Home Buying in Evansville>Question Details

Rj, Home Buyer in 92210

Making an offer when price has not moved

Asked by Rj, 92210 Tue Jan 6, 2009

I've been shopping on-line for a home in Evansville, IN, for the past six months. Many, many houses have been listed for that long, with no change in price at all. Is it simply expected that offers will be for a much lower amount than than the asking price? If so, is there a "rough standard" of how much lower an initial offer would be on a house that has been for sale at the same price for six months? Many thanks for your guidance!

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RJ... Regardless of what price a property is listed at, what the sold comps reveal or how long a property has been on the market... the selling price is ALWAYS determined by what a buyer is willing to pay and a seller is willing to sell... period!!! Although it is not unusual in this market for a property to take 6 months, or longer, to sell, sometimes sellers just aren't willing to lower their price (yet), listing agents are too scared to suggest lowering the price, or conditions are such that the seller can not afford to lower the price.
Now, if I may ask, why have you spent 6 months looking for a house in Evansville? Haven't you been able to find anything that fits your requirements? Are you from out of state? If so, and you do not know or are not working with a real estate agent in the Evansville area, let me know and I can recommend one of the best to you. They will be able to help you zero in on just the right properties and make sure you get the best deal. Also, remember that if you are a first time home buyer you will probably qualify for the $7500 refundable tax credit when buying a house. For more information, you can e-mail me at marty@coldwellbanker.com
0 votes Thank Flag Link Tue Jan 6, 2009
Excellent answer from Dallas. Get with an agent and have them research the comps in the area. That is your best guidline for considering what to offer. All property situations are different and your agent can help you best in determining your best approach. A lot of factors go into the sellers decision on what offer they will take...equity, balance, patience, etc.
Good luck!
0 votes Thank Flag Link Tue Jan 6, 2009
Buyers agent is your best resource determine which property works for a lower offer. Realtor research is criticial in submitting an offer works on behalf of all parties. Each property has its own rules on what to offer and hopeful purchase price.
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Tue Jan 6, 2009
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