Amanda, Renter in Issaquah Highlands,...

How to price a newly built home in Issaquah Highlands?

Asked by Amanda, Issaquah Highlands, Issaquah, WA Tue May 18, 2010

I'm looking at a set of newly built homes in Issaquah Highlands. Is the price on Redfin as the selling price accurate? I saw brand new houses sold for $40,000 under the listing value in the same area back in Feb, 2010.

If that's the case, should I be offering $45,000 under for a similar home to the builders and perhaps closing at $40,000 under as well?

Thank you! :)

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7
Mary Sunde’s answer
Amanda
You have had excellent questions on this site regarding your purchase of a new home in The Highlands but I agree with the others that you need to find a buyer's agent to help you with this. We are giving you our best opinions without knowing the product or builder. Compare to purchasing a 4 door sedan without knowing the make/model or manufacturer. You could pay way to much for one and get a good buy on another. Redfin is going from the tax records unless the home owner has called them to update any updates/additions made to the homes/property. Most are a benchmark not an accurate value. As such banks would not order an appraisal on properties just going to a site like Redfin to substantiate value. For standing inventory by builders you need to ask why has that inventory been standing and not sold; were they overpriced for the market at the beginning and chasing the price downward, were they priced too high because they were comparing to homes with higher quality and finishing,were the lot sizes smaller or with detriments? Many buyers are looking to save the sales office commissions and end up paying considerably more in purchase price than they would have using a buyer's agent. Any of the agents who have responded would be very capable of helping you and as I would be pleased to set up initial interviews to discuss what they offer you as a buyer's agent.
Mary
0 votes Thank Flag Link Wed May 19, 2010
You can try anything. At the end of the first chapter, the price is what the builder / seller and the buyer agree to, and a lot of buyers aren't buying because sellers aren't seeing things their way right now.

Houses are not commodities, and factors such as siting, finish materials, amenities, room sizes, and others can all make a difference in value. Ofttimes, being on the west side of the street allows for enjoying sunsets in the back yard (on the east side of the street, the house can shade you); other times, being on the east side has its advantages. And there's northern light vs southern light, the space between you and the neighbors, the shape of your lot, the list goes on.

All the best,
1 vote Thank Flag Link Tue May 18, 2010
Both Dan and Tonya have the right idea, Amanda. I have answered several of your questions now, as have we all. Bottom line is, you really should consider getting hooked up with an agent. Before I write an offer for a client, I extensively research the value and the history of the builder as to what he has done in the past. There is a lot of information that I can gather, that, as a buyer, would be very difficult to get.

I have suggested in past posts, and will continue to suggest in the future, that as a buyer you Google every agent that responds to your question here on Trulia, learn as much as you can about who they are online, read their client testimonials, so you know what their clients are saying about them, and then give us each a call and just ask us why we think you should work with us instead of another agent. Then, pick the best fit for you and let them go to work for you with the skill and knowledge that they have. I hope to hear from you soon.
1 vote Thank Flag Link Tue May 18, 2010
Hi Amanda,

You have asked some really good questions today. It's awesome to see a homeowner really plugging away at learning the market they are interested in. As Dan said below sites like Redfin are not always accurate. The most accurate data lies in the MLS. This is where a buyers agent comes in handy. They can compare apples to apples. Even if the other listings are in the same area they may not be the same builder and they may not be comparables for sq ft or lot size or other amenities. If you need help or would like an agent to work for you feel free to contact me or anyone here. There are quite a few of us that work this area.

Good luck
1 vote Thank Flag Link Tue May 18, 2010
Amanda,
You need to have your own agent representing your interests. Homes which appear similar may not actually be that similar. Pricing is a complicated issue and sites like RedFin and Zillow are not reliable enough to write an offer on. Without knowing all the details of the place you are looking at, there is no straight answer anyone here should give you.
If you don't have an agent, anyone of us would be glad to represent you. You can check out our profiles, google our names for our blogs and websites and see if you feel comfortable with any of us of ask friends for a referral.
Best of luck in your home buying.
Dan
Web Reference: http://SammamishRealtor.net
1 vote Thank Flag Link Tue May 18, 2010
Hi Amanda,

A lot of good answers below. There are a varity of builders and developments within the Issaquah Highlands and they all have different spec levels and in fact, many of the different builders are in unique situations.

A good agent to pull data for you and show the actual comps is the best way to start.
0 votes Thank Flag Link Wed May 19, 2010
Hi Amanda
It's entirerly possible that some new homes sold for $40,000, or more, less than asking price. It has been a tough market for builders, and all sellers. As too offering $45,000 less than a current asking price, it is still quite possible but will depend on the individual situation of a seller, and wether it is currently listed at market value. Tour open houses, watch the company web sites, and educate yourself about what is happening in the Highlands. You will soon become very knowledgable about the market area you are interested in
0 votes Thank Flag Link Tue May 18, 2010
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