The home was purchased in 2003 for $230,000. The updates to the kitchen and bath since their purchase would make a little difference, but not considerable. They bought in the height of the market and prices have plummeted since then. The issure is also how much they owe and will it possibly go to a "short sale" because of it. They obvioulsy don't have much room to move on price. And the question is "is it worth it". A two bedroom will always keep a home from increasing in value. If you dormered the house and added a bedroom in the future, that would be your best option. My advise is to wait till January or February when you will have more of a choice. The prices may also continue to decline.
If you need to see other comparable homes in the area, I would be happy to show you what has recently sold, and what is currently on the market. I will point out the issues that make a good investment purchase. This home has been on the market for 168 days. That tells you that no other buyer has been interested.
When 40% of the total Milford inventory is on deposit right now, that shows there has been no interest at that price. Have you seen 9 Olive Street? New Kitchen, .31 acres, new roof, new driveway, fireplace, new windows and fenced yard. That is a very nice home with 4 bedrooms. Worth a look. Give me a call, I would be happy to make an appointment for you.
Warm regards, Carolyn Nisita, Sales VP. 203-257-0030. Carolyn.Nisita@raveis.com /www.MilfordShorelineHomes.com