Home Buying in Fuquay Varina>Question Details

Jay, Home Buyer in Fuquay Varina, NC

If a home was built in 2007 and has been on the market since completion. How far below asking price should a buyer go?

Asked by Jay, Fuquay Varina, NC Tue Mar 9, 2010

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I agree with the other answers, but there are other things to consider. Do you understand why the house has been on the market for 3 years and hasn't sold? Maybe the area is overbuilt and there is nothing wrong with the house, but maybe there is something specific to this house -- maybe a bad floor plan. You should think about resale -- will you be able to sell this house in a reasonable time period if you you need to? A buyer's agent should have some insight into why this house hasn't sold and can keep you from making a costly mistake.

How much a builder will discount also depends on whether it is a small local builder or a national company. Sometimes publically-traded companies like Pulte or Hovnanian are trying to meet sales targets at the end of a quarter or end of a year and are willing to give bigger discounts then. Smaller builders can't do that.
Cheers!
0 votes Thank Flag Link Wed Mar 17, 2010
When it was built - and how long it has been on the market really have nothing to do with what to offer.

Have a Realtor pull settled comperables for similar homes. Make your offer based upon what others of similar size and location have sold for.

You may want to start at 10% below that figure.

Good Luck!
0 votes Thank Flag Link Wed Mar 10, 2010
Jay,

The best thing to do is have your buyers agent pull comparable properties that have sold and see what they are closing for. It may depend on the situation as to whether the builder can come down on the price. For example; what if the seller has it priced at the lowest price they can afford without having to bring money to closing and they don't have any additional money to bring to closing. They would have to get permission from the bank to short sale the property which would damage their credit. You may also want to consider having a home inspection on a home that has been sitting vacant for over 2 years. Homes are not made to sit empty. If you have a buyers agent they can assist you with the answers to what is a best offer price. If you are not currently working with a buyers agent I would be happy to look specifically at the comps for the property you are looking at to help determine the best offer price.
0 votes Thank Flag Link Wed Mar 10, 2010
I don't feel there is a defined percent. However, your buyers agent should research the area, local homes that have sold with similar characteristics and other information about the seller/builder. If you are not working with a buyers agent I would be glad to help you. I am a full time agent, very familiar with Fuquay Varina Real estate and my office has been serving buyers and sellers here in Fuquay Varina for over 28 years. Best of luck!
0 votes Thank Flag Link Tue Mar 9, 2010
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