04-16-2010, 09:44 AM
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Reputation: 10
I have seen a few threads pertaining to the real estate market but was wondering if anyone has any insight into the current condo market, specifically in Highland Park, Mountain Brook, Homewood. It appears that there are a ton for sale. Which for me, being a first time homebuyer, that might be a good thing. Say a condo is right around 200k. Would asking 30-40k off that be too low? I don't want to offend the seller but at the same time, when a place has been on the market for many months, I figure they would jump at an opportunity to sell. Any suggestions would be great. Thanks.
04-16-2010, 11:26 AM
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I think offering anywhere from 5-15% under list price is probably fair, given the current market. I would do a little research (or if you have a realtor, have them do it) to find look at similar homes that have sold in the past year or so. You will be able to find the list price and the final sales price, so you can establish how low you can reasonably expect to offer and still have a shot on the house. In some neighborhoods, the difference between the list and sales price will be larger (in real terms) than in other neighborhoods.
04-16-2010, 12:40 PM
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Well, the condo market is soft, so there's probably some play. But 15% off asking price may be too big a bite. Your realtor will probably give you a much better idea.
04-16-2010, 12:52 PM
56 posts, read
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Reputation: 19
I dont know about condos, but I just did an analysis of homes in the Edgewood area of Homewood. The average sales price for this area (using only 200-300K dollar homes) was 4.4% less than the list price. However, looking at individual cases, the range was from -.4% to 15.4%. Probably the most important factor here is how long the home has been on the market and how motivated the seller is.
04-16-2010, 02:54 PM
Location: In the Greater Birmingham area
350 posts, read
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One can not make a blanket statement on how much to go below asking price, too meny factors, and your right, time on market is one of them. You need to do a market analysis on the condo your thinking of making an offer on.
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Ratio of average income to average house value (%)
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Cost of living index
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Median house or condo value ($ change since 2000)
Mean house or condo value by units in structure - 1, detached ($)
Mean house or condo value by units in structure - 1, attached ($)
Mean house or condo value by units in structure - 2 ($)
Mean house or condo value by units in structure by units in structure - 3 or 4 ($)
Mean house or condo value by units in structure - 5 or more ($)
Mean house or condo value by units in structure - Boat, RV, van, etc. ($)
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Median year house/condo built
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Year house built - Built 2000 to 2004 (%)
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Average household size
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Occupied housing units (%)
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Residents with income below the poverty level (%)
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Poverty status for native-born residents (%)
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Poverty among high school graduates not in families (%)
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Residents with income below the poverty level (%) - White
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1996 Presidential Elections Results (%) - Democratic Party (Clinton)
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Urban houses (%)
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Housing units in structures - 1, detached (%)
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People in Group quarters - Agriculture workers' dormitories on farms (%)
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People in Group quarters - Crews of maritime vessels (%)
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Residents speaking English at home (%)
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Medical Conditions - People with angina pectoris (%)
Medical Conditions - People who ever had heart attack (%)
Medical Conditions - People who ever had stroke (%)
Medical Conditions - People with emphysema (%)
Medical Conditions - People with thyroid problem (%)
Medical Conditions - People with chronic bronchitis (%)
Medical Conditions - People with any liver condition (%)
Medical Conditions - People who ever had cancer or malignancy (%)
Mental Health - People who have little interest in doing things (%)
Mental Health - People feeling down, depressed, or hopeless (%)
Mental Health - People who have trouble sleeping or sleeping too much (%)
Mental Health - People feeling tired or having little energy (%)
Mental Health - People with poor appetite or overeating (%)
