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K
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K answered:
Steph, your realtor will be happy provide you with sold comparables for the area you are considering. Look for upward or downward trends s within the past 6 months on those comparables and also for days on market (DOM)--as these numbers can help you decide how to progress on this. You didn't mention whether the home is new construction -- there may be a lot less negotiation in those than on a resale home.
One other factor that comes to mind in our present market place is that the seller may be sticking on his price due to financial reasons. Many homeowners paid top dollar for their homes in the past few years due to competition from other buyers, and some of these homeowners also bought with 100% loans, which translates to having little or no equity in their house if they have to sell sooner than planned.
One last bit of advice -- if you offer, make that offer contingent on the home appraising for PURCHASE price, not just loan value. If the seller agrees to this and the home does not appraise, then you will have an opportunity to re-negotiate price or walk away.
One other factor that comes to mind in our present market place is that the seller may be sticking on his price due to financial reasons. Many homeowners paid top dollar for their homes in the past few years due to competition from other buyers, and some of these homeowners also bought with 100% loans, which translates to having little or no equity in their house if they have to sell sooner than planned.
One last bit of advice -- if you offer, make that offer contingent on the home appraising for PURCHASE price, not just loan value. If the seller agrees to this and the home does not appraise, then you will have an opportunity to re-negotiate price or walk away.
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