Home Buying in Lebanon>Question Details

Firsttimebuy…, Home Buyer in Connecticut

I noticed a property in Lebanon, CT but I think it's overpriced,

Asked by Firsttimebuyer, Connecticut Wed Sep 17, 2008

esp. compared to similar properties nearby (recent & new builds with more acreage). Historic 1700s home w/ 6 fireplaces, 2 acres, asking $379.9K MLS: G504837 Is this property fairly priced, or should I be able to make a lower offer or wait for them to drop the price? I saw the last sale price was about $322k three years ago--this sounds like a very optimistic asking price. Your opinions? Thanks! *Note--I accidentally asked this under Lebanon, PA so I reposted my question.

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Hello - First Time Homebuyer!

I just looked up the property you speak of and I see why your interested. It is beautiful! Looking at comaparable homes that closed recently (within the last 3 months) in Lebanon, there are not many comparables ( around the same size, style, age and location.) The tricky one here is the age.. The closest comparable is a Colonial on Trumbull Highway that was built in 1880. It's listing price was 349K and is currently under deposit although we don't know what price it went under at.. There was a colonial that closed on Clubhouse Road for #390K - It was a bit smaller, but newer.. So is the property your interested in fairly priced? The only true price that that property has is what a willing, ready and able buyer is willing to pay for it.

I would recommend making an offer, because you could be waiting forever for them to drop the price.. (Not everyone does)

I would, if you havent already, obtain representation for your side of the sale. Remember the listing agent works for the seller, not the buyer. So it would benefit you to get someone on your side. If you need help give me a call or drop an email. Good luck!
Web Reference: http://www.carlguild.com
2 votes Thank Flag Link Wed Sep 17, 2008
Firsttimebuyer,

In lieu or in addition to working with a realtor to help you determine a price, I suggest you use my Free CMA form on my website at http://ctrealestateunleashed.com/sell-your-home-ct/free-comp…

I can get back to you within about 24 hours in most cases.
2 votes Thank Flag Link Wed Sep 17, 2008
This is the type of question that is ideally suited to your realtor. When you find a house that you are thinking of making an offer on, he/she will do a market analysis for you to give you an idea of what it should be worth. Based on market conditions, the property contition, and your wants and needs, you then have the information you need to make an intelligent decision on an offer.
You can't base you estimation only on what it sold for 3 years ago. You can't be sure what improvements may have been done since then. If you aren't currently working with an gent, I would be happy to assist you with this process. I can be reached at (860) 736-1002 or DanRoss@C21-AccessAmerica.com.

Best of luck
Web Reference: http://www.danrossre.com
2 votes Thank Flag Link Wed Sep 17, 2008
Hi,

I live in Lebanon. We purchased our home here a year ago after looking for 2. Prices have declined. As a realtor I look at properties that are listed, sold and expired to get an assessment of where the market is. Carl indicated in his response that comps can be hard to find which is true. Representation would really be to your benefit. There are tax advantages too with the expanded first time home buyer tax credit. This also includes move up buyers whom meet certain criteria. The colonial on Clubhouse that sold had quite a few amenities such as ac and in ground pool. This specific home held its value given the present market. Value is subjective but with a CMA one can assess what an informed person should be willing to spend. Purchasing a home is an emotional experience. An agent can provide you with data to make an informed choice.

Susan Carney
Prudential Connecticut Realty
susancarney@prudentialct.com
1 vote Thank Flag Link Tue Dec 29, 2009
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