Mental Health - People feeling bad about themself (%)
Mental Health - People who have trouble concentrating on things (%)
Mental Health - People moving or speaking slowly or too fast (%)
Mental Health - People having thoughts they would be better off dead (%)
Oral Health - Average years since last visit a dentist
Oral Health - People embarrassed because of mouth (%)
Oral Health - People with gum disease (%)
Oral Health - General health of teeth and gums (%)
Oral Health - Average days a week using dental floss/device
Oral Health - Average days a week using mouthwash for dental problem
Oral Health - Average number of teeth
Pesticide Use - Households using pesticides to control insects (%)
Pesticide Use - Households using pesticides to kill weeds (%)
Physical Activity - People doing vigorous-intensity work activities (%)
Physical Activity - People doing moderate-intensity work activities (%)
Physical Activity - People walking or bicycling (%)
Physical Activity - People doing vigorous-intensity recreational activities (%)
Physical Activity - People doing moderate-intensity recreational activities (%)
Physical Activity - Average hours a day doing sedentary activities
Physical Activity - Average hours a day watching TV or videos
Physical Activity - Average hours a day using computer
Physical Functioning - People having limitations keeping them from working (%)
Physical Functioning - People limited in amount of work they can do (%)
Physical Functioning - People that need special equipment to walk (%)
Physical Functioning - People experiencing confusion/memory problems (%)
Physical Functioning - People requiring special healthcare equipment (%)
Prescription Medications - Average number of prescription medicines taking
Preventive Aspirin Use - Adults 40+ taking low-dose aspirin (%)
Reproductive Health - Vaginal deliveries (%)
Reproductive Health - Cesarean deliveries (%)
Reproductive Health - Deliveries resulted in a live birth (%)
Reproductive Health - Pregnancies resulted in a delivery (%)
Reproductive Health - Women breastfeeding newborns (%)
Reproductive Health - Women that had a hysterectomy (%)
Reproductive Health - Women that had both ovaries removed (%)
Reproductive Health - Women that have ever taken birth control pills (%)
Reproductive Health - Women taking birth control pills (%)
Reproductive Health - Women that have ever used Depo-Provera or injectables (%)
Reproductive Health - Women that have ever used female hormones (%)
Sexual Behavior - People 18+ that ever had sex (vaginal, anal, or oral) (%)
Sexual Behavior - Males 18+ that ever had vaginal sex with a woman (%)
Sexual Behavior - Males 18+ that ever performed oral sex on a woman (%)
Sexual Behavior - Males 18+ that ever had anal sex with a woman (%)
Sexual Behavior - Males 18+ that ever had any sex with a man (%)
Sexual Behavior - Females 18+ that ever had vaginal sex with a man (%)
Sexual Behavior - Females 18+ that ever performed oral sex on a man (%)
Sexual Behavior - Females 18+ that ever had anal sex with a man (%)
Sexual Behavior - Females 18+ that ever had any kind of sex with a woman (%)
Sexual Behavior - Average age people first had sex
Sexual Behavior - Average number of female sex partners in lifetime (males 18+)
Sexual Behavior - Average number of female vaginal sex partners in lifetime (males 18+)
Sexual Behavior - Average age people first performed oral sex on a woman (18+)
Sexual Behavior - Average number of woman performed oral sex on in lifetime (18+)
Sexual Behavior - Average number of male sex partners in lifetime (males 18+)
Sexual Behavior - Average number of male anal sex partners in lifetime (males 18+)
Sexual Behavior - Average age people first performed oral sex on a man (18+)
Sexual Behavior - Average number of male oral sex partners in lifetime (18+)
Sexual Behavior - People using protection when performing oral sex (%)
Sexual Behavior - Average number of times people have vaginal or anal sex a year
Sexual Behavior - People having sex without condom (%)
Sexual Behavior - Average number of male sex partners in lifetime (females 18+)
Sexual Behavior - Average number of male vaginal sex partners in lifetime (females 18+)
Sexual Behavior - Average number of female sex partners in lifetime (females 18+)
Sexual Behavior - Circumcised males 18+ (%)
Sleep Disorders - Average hours sleeping at night
Sleep Disorders - People that has trouble sleeping (%)
Smoking-Cigarette Use - People smoking cigarettes (%)
Taste & Smell - People 40+ having problems with smell (%)
Taste & Smell - People 40+ having problems with taste (%)
Taste & Smell - People 40+ that ever had wisdom teeth removed (%)
Taste & Smell - People 40+ that ever had tonsils teeth removed (%)
Taste & Smell - People 40+ that ever had a loss of consciousness because of a head injury (%)
Taste & Smell - People 40+ that ever had a broken nose or other serious injury to face or skull (%)
Taste & Smell - People 40+ that ever had two or more sinus infections (%)
Weight - Average height (inches)
Weight - Average weight (pounds)
Weight - Average BMI
Weight - People that are obese (%)
Weight - People that ever were obese (%)
Weight - People trying to lose weight (%)
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