BEST ANSWER
I helped someone sell their home in St. Andrews just this past spring (2009). They sold for about $203,000 and that was the top of the price range in that neighborhood. It is wise to purchase a home in the middle to upper middle range of a neighborhood as this ensures you get the best chance at positive appreciation. $170,000 is a bit too close to top end for St. Andrews in my opinion. Look around some more and try to find another neighborhood where that price range house is close to the middle of the road.
Where you come in with your offer depends on the seller's situation as well as how that particular house compares to recent sold homes. If the house is bank owned, you could go lower without worrying about offending the seller. If it is owned by a person, you risk offending them, but a good buyer's agent can soften that blow as they present your offer to the listing agent. I have a couple of techniques for making low offers without offending the sellers. A good, seasoned agent will be able to do this.
This is a great time to find lots of house for your money, so be patient and find an agent who will act as your buyer's agent. They will then be obligated to get you the best possible deal regardless of what they are making.
Best wishes with this! I hope you get your perfect home successfully!
Mon Oct 5 2009, 19:25
Fair Housing and Equal Opportunity