Home Buying in Germantown>Question Details

kl, Home Buyer in Germantown, MD

Is 290k w/ 5k closing help for a condo in germantown a good price?

Asked by kl, Germantown, MD Fri Dec 28, 2007

Hi, I just went under contract for a codo/townhome in germantown. The condo is 2 levels 1600 sq feet w/ 3 bedrooms plus a den. Kitchen appliances are all stainless steel. It has 2.5 bath. The listing price was 300k w/ first yr condo fee help. The final price we agreed is for 290000 w/ 5k closing cost help. Is this a good price?

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Hi KI:
Congratulations on buying your first home! It's quite common to have "buyers remorse" the next day and wonder if you got the best deal.
I'm sure your buyer agent ran a CMA for you and you know what homes in the area have been selling for.
It sounds to me like you got what you negoitated for and the kitchen sounds great! First year condo help will certainly help with your payment!
Web Reference: http://www.northropteam.com
0 votes Thank Flag Link Fri Dec 28, 2007
The answer is : "it depends". Any home is only worth what a Buyer is willing to pay and a Seller is willing to accept. I'm sure you have done your homework, felt comfortable with the home and probably have somebody guiding you through the process. If you are getting a mortgage, your lender will order an appraisal - which will show what "comparable properties" have actually SOLD for in the last 6 months- so that is a safeguard. Your lender will want to make sure that they are not lending you more than the property is worth. (Especially with the tightening of the credit requirements). Good Luck to you in your new home!
0 votes Thank Flag Link Fri Dec 28, 2007
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