Home Buying in Glastonbury>Question Details

Nancy, Home Buyer in Glastonbury, CT

Should I bother to look at a house that I feel is very overpriced?

Asked by Nancy, Glastonbury, CT Sun Jan 25, 2009

I am interested in a home in Glastonbury that appears very overpriced. $349,000 for 1400 square feet. Is it unreasonable to look and offer low. My guess is the house should be more in the $275000 - $285000 range

Help the community by answering this question:

Answers

10
There's no harm in looking at a home that is over-priced. As a matter of fact, it can actually help you in the long run. When a home seller has someone see the property, the agent who brings the potential buyer in is asked for feedback such as how did the home show? What did the agent and buyer think of the price? If the home is overpriced, the agents will know this (certainly SHOULD know this) and that feedback will be passed along to the seller. After a number of showings that don't produce offers but bring in this type of feedback, the seller then needs to decide to reduce the price or take the home off the market.
Web Reference: http://www.JeanneAllard.com
0 votes Thank Flag Link Mon Jan 26, 2009
Nancy,

What harm would it do? Buying a home is simply the process of collecting information that can be used to support your final decision. We recommend that our customers explore a few homes priced out of their price range on both extremes to consider as reference points.

In some cases, it's these listings that help the buyers the most by creating clearity.
0 votes Thank Flag Link Sun Jan 25, 2009
P.S.
82 Lenox is being sold with the condition "contingent upon owner finding home of choice" meaning quite frequently that the Sellers probably don't have to move, so an offer out of range is probably not going to be considered.
~~~~~~~~~~~~~~~~~

Bingo. Looks like we know how much the house they want to buy is. :)
And as I surmised, they probably don't have to move.
0 votes Thank Flag Link Sun Jan 25, 2009
Nancy,
If you don't already have a Realtor, choose one. One of the serivces a good realtor will provide is to determine a value on any given house. The one you refer to may seem over priced, and may in fact be, but it is also possible that it has something that none of the others of similar size/style have.
If the house interests you, then look at it. If you still like it after that, then work with your Realtor on making an offer based on hard data of recent sales as well as what you are comfortable spending. With that data in hand, he/she can negotiate with the seller's agent. Sometimes it takes that kind of offer, with documented comps, to make a seller see reality. Sometimes there is nothing but time that will do that, but you won't know until you try. All it will cost you is a little time to look.
Good luck, and let us know what you think after looking.
Web Reference: http://www.danrossre.com
0 votes Thank Flag Link Sun Jan 25, 2009
Hi Nancy,

RE
"Should I bother to look...."
1.
If you feel strongly the house is overpriced "for the market", then by all means take a look at it.
If it is indeed overpriced, than fewer people are looking at it than normally would.
"Buyers" in this internet age are savvy. If a home indeeds appear overpriced, than fewer people are making appointments to see the home. What that can mean is that the Seller, when seeing few people making appointments to tour their home, may indeed entertain a low offer that perhaps you are (or will be) prepared to make.

2.
If it is overpriced "for your pocketbook", but priced well for the market, then you may well be wasting your time in considering both looking at the property and following up with offering something very low.

RE
"My guess is.... $275,000 - $285,000"
Comps within only the past 6 months show sale prices with a high of $329,000 for 3 bedrooms/2baths/SF of +/- 100 SF on either side of the SF of 82 Lenox.
Factors you may want to add in or reconsider for your valuation of only up to $285,000 is the relative newness of construction and the school district of Buttonball being one in very high demand at these price ranges in Glastonbury.

Question
Can you get it for $275,000 to $285,000?
Ya just don't know the motivation of a Seller. So, perhaps.
Choose a Realtor, discuss, and decide what to do with professional assistance.

Good luck!

Ralph Ovalle
Coldwell Banker Residential Brokerage

P.S.
82 Lenox is being sold with the condition "contingent upon owner finding home of choice" meaning quite frequently that the Sellers probably don't have to move, so an offer out of range is probably not going to be considered.

P.S.S.
All of us professional realtors here answering questions here on Trulia would love to have an opportunity to be interviewed by potential new buyers and sellers (such as you). So just know that any of us are here to help should you wish to take the next step and interview for an excellent realtor.
Web Reference: http://www.RalphOvalle.com
0 votes Thank Flag Link Sun Jan 25, 2009
Hi Nancy:

Your first step is to go and take a look at the house and decide whether the house is really what you think, or maybe better and/or worse than what you think.

If you still like the house and the com parables (ask your Realtor to do one for you) supports what you think and you really want the house, then ask your Realtor to help you make an offer you deemed reasonable for you, and on.... . Do get your Realtor's help though!

If you don't even go and see the house, then nothing will happen. So take the first step, call your Realtor, make an appointment and go from there...

Best,
Sylvia Barry
Marin Realtor
0 votes Thank Flag Link Sun Jan 25, 2009
Sylvia Barry,…, Real Estate Pro in Novato, CA
MVP'08
Contact
One quick note... If the seller was willing to accept $275K for his home, his/her Realtor would have listed the home at $279,900 to generate multiple offers. Unfortunately, the seller thinks that the home is worth around $350K, and won't accept anything much lower than that until it's on the market for a while with no showings. Then, they'll price it at $349,900 thinking that buyers will magically appear saying " Wow! it dropped $10K. It must be a good deal." Keep in mind, I don't know what listing you are talking about, and don't know what the actual value is, but if you would like a CMA and see what the home is actually worth, email me or give me a call. My advice would be to move onto something else with a seller that is more realistic, or if you REALLY want that home, throw them your highest and best offer, with a time of acceptence date of 3 months from now. This will allow the seller to have a deal ot fall back on once they realize they overpriced the home, and will allow you to put your foot in the door. And even if they receive a higher offer, the seller's agent will ask you if you would like to submit another offer. Email me if you have any other questions. jdias@remax.net
0 votes Thank Flag Link Sun Jan 25, 2009
It is fine to look and put in a low offer. A realtor can also show you comparable properties that have sold in the area, so that you can better guage what the correct price should be,
0 votes Thank Flag Link Sun Jan 25, 2009
My thought is it never hurts to offer. The worst that can happen is they'll say no.
0 votes Thank Flag Link Sun Jan 25, 2009
I've had buyers make low offers on overpriced houses and I wish I could tell you they were successful but they weren't. I'm sure you've heard the phrase "unmotivated buyer", well there's such a thing as an "unmotivated seller" too. For the most part, I don't believe these overprices houses are really for sale.
0 votes Thank Flag Link Sun Jan 25, 2009
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer