Home Buying in Eastham>Question Details

, Home Buyer in 02467

Hi- We're going to be looking at 35 Patrician Lane in Eastham, MA- A house that's been on and off and on again

Asked by , 02467 Wed Apr 1, 2009

This house was listed for months at the current asking price and was taken off the market due to a death in the family it is listed at the same price 995.000. as it was before the majoreconomic meltdown. It is now empty, Any advice on what we could offer without being totally insulted and turning the sellers off? Thanks so much. Sydney Altman

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I am not a professional, but watch the Eastham market pretty closely with an eye to purchase in the 5-600K range.

35 Patrician Lane is one of the nicer houses that has come on the market under 1M in the last couple years. This is the problem- the housing stock in Eastham just isn't that great.

My advice: if you have the $$$ to offer $950K, do it. It is in no way insulting. Chances are, someone else out there has the money and may decide to put an offer in close to list price.

However, I think this place should be listed at $850K. And is probably worth around $800K, given the market conditions and the fact that we are in the worst financial crisis since the Great Depression. If it were me, I would let it sit for a couple months and then make an 800K offer on the assumption that they will negotiate up. It might be insulting, but there are few buyers out there in this range. Better to be insulted with cash in your pocket than waiting out the real estate recovery.

The problem with just taking 10% off the list price these days is that often sellers are unrealistic. Further complicating things is the fact that not much has sold around there lately so it's hard to get a good read on what values are like.

Again, if you have the money, I wouldn't fool around though. That little area (Cole Rd) is very nice, one of the nicest neighborhoods in Eastham in my opinion, and not much comes up over there under 1M.

Have you seen 1600 Samoset? Right next to First Encounter and has a great rental history. Only 689K after a quick 10K price reduction.

Good luck, please post your impressions of the property.
1 vote Thank Flag Link Sat Apr 4, 2009
Hi Folks,

I was the selling agent of the house and it sold 89.95% of asking or 895,000. I think my buyers really bought a great house at a great price. The views from this place are amazing and they can walk to a private beach in about 2 minutes. I sold my buyers home in less than 30 days that is walk to a private beach, it was a unheated cottage, open studded walls and that sold for 424,000 and that too is in Eastham. Its a great time to buy property close to the water, they demand high rental income and the value of being near a beach will always be there.
0 votes Thank Flag Link Thu Jul 9, 2009
This listing closed in May at 10.1% of list price. Sydney, did you purchase it? Congrats if you did!
0 votes Thank Flag Link Wed Jul 8, 2009
Sydney- First of all it boils down to what is fair market value of the home. If the fair market value of the home is $800,000 and you offer $720,000, do they have a right to be insulted.... no. if the fair market value of the home is $995,000 and you offer $720,000 than yes, they will probably be insulted.

In this market a seller should not be insulted if you offer with in 10% of fair market value. I would make an offer based on what you think the home is worth. If you have trouble deciding than hire a buyer's agent to help you. My feeling is a bad offer is better than no offers. You just don't know what the circumstances are for a seller selling.
0 votes Thank Flag Link Wed Jul 8, 2009
Hello Sydney,
I'll add a bit to thse other very good answers.

I practice from the RE/MAX Classic office in Eastham - most often as a Buyers Broker.
While 91+ % is not an uncommon "list to sale ratio" in our local market.
I have seen & assisted Buyers with accepted offers as low as 45-75% of original asking prices.
This has more to do with these sales being "distress" situations- Short Sales, Bank R.E.O.'s, Divorce, Estate Sales.
Cape Buyers in this the softest (600's-900's)price range have many choices and it remains, largely, a Buyers Market. A good local Realtor can best advise. Good Luck!
0 votes Thank Flag Link Wed Jul 8, 2009
Sydney,
Took a look at the property. Looks nice - great location and waterviews.
Average discount off list price for the area is about 9% so I would offer somewhere in the range of $910,000 and expect to get the property - if you can hold firm and you agent can negotiate well - around the $950,000 mark, which would be about 5% discount and a good deal. If it's a must have for you and you arent willing to lose the property and you want to pay more that is 100% up to you. When making such a huge purchase you should try and leave emotions out of it - part of the reason buyers hire buyer agents as 3rd party negotiators - as best as possible because you never want to over pay for a home (especially sine according to predictions like money magazine, we havent hit rock bottom yet).
My biggest advice is do not have the sellers agent represent you in the transaction or anyone from their office. They are legally obligated to the seller and it will be almost impossible for you to get transparent representation ... The seller/listing agent and office wants the house to sell for the highest price - afterall, that is their job / why they have been hired and also how they get paid (oh and don't fall for " we have in-house buyer agents").

Good luck and feel free to reach out if you need any more help :)
0 votes Thank Flag Link Wed Apr 1, 2009
Also remember that sometimes is not just the price that you offer but also the terms; if the you offer great terms and sometime even with no contingencies you could negotiate a better price for the purchase of this home. I do agree that a buyers agent, which is free to you, would be your best bet to try to get a good price.
Wayne
Century 21
century21ma@yahoo.com
0 votes Thank Flag Link Wed Apr 1, 2009
Things have been selling around 93% of asking price in Eastham, that has held true for a number of years, if the sellers agent prepared them for that something even a little lower to start with should not be insulting. I work as a buyers agent and would negotiate in your best interest if you'd like to get in touch with me, Patty
0 votes Thank Flag Link Wed Apr 1, 2009
A good buyers agent can provide you and consult with you on current fair market value of the property and a negotiating strategy. The key to making an offer is to know what the current fair market value of the property . In this market it is not unheard of to start your offer a 10% or more below fair market value.

Good luck.
0 votes Thank Flag Link Wed Apr 1, 2009
Sydney,

if you need assistance in making an informed offer I'd be happy to help (there is no cost to you), please email me, contact info below
Wayne
Century 21
century21ma@yahoo.com
0 votes Thank Flag Link Wed Apr 1, 2009
This is information that should be generated from the recent sales data for similar property. A local reaql estate professional will be able to support your interests and provide you with the information you require to make an informed and non-insulting offer.
0 votes Thank Flag Link Wed Apr 1, 2009
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