Home Buying in 01069>Question Details

Unknown Name, Home Buyer in

Price of house too high

Asked by Unknown Name, Sun Dec 2, 2012

If a house is going for 209000 but is appraised at 167000, is it an insult to offer 175000 when none of the houses on same street sold for over 175000 and there is nothing spectacular about this house

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How much did it sell for?

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0 votes Thank Flag Link Thu Dec 12, 2013
I would assume that by 'appraised' you actually mean the tax value. This may or may not correlate to sales price in the area. It is also possible that upgrades have been done to the home but the town has not been out to re-assess.

I would talk with a buyers agent and have them run comparables for you to review to submit the offer. What the seller may accept is still an unknown but that is normally the best way to proceed.
0 votes Thank Flag Link Wed Dec 12, 2012
There is no better market measurement then comparable sales on the same street.
Just make sure when you look at the subject property (the house you want to buy) you are adjusting numbers based on upgrades the subject property has versus the sold properties, and same goes for lot size, # of bedrooms and baths. I doubt highly any of those homes are direct comp's to each other so you need to make sure you take that all into account when pricing the subject home. There is also the chance the subject property is the white elephant on the street which means it is bigger/nicer than the other sold properties so therefore worth more.

We can only give you advice based on the info you provided here so without the address / mls number of the subject property we are limited. Generally speaking a 15%+ discount from list price is pretty steep but if the property is over priced it doesn't matter.

If you need any more help valuing the property please feel free to give us a call or email. Valuing properties is our specialty.

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0 votes Thank Flag Link Wed Dec 12, 2012
If you want my opinion on the house email me. It may be really awesome inside or have an addition or something.
0 votes Thank Flag Link Sun Dec 2, 2012
"Price of house too high" are you asking us or telling us?

What homes sell for on a street and what a home is "assessed" for may or may not be indicative of the home you are looking at as to price.

Two recommendations, get a buyers agent, but more importantly do your own home work and know what the competition is that you are comparing. That will truly tell you the value of what you are looking at is worth.

A new listing you may not have a second opportunity to buy it. A listing that has been on the market, you may have some flexibility. That said any good agent can tell you that a home that has been on for a while may get out of the blue 2 -3 competing offers. No rhyme or reason. Real estate can be a crazy business.

There is a huge difference from a buyer that has to buy and one that wants to buy.
0 votes Thank Flag Link Sun Dec 2, 2012
An offer, any offer, given in writing with deposit ... is never an insult, it is an invitation for conversation no matter if you are a buyer or a seller.

How to value a house is something your agent can do for you. I would happy to help.
0 votes Thank Flag Link Sun Dec 2, 2012
I think, as mentioned here, that not getting any offers is worse but I would definitely get a buyers agent to assist you with this (it doe not cost you anything) and he/she can better guide you not just with an offer but through the entire purchase process. Good luck & keep us posted
Web Reference: http://www.wenrealty.com
0 votes Thank Flag Link Sun Dec 2, 2012
Without knowing the property or the market, there is no way to answer your question. If you are not already working with a Buyer Agent, please consider doing so, they would be advising you on your market conditions and what comparable properties have sold for...

Best of luck!

0 votes Thank Flag Link Sun Dec 2, 2012
No offer is more of an insult.
Have your agent present a written offer; and good luck.
0 votes Thank Flag Link Sun Dec 2, 2012
Offer whatever you want - the seller can say yes, no, or give you a counter offer.

Do you have an agent advising you?
0 votes Thank Flag Link Sun Dec 2, 2012
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