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An asking price is the price a seller lists for an item, often higher than expected, and negotiations usually start from this point. In a hot housing market, buyers may need to exceed the asking price. Tools like Home Price Check and Kelley Blue Book can help determine a reasonable offer for homes and cars. High resale value cars like Toyotas can be priced accordingly.
An asking price or list price refers to the price a seller lists for items they want to sell. Most of the time, you hear the term selling or listing price as referring to the cost of buying a home. List prices can also refer to the purchase price of a vehicle. It’s important to realize that an asking price or list price is often more than a person expects to get anyway, unless they’re asking or listing low to promote a quick sale. In most cases, the asking price is the point at which you begin negotiations and haggle over the actual selling price.
When the housing market is hot, prices go up and it can be a challenge to get a person selling a home to lower the price too much. When demand for home purchases exceeds what is available in the market, interested buyers may even need to exceed the asking price to purchase a home. In a flat market, or when the real estate market peters out, there is a lot more room for negotiation. A qualified realtor or realtor can help you determine a reasonable below-order price offer for the home.
This does not always mean that your offer will be accepted and there is a lot of finesse in getting the right offer. If you show up below someone else’s offer, you probably won’t get the house. On the other hand, if no other offer is on the table, the seller can counter the offer with an amount even lower than the list price, but higher than your offer. For people trying to work without a broker or realtor, it can be helpful to look to sites like Home Price Check to see how close to asking price homes are selling in the area you’re looking.
You can search this site by neighborhoods and zip codes to find out what should be a reasonable offer. You also shouldn’t submit an offer until you’ve had a full home inspection. If the home inspector discovers something material that lowers the home’s value, that information could help him lower his bid, and it is the seller’s responsibility to disclose the information found to other potential buyers.
When determining car deals by list price, one of the best guides you can use is the Kelley Blue Book, which tells you the high and low bluebook price of the car you want. This can be particularly helpful when you buy a used car. Offers can be kept at a low bluebook level and should decrease based on higher mileage or anything wrong with the car. As with a home inspection, it’s a good idea to take any car you’re considering buying to an independent mechanic for a thorough assessment of its value. If something has more than 50% wear, such as brakes, belts, tires or others, your offer may be reduced.
When buying a vehicle, you may also want to consider what the list price will be in a few years if you plan on selling it. There are some vehicles that have high resale values and can be priced accordingly. Toyota cars, for example, are known for their high resale prices. Knowing whether your car brand is popular allows you to decide on a reasonable list price and determine how much price flexibility you have in selling your car. As a buyer, knowing these trends can help you decide how much negotiation flexibility you have.
Asset Smart.
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