Home Buying in 11953>Question Details

Newbie, Home Buyer in 11953

What is a good first offer on a new constuction home in suffolk county Long Island? For example 95% of listing price etc...

Asked by Newbie, 11953 Wed Nov 18, 2009

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If you have met with the agent and the builder you will know what is included in the sale and what items might be upgrades. If the house is completed with interior finishes and appliances and the exterior landscaping has been installed you should offer the builder a respectable bid. Most new construction offerings sell near the list price when compared to existing homes. Most existing homes have appreciation from the time they were built and the current market values. With new construction offerings you do not have the appreciation to negotiate into the transaction with the seller. Do your legwork and find out what is included and what the recent comparable homes offered by this builder have sold for and base your offer on this factual information. Remember on New Construction you are getting better heating and cooling performance when compared to older homes.
0 votes Thank Flag Link Thu Jan 21, 2010
Sean, your profile shows you as an activie Trulia contributing realtor working in Philadelphia - you can refer your lead out to a local realtor in the area - for instance, we have an agent in our office who specializes in new construction in Suffolk County and I'm sure she'd be glad to collaborate with you.
0 votes Thank Flag Link Fri Nov 20, 2009
If you like to see if the builder will take lower than asking, you could try to offer less. If you really like the location, the house and don't want to loose with other buyer competing then I would offer so seller can't refuse my offer. Good Luck..
0 votes Thank Flag Link Thu Nov 19, 2009
There is no set amount to offer on new construction or re-sale. It is like anything else...it all depends on the value in that area, size of home, etc to determine what something is worth.
0 votes Thank Flag Link Thu Nov 19, 2009

I think it all depends on the builder. Some builders need to dump properties as they are way over their heads. But I do agree if has a low days on market, yes I agree with you that they most likely will wait it out.

But then again I know builders who put a giant cushion in the price so when an offer comes in they have that wiggle room.

Just like Linda said, consult a realtor and see what the true value is and go from there.

Sean Dawes
Web Reference: http://www.SeanDawes.com
0 votes Thank Flag Link Wed Nov 18, 2009
Most of the new construction home doesn't want to negotiate much with the price since it's newly built and they set the home price before they built it. But make sure you compare with other houses for sale or sold in the same area. If you are working with realtor, they could help you with CMA. Good luck!
Web Reference: http://www.LindaHome.com
0 votes Thank Flag Link Wed Nov 18, 2009
This home is going to, most likely, be your Number One investment Newbie - you need to get it right the first time. Interview an agent for the job of finding you a home - when I work with a buyer, we don't just cruise around looking at what's available - that is looking for your future by chance, not design. Your needs are totally unique - totally you - a percentage of the list price may cost you money - or you could lose the deal. If you are committed to buying work with someone who's serious about helping you. - All my best, Meredith Kurz meredithkurz@remax.net
0 votes Thank Flag Link Wed Nov 18, 2009

Dont focus so much on list price but rather what the home is truely worth.

Are you using a realtor to help you? They would be able to look up comps and give you an idea of what it should appraise for. Then you could make your offer based on that info.

Sean Dawes
Web Reference: http://www.SeanDawes.com
0 votes Thank Flag Link Wed Nov 18, 2009
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