are you working with an agent? If so, is that agent providing you with the statistics on the solds and the price per square foot average in that area? You seem to have a good handle on that the Montgomery County auditor has assessed this at - if this is your gut feeling, go with it. Your agent is your negotiator.....any questions, feel free to email or call me!
Lorna Furderer, Realtor
Real Living Realty Services
First, to answer your question with a question / assumption? When you say appraised, do you mean what the county records have the property value? If so that number is almost useless... What you really need to consider is an actual valuation of the property based on comparable sold homes in the immediate area.
Several here asked if you were using an agent to assist you with this purchase and I see that you were not. My suggestion is to find an agent that you are comfortable with and feel you can trust. I would be happy to talk with you by phone if you are interested. From a buyer stand point, the seller has already agreed to pay a certain % of commission and will pay that if you use an agent or not... so effectively I or another agent would be working for you for free... That and the fact that this can be confusing and cost you thousands of dolars in mistakes it is well worth it.
Please consider this weather you use my and my team or not... you will be glad you did.
Your agent should be providing you with those numbers. I would ask your agent to provide recent comparables. The tax appraisal is not always accurate. Your agent should provide comparables before you make an offer.
Prices are down right now, so it's a great time to make a purchase. Make sure you check out short sales and foreclosure as well.