Home Buying in South Bend>Question Details

Bulls23, Home Buyer in South Bend, IN

What is a good offer on a new home asking 169,000 for it and has been on the market for 15 months no offers yet?

Asked by Bulls23, South Bend, IN Fri Mar 11, 2011

They only reduced it by 5k since it was up on the market on 1/3/10

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9
I think if you want the property then you have to give it your highest and best. You never know what the bank will do. If yours is first in for consideration then at least you have a chance and then be prepared to get a counter down the road. I always tell my buyers what is the price that you would be willing to go to not lose the house.
0 votes Thank Flag Link Sun Mar 13, 2011
Hi Bulls 23,

Find an agent to provide a CMA for you using recent data--that will help to determine the market value for this home, and make your offer accordingly. Understanding what is going on in the market currently will be your best guide in making an appropriate offer on this home.

Best Of Luck,
Judi
0 votes Thank Flag Link Sat Mar 12, 2011
Home Buyer,
You have received many good answers to this question and all are correct. Two things that you mention strike a unique situation for easily determining what a "good" offer is. First is the fact that you mention it is a "new" home. If it is a new home and not just new for you. There may not be many good comps to determine comparible value. In todays market there are few new homes being built and fewer being sold. Possibly one of the reasons for the time on market. Bulders and banks are not building many spec homes today. The price of new homes can vary significantly even in any neighborhood based upon the construction, features and location. New homes may also involve seller/builder concessions. The status of the home complete/ partially complete, appliances included, even things that the builder may be willing to do to get you to buy, ie paint, change some of the features, make additional improvements.

The best answer is what are you willing to pay for the home assuming you have done good research on other homes and what they are on the market for and or have sold for recently even though they may not be exactly new.

Contact a good realtor and get some advise based upon the specifics of the house in question.

If I can help pleasae give me a call.

Good luck
0 votes Thank Flag Link Sat Mar 12, 2011
A good offer is one equal to or less than the value of the house. You determine that by asking your Realtor to do a CMA on the property.
0 votes Thank Flag Link Sat Mar 12, 2011
Don Tepper, Real Estate Pro in Burke, VA
MVP'08
Contact
A good offer will be based on recent sales of comparable properties in the same area.
Web Reference: http://www.321property.com
0 votes Thank Flag Link Sat Mar 12, 2011
There are many variables that need to be evaluated, have they made reductions over the course of the listing, and if so how much. What is their motivation to sell, what does a market analyst of the like homes that have sold tell you and of course what you feel you want to pay. These are all things that your Realtor ought to be able to assist you with so you can base your offer off of facts. I hope this helps.
0 votes Thank Flag Link Sat Mar 12, 2011
This question comes up so often. First your buyer agent should offer to work up a cma- a market snapshot of what has sold giving you a good idea of what similar homes in that area sold for. Once educated on the actual range of what this house is worth, then you make your offer based on what you want to pay. Make an offer to get negotiations started. You will soon know by the sellers response if it is too low.
I have seen sellers not budge on a dime, others take offers tens of thousands of dollars less.
The motivation level of the seller and their ability to make financial commitments seem to be the reason.

If this home has been for sale for 15 months the sellers are not listening to the market. It is either the price, location or condition holding up this sale.
0 votes Thank Flag Link Sat Mar 12, 2011
The offer should be based on what the area comp's substantiate it to be. Market Value.

If you offer over that, it may not appraise.

Definitely disuss this with your agent...they will be the best source for guidance.
Web Reference: http://www.WeberHomes.Info
0 votes Thank Flag Link Fri Mar 11, 2011
You may want to try the price reduction a week approach until it attracts an offer but, I think at 15 months maybe it's not the price but the location or condition that needs to be reviewed as well. Does your agent provide showing feedback to you so you can learn what the prospective buyers are saying about your home and price? The best place to start is with your agent. If you do not have one, it might be time.

Good luck,

Sandy Farmer
Realtor, GRI, CSSN
John Hall & Associates
homesales411.com
Web Reference: http://homesales411.com
0 votes Thank Flag Link Fri Mar 11, 2011
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