I second what Carol wrote - couldnt' have said it better myself actually. Your question requires more information. Actually in reading everyone's post here - everyone hit it on the head. Good job!

Fri May 9 2008, 17:19

Is the house priced correctly? The reason for pricing a home at a certain level is to attract the right buyer. If the house is a standout for that price it will attract multiple offers. If it doesn't measure up to the other homes priced at the same amount, it will remain on the market and have to go through numerous price changes until it receives the attention it deserves. It really isn't the homeowner or the Realtor who sets the actual price, but the buying public.

As a buyer, if you like the home, then go for it. When your lender appraises the home, it will not grant the mortgage if you are paying too much. You will also have the tax advantages that come with home ownership.

You cannot sharp-shoot the bottom of the market, With lot's of inventory and low interest rates, it really is a great time to buy a new home.

Tue Apr 29 2008, 08:31

The final selling price is determined by a number of factors. The number one factor is competion with other homes in the area. If it is in great condition and priced at, or below what other homes sold for in the area in the past 3 months, there could be multiple offers pushing the price upward. If it has been on the market for more than 6 months, and has already had a few price reductions, chances are the final selling price will go below 350K. I am located in Babylon and can help you determine an appropriate asking or offering price. Call me at 516 476-7671 or email me at info@lihomechoices.com

Thu Apr 24 2008, 05:26

If the comps for this house show recent (3 months) sales over $350k, the market will correct itself; you will probably have multiple offers that will push the price up. If the recent comps are for a lot less; nothing to worry about, it probably won't sell.

Buyers determine market value by what they are willing to pay.

Tue Oct 23 2007, 21:59

thats a hard one to answer, there are so many things that can afect the contract price. If you are looking to put an offer on the house just go on line and look for a home that is in that area and is as close to the one you want to buy and see what they are selling for! good luck!!

Mon Oct 1 2007, 13:54