On average, the "sold" prices for real estate owned homes in Fremont over the last 3 months or so have been selling for over the asking price. I ran just a quick list of all the homes that sold during that time, averaged the sales prices, averaged the listing prices, subtracted for the difference then divided the difference by the listing price. It sounds like a real estate question from the state exam. Doesn't it? Anyway, below in wonderful Excel colors are the results.
Asking Price Avg.
Sold Price Avg.
% Over Asking
We have not heard a lot of the "we bought our home for half the listing price" kinds of stories in our office. Actually, in order to get the house--most of the time, one has to offer over the asking price.
Please remember that these are averages and only performed by the method I showed above. I'm sure there is a more sophisticated RMS method of (root means squared) or something, but here you have it. If you want to buy a home in Fremont most of the time, they go for more. The test only included REO properties. It's very telling.
Some home buyer "to do's" for your agent would include:
- After you like a property, have your agent perform a CMA for your property so you know the estimated market value of the home. Remember it still has to appraise for for your offer amount in order for your loan to go through.
- Make sure you have your deposit check photocopied for your agent to present your earnest money.
- Have a fresh "direct lender' approval letter on the ready.
- Go over the Buyer's Net Sheet again to make sure you understand your closing costs.
- The rest is up to you and your agent working together to create a good offer.
Again, these are the basics. If you need more attention to detail, please give us a call or send us an email. We are full-time real estate agents in Fremont.
By Jeff Pereyda
By Jeff Pereyda