Home Buying in Vienna>Question Details

Punu, Home Buyer in Vienna, VA

How much lower we should offer if house is listed for 1,269000 in the northen va area ?

Asked by Punu, Vienna, VA Fri Jul 11, 2008

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In this market averagely 5% difference between a list price and an offfered sales price is usually not perceived by the sellers as offencively low. However, some homes (particularly lender owned properties) are priced below market value in order to generate multiple offers. Then the highest and the best offer will be accepted. For more details call an expert.

All the best!

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0 votes Thank Flag Link Tue Oct 14, 2008
As Cindy said, your question is too generic to give you an answer. There are many factors involved such as the condition of the property, lot, comps, market conditions, inventory/supply, demand, etc.

Speak with your Buyer's Agent for guidance - this question is one of the reasons why your Buyer's Agent is there.
Web Reference: http://www.LoudounScene.com
0 votes Thank Flag Link Sat Jul 12, 2008
Unfortunately the question is to generic to give you an answer. If you are working with an experienced buyer's agent they can advise you on how to structure an offer that meets your needs and reflects the value of the property and the condition of the market for the home you want to buy. Don't expect to buy a home at that price point for $700,000 if the value really is closer to the asking price.
Web Reference: http://cindyjoneshomes.com
0 votes Thank Flag Link Sat Jul 12, 2008
My answer to you would be with another question "what is this house worth to you?" In a "sellers' market buyers could not write a contract fast enough and offer whatever the sellers asked for (I'm not condoning that) Your buyer's agent would be able to guide you based on comps and assessed value. If the house meets your criteria proceed with making a reasonable offer. You want to have a win win situation. I have counseled my buyers on numerous occasions that they do not have to get every last dollar. They end up getting much more in the bigger scheme of things if they are reasonable and here is where your agent's experience and negotiating expertise comes in to play. I hope this helps. Good luck
0 votes Thank Flag Link Fri Jul 11, 2008
As Don says, no way to know without the address. It could be priced way over market, at market or far below market (and be a steal.) Only comparable sales will be able to help you. Also, just becuase a home has been listed for 746 days doesn't mean that the home is overpriced currently. Owner could just have reduced the price from $2,000,000 to the current $1,269,000.

Even though it is a buyers market, and certian websites and books claim you should offer 20% below asking no matter what, buyers have to be realistic when making offers.

As knowledge is power, have your real estate agent provide you with property history and comparable sales in the area. If you do not work with an agent, you should find one ASAP - without one you will probably end up paying more than you otherwise would.

Both Don and myself will of course be happy to help you if you don't currently have an agent...
Web Reference: http://tysonsliving.com
0 votes Thank Flag Link Fri Jul 11, 2008
No way to provide an answer. It depends on what the comps are. I'm in the Northern Virginia area, and generally work from Fairfax into Falls Church and Springfield, so Vienna's right there. If you can provide the address, I can give you a better idea.
0 votes Thank Flag Link Fri Jul 11, 2008
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
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