My husband and I are looking to buy a first time home wtih a budget of 150-160. We realize it's not a big

Asked by Rachel, Beaverton, OR Sat Feb 28, 2009

budget, but we'd like to try to take advantage of low interest rates and the flood of home available. We're hoping to find a single detached home for our family and are wondering how much people are willing to negotiate considering the market. In other words, could I be looking at $160-170 priced homes and realistically expect a $10,000 drop. On average...what is the difference between listing and actual selling prices right now.Thanks!

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Timothy Fitz…, , Joliet, IL
Sat Feb 28, 2009
Hi Rachel,

Here's an example from personal experience. I have a short sale listed at $247,000. The bank is on the verge of accepting an offer of $220,000. So I would most definitely say the minimum you should be searching with you budget is in the $170,000 range. Make an offer, all they can say is no. Thanks for helping to reduce the inventory of homes!

Good luck to you

Tim
tfitzgerald@c21proteam.com
815-353-1901

Tim
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