one out of three homes sells for the asking price. That number is changing right now, as the market is softening. Based on the the market shift and changes (dramatic drop in the number of recent home buyers) that the L.A. Loft Blog has recently reported, more than half of the homes listed may be selling for less than the asking price in the coming months. HINT: For those who are able, it’s time to start “stealing houses,” that is: placing lowball offers on several homes to find motivated or even desperate sellers and the extra equity to be gained by buying low. | SOLD
How to Make Money with SOLD LISTINGS
By looking at a list of similar homes nearby that have sold within the last six months, home buyers and sellers can get a more realistic picture of the actual market values, what home prices should be. Renters and landlords often use the same method — looking at recently leased comparable properties nearby.
It can be challenging to find sold prices listed anywhere because the sold prices does not show up in many places. Most home search websites do not have sold prices, or the sold prices are hidden away somewhere and difficult to find.
Fortunately, there are some easy ways to find the actual prices of sold homes so that home buyers and sellers can know how much to offer or how much to demand for a home in the current market. Request a list of comps (recently sold comparable homes) from the L.A. Loft Blog. Use this simple formula to determine price per square foot (or call the L.A. Loft Blog and we will calculate it for you 213-880-9910): Sold Price divided by Square Feet. Do this for several of the closest, most similar homes. Determine the average by adding the total of prices divided by the total of the square feet and then divide that by the number of properties. Calculate that amount times the square feet of the desired home to get the offer amount. >> MORE
Get a list of recently sold homes and prices, along with a list of properties currently active for sale on the market. Fill out the online form:
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Copyright © This free information provided courtesy L.A. Loft Blog and LAcondoInfo.com with information provided by Corey Chambers, Realty Source Inc, BRE#01889449 We are not associated with the homeowner’s association or developer. For more information, contact (213) 880-9910 or visit LAcondoInfo.com Licensed in California. All information provided is deemed reliable but is not guaranteed and should be independently verified. Properties subject to prior sale or rental. This is not a solicitation if buyer or seller is already under contract with another broker.