When I searched for that zip code, I didn't find much in the way of new construction. The home you have interest in is the only new construction for sale. There has only been one other new construction sold in that zip this year, and it was at $1.66 less per square foot. That would put your home at $197,183. The other homes you are seeing are at least 5 or 6 years old, which will tend to lower their prices some.
If you really think you will be in the home long term, then the new construction might be a good option. If you think you will be moving out of it in the next 5 years, you may want to consider other homes, as the new construction is not going to hold it's value as well in the short term.
Good luck in your search!
Also, the larger cheaper home is it new construction and in the same or better condition. If not then you should not compare the two homes.
The only true way to determine the value is by having an appraisal done by a lic. appraiser. Should the appraisal reflect a lower price then you can go back to the seller and try to negotiate the lower price supported by the appraisal report. However, it will be up to the seller if they will agree to the lower price or not. If the appraisal comes in higher you are in contract for an agreed upon purchase price and no further action is needed. (Appraisal report is for your eyes only unless you try to re-negotiate the agreed upon contract price.) Have your agent make the offer subject to appraisal.
Appraisal are a standard requirement in order to obtain financing on the property. At the same time they give the buyer peace of mind that they got a fair deal.
Equity Capital Real Estate
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