Home Buying in 54115>Question Details

Blondiegb, Home Buyer in 54115

I am interested in purchasing a home in the 54115 area. There are currently 5 homes for sale on the same

Asked by Blondiegb, 54115 Tue May 12, 2009

street. The one I am interested in is listed at $189,900 with 3B,3BR with a finished basement. The house across the street also has 3B, 3BR and finished basement with a little less sq ft. There are two other homes with 3B, 2BR and no finished basesment for $179,800. What would be a great first offer on the home listed for $189,900? I was thinking $168,900..is that too low?

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Brian Blaney’s answer
We might have a gap with our buy/sell amounts, but we listed our house FSBO 3rd street and Memory Ln. 6 years old, three bed, 3 bath (2 full 2 half), finished basement w/ wet bar, great woodwork/cabinetry, private vinyl fence. Foam insulations, Full copper piping. Low maintenance for quite some time. see listing here or more complete with pictures at http://fsbo.com/157816
0 votes Thank Flag Link Tue Aug 28, 2012
I've been told that anything between 20-25% off of asking price is not unreasonable. The seller might feel insulted by that, but if they have an experienced agent they've already been prepped to receive such authors. In fact, the asking price may actually be 20-25% higher then the actual value. I think right now, many sellers are very anxious to sell the homes, so a low-ball offer is at least a good starting point. The other side of it is that if they don't come back with a reasonable counter offer, be prepared to just thank the seller for their consideration and walk away.
1 vote Thank Flag Link Tue May 12, 2009
Great job! Enjoy your new home!
0 votes Thank Flag Link Wed Jun 24, 2009
We got the house at 95% of the listing price. Thanks everyone for all the help!
0 votes Thank Flag Link Wed Jun 24, 2009
Hi there!

The lastest statistics from the MLS for the Green Bay/De Pere area is that on average homes are selling for about 93% of list price. On an individual basis, however, the price accepted will depend on the seller's motivation, financial situation, and how much activity they've been getting since listing or reducing their price. It's hard to say if $168,000 would be too low without knowing the property condition, listing history, or comps of similar homes in the area.

As far as basements are concerned, a finished basement typically gives a home more value and a higher price than an unfinished one. However, if you think of it from the angle of investment potential you may get a better deal with an unfinished basement. If there are daylight or egress windows in the basement you have the opportunity to finish it after you buy it and increase your square footage and potentially your future resale value.

I'm an agent in De Pere and deal with a lot of properties in this area. I definitely recommend a buyer's agent to help you find your home, handle the negotiations, and coordinate the inspections, closing, etc. Give me a call or send an email at any time and we'll chat to see if I can help you out.

Thanks!

Amy Alexander
Realtor
Resource One Realty, LLC
(920) 227-5410
aalexander@resource1gb.com
0 votes Thank Flag Link Wed Jun 24, 2009
I have put offers down on two houses in the 54115 zip code area, in the last month. I have offered 98% of the asking price and have still gotten countered and then pushed aside by other offers. Needless to say, still looking.
0 votes Thank Flag Link Thu Jun 4, 2009
Ultimately, a house is worth what you're willing to pay for it. Look at it this way, two stores are selling the same product. Do you go with the one with the higher price just because you saw someone just walk out with the product you wanted? Or do you go to the store with the lowest price?

Comparable sales are a method of determining price because they indicate what people are willing to pay at that time and for similar properties. But that's not the be all and end all. How long ago did the "comparable" homes sell? It's a different market than even a month ago. Not to mention that the value today may be different from the value tomorrow, and not in a good way.And how long was your house on the market? The seller may be desperate for a buyer, that doesn't mean they're still not going to try to get as much money as possible, just that they're willing to accept less.

There are going to be some people that will be insulted with any offer less than their asking price. But as long as you're respectful about it, there's no reason they should be. If you think the house is worth 168, offer 168. If you can, increase the earnest money amount with the offer to show you're serious about it, and mention your qualifications. But there's absolutely no reason why your offer should be based on the sale price of the house down the street alone.
0 votes Thank Flag Link Wed May 13, 2009
Find a buyer's agent who has an ABR designation and can do comps...You want to get the best price and not insult the sellers who can choose to reject your offer. Making an offer based upon what has sold, comparable homes, time on the market, etc...will win you the offer. Taking a $20,000 price cut "to star"...not soo much. We tell buyers to start where they want to end...and a studied comparison method is the best way to do that. It really doesn't matter what other homes are listed for...only what the recent sold homes reflect for pricing. Good luck !
0 votes Thank Flag Link Wed May 13, 2009
The best answer that I can give is find a Realtor that knows the area and they can give you sales data on similar style/location homes. The risk you run in making an offer that low is that if you really like the home you will most likely make the seller not want to negotiate with you. I would have to agree with Linda that "our" market here in the Green Bay/Appleton market has not experienced the "huge" fluctuations that other markets have. main reason is we had some over-valuation but nothing like you heard about around the country. Another thing that is going to have an effect on the seller accepting your offer or even considering it will be such factors as.....
1) length of time on the market
2) recent price reductions
3) motivation for selling
4) competion in market

Again consult an experienced agent and then put your offer in. One thing to make sure that you have ahead of time is a pre-approval letter. Without one your offer these days isn't worth anything.

Good Luck with your home purchase!
If you need help please don't hesitate to contact me.

Duane Murphy
Coldwell Baker TREG,Inc.
dmurphy@coldwellhomes.com
http://www.duanemurphy.com
Web Reference: http://www.duanemurphy.com
0 votes Thank Flag Link Tue May 12, 2009
Hello,

I'm not sure what the market is like in Kenneth's City and State, which is Tucker, Georgia (a suburb of Atlanta). But, in the Hobart and Green Bay markets, homes might go for 3-5% below list price; certainly not 20 - 25% below! Fortunately, in our area of Wisconsin, the housing market is not as depressed and slow as other areas of the Country. It is important to get the advice of a LOCAL expert as markets can vary greatly. If you are not working with a realtor, send me an email and I can recommend a few good ones!!

Linda Williamson
Loan Officer
Patriot Mortgage Services, Inc.
lwilliamson@patriotms.com
920-915-3242
0 votes Thank Flag Link Tue May 12, 2009
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