Is 240K a reasonable price to offer for 13 Elaine RD. Milford, 06460

Asked by Rita, Woodmont, Milford, CT Tue Sep 1, 2009

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Chris and Vera’s answer
Chris and Ve…, Agent, Milford, CT
Wed Dec 9, 2009
Hi Rita,
I'm curious what decision you ended up making with regards to 13 Elaine Drive in Milford. Did the responses on this site help you? How can I learn from your overall experience. I am of the mind that my opinion about the house and it's value may be potentially helpful but is not nearly important as understanding your perspective about the house and really taking your concerns into account.
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Carolyn Nisi…, Agent, Fairfield, CA
Thu Nov 26, 2009
Hi Rita,

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. /
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Donna Spring…, , 06525
Wed Sep 2, 2009
Hi Rita,
Hopefully, you are working with a local Realtor like myself who knows the area and can provide comparables. 47 Elaine which is updated and a 3 Bedroom (versus a 2 Bedroom which can be a harder resale) and has 2 baths versus the 1 bath on 13 Elaine went on deposit in 6 days with a list price of $279,900. This home is a short sale which means the lender has to approve the sale price the seller accepted and these homes usually go below market value.

Regarding reasonable--Knowing the seller's time table, how long ago they purchased the home and the amount they owe as well as their motivation for selling is helpful in trying to determe how realistic and motivated they will be.

If you have not already chosen a Buyer Agent to work with, please feel free to contact me:
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VirtualTourC…, Other Pro, Pleasanton, CA
Tue Sep 1, 2009

The best way to know this is to work with a licensed real estate agent that can run a property market analysis and comparable sales for you. There are a lot of variables and a Realtor can help you through the process and negotiations. I recommend you find a Realtor you are comfortable with and have them represent you and your interest.

For more information on this or other property and resources in Milford, please visit:

Let me know if I can be of any further service or refer you to a qualified real estate professional.

Best of luck to you,

Tim Denbo
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