Home Buying in Connecticut>Question Details

batista, Home Buyer in Boston, MA

In today's market as a potential buyer, what would you suggest as an initial offer to get accepted or start negotiations?

Asked by batista, Boston, MA Fri Jun 24, 2011

Some positives
1. Interior structure and design is something I would desire in a home.
2. Interior of home has been kept up to date very well (built in 2006)
3. Exterior design of home is a plus for us
4. One extra bathroom than comparable homes

Some negatives
1. Home(400k) is priced at least 65k higher than the nearest home on sale
2. Designs of homes in areas are inconsistent with each other (built in different time periods)
3. Property size is slightly smaller than other lots in the area

While I believe the home in great shape inside and out, I don't believe the asking price is fair given the surrounding prices of homes. This home may go for 400k in other neighborhoods but I feel it's overpriced since many of the home values in the area are in the high 200 to low 300. The cost per square foot is about $129 but my concern would be buying the most expensive home in the neighborhood. I don't mind buying the most expensive home but not by 16%.

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Answers

5
Your agent is your best guide, what is he/she suggesting as far as an offer....
0 votes Thank Flag Link Sat Jun 25, 2011
What you need is a professional Realtor to quide you in this process. If you are not working with someone, get someone quick who knows your market.
0 votes Thank Flag Link Sat Jun 25, 2011
Batista,
There is no way anyone here can competently answer your question. Pricing, whether for purchase or for sale is where a good agent earns their money. Understanding all fo the various factors which influence price, the market place and everyone’s motivation is not something you can gain on a blog site.
You need to have an excellent agent working on your side to do the research, present it to you and discuss what strategies you want to consider in making your offer.
Based on your description, it sounds overpriced, but there may be more to the story. Find a great local agent to work with and assist you in getting the house you want at a price that makes sense.
0 votes Thank Flag Link Fri Jun 24, 2011
The home has been on the market for over 30 days without a price drop.
0 votes Thank Flag Link Fri Jun 24, 2011
Some more info:

No comparable homes have been sold within 2 miles of location. The highest price of a home in the neighborhood went for 330 back in 2007.
0 votes Thank Flag Link Fri Jun 24, 2011
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