Offer Price

Asked by Tina Devlin, Springfield, PA Fri Jul 25, 2008

We found a home we love, but it's covered with the most rediculous wallpaper! It's everywhere. The ceilings, the cut outs of the closet doors, around the fireplace, etc. etc. etc. It's in EVERY room. They asking price is $277,000, are we way off offering $250,000? It also has a florescent green vanity in the main bathroom. Otherwise, the house is beautiful & in really good shape.

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Darlene Morr…, Agent, Amelia Island, FL
Fri Jul 25, 2008
Hello, If you love the location and the home, make your offer with confidence. The worst the sellers can do is say no or come back with a counter-offer. Wallpaper and vanities are cosmetic features which you will want to change anyway to reflect your own personal style and taste. You may want to consider making an offer contingent on a home inspection thru a qualified Home Inspection Company which your REALTOR can assist you with. Good Luck. Darlene Morris, GRI, REALTOR
1 vote
Rich Schiffer, , 19081
Mon Aug 11, 2008
In Springfield, during the last 3 months, the average Original List Price was $296,488. The average Sold Price was $277,791. I don't think your offer is too low, at all. It is a starting point, and all negotiations have to start somewhere.

In the 1st Quarter of '08, the recorded sales in zipcode 19064 averaged 97.3% of the asking prices, (See page 25 of the referenced report) so I suspect you will end up closer to $260,000, when everything is said and done.

Good Luck. Feel Free to contact me if you need any more help understanding the local market conditions.
1 vote
Chris & Step…, Agent, Philadelphia, PA
Fri Jul 25, 2008
You may know this or yo may even have these numbers but your Realtor can gather the stats for properties that have sold in that subdivision. Those statistics can reveal what percentage the properties have sold for in comparison to the asking price. We call it the "differential".

On another more personal note, my first home had 4 layers of wall paper on every wall, inside the closets, on the ceilings... an old hot pink bathroom with an avacado tub, and the previous owner smoked for 50 years in that home with the windows closed!!! But we were wide eyed and eager to buy and bought the property at market value, not a deal or a steal. We peeled every layer of paper off of those walls. We removed the 1950's red velvet paisley, 1960's psychadelic daisy, 1970's silver and gold flecked design, and finally the last layer from the 80's. The wall paper was the easiest job but when we were done a year later, the house was spectacular and when we sold it we made such a great profit I never had to remodel any of my future homes.

Lesson here is: if it makes sense, go for it particularly if you are in it for the 4-5 year plan.
1 vote
Terrence Cha…, Home Owner, Allentown, PA
Fri Jul 25, 2008
Have your agent conduct a Market Analysis on the home. The comps should either prove it's worth it or not. I the comps show the home is only worth 250K, then you'll have the paperwork to back it up.

Terrence Charest, e-Pro
1 vote
Odelia Aminov, , Philadelphia, PA
Fri Jul 25, 2008
Not at all. But they might just counter so be prepared. Important to explain why you feel this price is adequate to other agent. Are you working with an agent? After all, your agent should guide you thru this process and be the one you trust to serve your wants and needs and answer all your questions... Wait for the inspections, that when the real fun starts!! ; )
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1 vote
D. Derderian, Agent, West Chester, PA
Sun Aug 3, 2008
When purchasing a home, you are buying the bones of the home anything else pretty much can be changed. Don't judge the home because you don't like the wallpaper. P
0 votes
Jim Moylan, Agent, Havertown, PA
Fri Jul 25, 2008
Hi Tina,

First, determine what the home is worth based on the current market. Your realtor can help you with this information. Next, make an offer that fits within your budget and won't make you "house poor" right out of the gate. Remember, you have cosmetic changes you want to make, and you'll need time and money for that. Negotiate with the seller and agree on a price that works for you.

Good luck!
0 votes
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