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.
Resource One Realty, LLC
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.
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.
Coldwell Baker TREG,Inc.
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!!
Patriot Mortgage Services, Inc.