Home Buying in 48105>Question Details

Stephanie Wu, Home Buyer in Ann Arbor, MI

We're looking into 5430 Red Fox Run, Ann Arbor, currently listed 750K and it has been on the market since

Asked by Stephanie Wu, Ann Arbor, MI Sat Jun 21, 2008

Jan. 2008. The seller is very firm about the price. Is this house worth this price? Are you recommending to buy it?

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Aaron, It was currently listed in 2005 at 875,000. 750K is the lowest a home has sold in there. I never recommend a person buy a home unless it is what you love and want to live in. The style and floor plan seem similiar to most of the homes in there. This house at 5430 is only 50 s.f shy of the one that sold at 775K This home has some upgraded appliances, floors and the back yard looks wonderful.
2 votes Thank Flag Link Sun Jun 22, 2008
Aaron,

Some good local agents have responded.

"The seller is very firm about the price" I'm assuming you have a Buyer's Agent (signed a Buyer's Agency Agreement) assisting you and were told by the agent the sellers are firm. If it was the listing agent that told you this, remember, they are working for the seller and may only be trying to get the most for the home.

Is the house worth this price? I suggest having your Buyer's Agent run comparable sales within the subdivision. That will give you a range of value. They can also run a Statistical Comparison of sales in the sub which will give you a range of value based upon the homes State Equalized Value.

Are you recommending to by it? That is a decision only a home buyer can make. This is a business decision, please take some time to look at all the facts before making an offer. Agents have offered additional facts in their responses.
0 votes Thank Flag Link Sun Jun 22, 2008
Good Morning Aaron,
What a great neighborhood!
How do you know how the seller feels about their price?
A property is worth what a buyer will pay for it. At this price it is $230/sq ft., there are houses for a lot more than this and there are many more for less.
Have you seen many houses in the area? Is this where you want to live? The comparable sales in and around this house make this house seem appealing. I assume you are working with a buyers agent already (?). If this is the house you have your focus on I would say do your homework & go for it... . Make an offer that takes time into account, do you have a house that you need to sell in order to buy this one? If so, get it sold now! Let the seller feel comfortable with your offer by providing a pre-approval letter upfront, make your time frames short and fitting to the sellers wants, maybe include a personal letter explaining your why you would like this house.
If you do not hae a buyers agent yet I would like to offer my servixces as such. The listing agent and I both work for the Reinhart Company (which makes things smooth as far as paperwork goes) and just last year she & I took a week long class together (I am sure she would enjoy working with me).
Good Luck
0 votes Thank Flag Link Sun Jun 22, 2008
Hi Aaron,

When considering any home you should decide if the home fits your needs and lifestyle first and most importantly budget. When a home meets your criteria, then one must decide the value that you place on a home. How value is decided from one buyer to another is very different. Custom homes like these are often made to a owner's specific needs. If they fit yours, great! An easy way to come up with value, is 1) take a look at the comparable sales in the neighborhood 2) compare the home to others listed in the same neighborhood, if many for sale, subtract value, if only home for sale add value. Also, Ranches garner a special premium, as they are much more expensive to build. As well as King elementary school, right now there are only 28 homes available in the whole district. When you compare that to other school districts within AA, it is very low, thus showing a high demand for the school.

The seller's paid $779,000 in 2000, not including landscaping etc. Right now we are at prices hovering around 1999. The only way to know if the seller is firm about the price is to make an offer. Maybe you have already done this.... If you have, then you must decide if the home is what you are looking for and willing to spend the money. Ultimately you are going to be paying the mortgage and the home better be great!

I would be happy to speak to you further regarding this home or others.
Sincerely,
Jackie
Jackie@bouma.com or 734-761-3060
Web Reference: http://www.bouma.com
0 votes Thank Flag Link Sun Jun 22, 2008
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