Home Buying in 06385>Question Details

Chikku, Home Buyer in Waterford, CT

house in waterford,CT

Asked by Chikku, Waterford, CT Thu Feb 28, 2008

I am planning to buy a newer house in Waterford, CT.It is listed at 470 k however a similar house in the same community sold for 380k in Sept 2007. I feel it is highly over-priced. Should I wait or give an offer. I think the market has gone down since then. But, I have not seen new construction in Waterford, CT.

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Therese Finch’s answer
Hi:
I live and work in Waterford and I think it depends on where the house is. There is much information that is needed here. Is the house you are interested in vacant? What kind of shape is it in? When you say it is comparable what does that mean? Year of construction. I have seen houses on the same street for sale and have seen as much as a $50,000 difference. The more expensive one got snapped up and the other two are still on the market.
0 votes Thank Flag Link Thu Oct 29, 2009
It's really hard to say based on the info you've given here. The best thing I might suggest is to speak to a real estate agent in your area. Real estate agents are a good source for questions like this. They have the tools to do thier own market analysis and let you know if the house is priced right or not. Looking at a similar house that sold for less often doesn't tell you the whole story. Sometimes people sell out of desparation. In fact, in an appraisal, comparable properties are not valid comps if they seem to have been based on stress or something that would not allow it to qualify as an "arms-length" transaction. Foreclosure and estate sales are examples of why a house would not be a valid comp.
Web Reference: http://www.ilmct.com
0 votes Thank Flag Link Wed Mar 26, 2008
Even in a good market that is a huge price increase for a similar house in the same community. I think it would be prudent to wait as that seller is overly optimistic on what to price the house in a declining market. You should wait to place a bid on a home until you see homes priced closer to your comparative house.
0 votes Thank Flag Link Thu Feb 28, 2008
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