How To Determine Offer Price For A House: It's Not What You See on Zillow

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In this video, I address a common dilemma many potential homebuyers face: how to determine the right offer price for a home listed at $1.4 million. I want to emphasize that the real estate market is far from an exact science, dispelling the notion that a home should sell for its listing price. In the dynamic Bay Area market, homes often sell both above and below the initial asking price, with recent data indicating an average overbid of 4.1%. I also want to emphasize the limitations of relying solely on automated pricing models like Zillow Zestimates, which can vary significantly and may not account for factors such as the house's condition or local market dynamics. I encourage you to consider a range of factors, including the local market conditions, competition, and the unique features of the property when determining your offer price.

To guide prospective buyers, I also stress the importance of seeking out professional assistance and conducting a Competitive Market Analysis (CMA) to obtain a more accurate estimate of a home's value. I encourage you to consider your individual needs, such as school districts, commute times, and property characteristics when assessing a property's worth, acknowledging that some compromises may be necessary. I'd like to invite you to schedule a buyer consultation with my team for personalized support in navigating the complex process of home buying in the ever-changing real estate landscape.

Michael Talis:
Call/text: (650) 766-6100
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Coldwell Banker Realty
CALDRE: 01883499