Property Q&A in Washington>Question Details

Ned, Home Buyer in Mount Rainier, MD

This overpriced house has been on the market for months. I could pay $360,000 for it.Is it a realistic offer?

Asked by Ned, Mount Rainier, MD Tue Apr 28, 2009

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Good morning Ned,

Great question...what a property sells for also depends on the situation of the seller. Are they willing to rent it if they can't get the price they want? Are they nearing a short sale or foreclosure situation? All of these aspects play a factor....

The only way to find out is to throw your hat in to the ring. For your convenience, find linked below all active, under contract, and recent solds in the 20011 zip code of 16th Street Heights. This will give you a snapshot of the current market in this neighborhood.

I look forward to hearing from you.

Great luck with your search.

Christopher Beaumont
Georgetown Long & Foster
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0 votes Thank Flag Link Wed Apr 29, 2009
Hi Ned
Unfortunately in real estate, the terms "overpriced and realistic offer" are relative terms, often defined differently by buyers and sellers. Sure, nothing beats a faliure but a try, but by the same token, what justifies your price any more than the sellers? I would suggest working with an agent who can give you a market analysis to see what's going on in the neighborhood and how this home compares to others in the marketplace. Based on that data, you may discover that you are right on target, could go lower, or need to come up slightly to present what both you and the seller would mutually view as realistic so that the end result is an accepted contract. I truly wish you the very best outcome!
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0 votes Thank Flag Link Tue Apr 28, 2009
Hi Ned, I think you should go for it and offer $360,000 because you might be successful and get the house. I always think the worst that could happen is to read in the Washington Post next month that this house sold for a price you were willing and able to pay for it. If you don't have an agent, just call me and I will be glad to be your buyer's agent to make the offer and then help you through the negotiations and settlement.

It is hard to say what is a realistic offer. The tax assessment for this house in 2008 is $562,500 and the property was originally listed at $565,000. Now as you know, the property is on the market for $450,000 and hasn't sold yet. The DC market is picking up activity, but you should still make the offer. I am looking forward to talking with you. 240-401-5577.
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0 votes Thank Flag Link Tue Apr 28, 2009
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