Home Buying in Mebane>Question Details

Cincole, Home Buyer in Haw River, NC

If a house lists for 200,000 and has been on the market for 251 days is 150,000 too low to offer?

Asked by Cincole, Haw River, NC Fri May 3, 2013

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4
I agree with Shanna and Bill. A Comparative Market Analysis combined with more information will best answer your question.

Other factors not yet mentioned include: are you asking for any seller paid closing costs, how long is your Due Diligence period, how much earnest money and/or due diligence fee will accompany the $150k offer, etc.

The amount of negotiated points on an offer is surprising. Let me know how the offer turned out if you have already made it!

Amanda W. Hallock, awhallock.hpwagents.com
awhallock@hpw.com
0 votes Thank Flag Link Sat May 25, 2013
The first thing that i would do is ask your Realtor to do a Cost Market Analysis. The price you offer should be based off of that, as it could be that the house has been on the market 251 days due to it being overpriced.

As for making low offers in general, you have to be careful. In today's market, you never know when another offer is going to come in once you get into a haggling war with the seller. Don't be afraid to start low, but make sure it's realistic.
0 votes Thank Flag Link Fri May 3, 2013
Hi Cincole,

Have your Realtor do a Comparative Market Analysis (CMA) on the property using comps that have SOLD within the last 3-6 months that are within a 1 mile radius of the property (the closer, the better). This will give you current market value and this is what you should base your offer on - not on list price.

Shanna Rogers
SR Realty
http://www.RealtyBySR.com
0 votes Thank Flag Link Fri May 3, 2013
Additional information would be very helpful....short sale, foreclosure, regular sale? What is the market value of the home?

You can make any offer you elect to but the lower the offer the greater the chance of being denied. Very low offers may not be responded to by the seller. Your offer should be one that is high enough that it engages the seller and one that you can defend with comparison information.

Without knowing this home or the local market where it is located any attempt to provide you with meaningful information is pure guess work......

A local real estate professional would be able to guide you through this and put you on the path of being able to obtain a home.

Good luck,

Bill
0 votes Thank Flag Link Fri May 3, 2013
Yes all these answers are great . It is a common saying that three are 3 reasons a house does not sale. These are: location, condition and price. It can be one of these or all three. Have a Realtor give you a CMA and check out the other factors mentioned as well as market value and tax value . Good luck !
Flag Fri May 30, 2014
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