I have found a house that i really want to buy however for the neighborhood the houses are around $3-400,00 they have came down from $1.1million to $7

Asked by Hattie Irving, Wichita, KS Tue Aug 26, 2014

the house was originally asking $1.1 million and now its $750,000 should i buy it at this price it's been on the Market for 4 years.

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Dan Tabit, Agent, Issaquah, WA
Tue Aug 26, 2014
Hattieli,
Too many unanswered questions to say "yes" or "no" regarding buying this house. Your agent needs to do their homework for you and find out why it's been on so long. Overpricing and location may be the answer, but it could be there are other issue which require work or resolving.
What is owed on the home? What are the taxes? What is the assessed value? Have their been previous offers which were later rescinded? Has it been inspected and are the results available anywhere? Have you reviewed the seller's disclosure statement?
These are just a few questions that come to mind. Others will develop depending on the answers received.
If it's a solid house that was just mismarketed, overpriced for too long and is now within a reasonable value, it may be a good buy. If there are other issues, it may still be too high and an even lower offer may be worth trying. Hard to say without a lot more facts.
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Tim Moore, Agent, Kitty Hawk, NC
Tue Aug 26, 2014
If on the market for years then there was a problem. It could have been the price alone and now that could be no longer the problem. There might be other problems. Your Realtor needs to ask because any material facts must be disclosed. Is it priced correctly at its current price? Your Realtor can answer that by showing you other homes that recently sold like it. Prices are down, it's a good time to be a buyer in most markets.
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