Market Conditions in Lanexa>Question Details

Xiaohuiyang1…, Home Buyer in

7602 Cypress Dr, Lanexa VA 23089. What minimum price can I offer according to the current market?

Asked by Xiaohuiyang103, Mon May 14, 2012

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2
Kathie is right about expecting a counter. WIth new construction, which 7602 Cypress Drive is, there are several factors to consider. If the home is in a subdivision which that the Builder has other homes for sale or in which the Builder is continuing to build, you will most likely find the Builder less willing to take a low offer. Because most buyers request an appraisal, and appraisals are based on sold and closed price, it is important for the Builder to keep pricing up. If they go way low on one, then it would affect what the Builder could ask for other homes they will have for sale. Builders are generally more apt to want to offer other types of incentives (closing costs, upgrade options, etc.). Keep in mind though that certain mortgage loans have limits regarding seller concessions. It is good to know this amount when negotiating. Sometimes once you make an offer and get a counter back, you have a better idea where the Builder mentally is with their price. Just know, however, if you go to low, you could get a flat out rejection from the Builder.

On the other hand, if the Builder is closing out a community and does not have similar homes for sale in the surrounding area, often times the Builder will give you a great deal.

It is important to ask the right questions so that you can best negotiate your deal! Good luck
Lynne
0 votes Thank Flag Link Mon May 14, 2012
You can offer what you like. The seller could accept it, however, but more likely he will counter the offer.
0 votes Thank Flag Link Mon May 14, 2012
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