How would you arrive at an offer on a spec home that has been on the market for 1 year?

Asked by Scott Harford, 18707 Sun Jul 5, 2009

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Nina Chen La…, Agent, Dunn Loring, VA
Sun Jul 5, 2009
Hi Scott,

The best way to determine an offer price would be to compare a similar property that has sold recently. If the builder has sold other models in the area, those would be your best comps. However, you have to keep in mind with new construction, each will vary depending upon the types of finishes & upgrades that may have been added. If the house has been on the market for a year, it may be possible that the builder would be more negotiable on the price. However, it would depend upon their position. But as others have said you should base your offer on other sold properties. And for your initial offer, you may want to start slightly less than where you'd like to end up to leave room for negotiation. I work in the Bellefonte Area and if you do need more information or help, I'd be happy to provide additional information.

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Karen Rice, Agent, Hawley, PA
Sun Jul 5, 2009
Ask your buyer's agent to provide you with a few comparable new construction properties that have closed, as well as some that have more upgrades/features, and ones that may have less features than the one you are interested in. Compare all of those to this property and come up with a figure from them.
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