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Asked by Melissa Huffman, New York, NY Tue Aug 19, 2008

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Answers

4
Gail Robinson, Agent, Fairfield, CT
Thu Oct 16, 2008
Hi Melissa,

I keep the Black Rock market area statistics on the Black Rock Community Blog at http://www.blackrockonline.org You can also subscribe to my Black Rock Real Estate newsletter (see right sidebar on site) to obtain ongoing updates.
0 votes
Dan Ross, Agent, Southington, CT
Tue Aug 19, 2008
Melissa,
The average price in a broad area isn't a good yard stick to go by when determining value of a home. Typically your agent would do a CMA on a house you are interested in to give you an idea of the value. Factored into it will be location, size, style, amenities, and condition. Once armed with that info, the 2 of you can decide on a negotiating tactic to get the house for a price both you and the seller can feel good about.
Web Reference:  http://www.danrossre.com
0 votes
Christopher…, , Westport, CT
Tue Aug 19, 2008
Hi Melissa,

Since the beginning of the year, approximately 15 single-family homes have closed in the Black Rock area (Listed on MLS). The sale prices ranged from $175,000 to $590,000. The average sale price of these homes was $356,000 with an average final list price of $375,000.

That said, I highly recommend having your agent prepare a full comparative market analysis showing you homes that are currently on the market, recent sales and those that have expired, that are similar to the home you are considering purchasing. A good CMA will analyze sq footage, bedrooms, baths, land, style, amenities, location, etc. and give you a good idea what you should pay for the home.

If you are not represented and would like me to help you determine an appropriate offer, please let me know.

Yours Truly,
Christopher Rich - REALTOR
Your Fairfield County Real Estate Agent
William Raveis Real Estate
http://www.FairfieldCountyRealEstate.com
0 votes
Donna Spring…, , 06525
Tue Aug 19, 2008
Hi Melissa,

I am not sure how long you have been looking but historically,it takes about 3 months for a buyer to have viewed enough homes to know if a home is priced correctly. It appears you have a sense of the market in knowing this may be priced a little too high

If you are working with an agent, they should be able to provide comps so you can see (just as sellers do) what changes are occurring. Keeping in mind, location is the number one factor in determing value (and the one factor you can't change after you buy a home) . What you need to go over is :How is the condition of this home? Has it been updated? Does the floor plan work for you?

Do you have a copy of the disclosure to see the history on this home? Condition of a home is one factor that does not show up when you review comps of like homes--only having seen the home (yourself or with an agent) can you factor that into the price.

If this home is the 'one' for you, and you have spent time looking at similar homes in the area, writing a realistic offer, even if its lower than asking, should not be offensive but rather should get the seller talking to you. Again, an agent whose job is to know their inventory can be an invaluable resource assuring you that the offer you put in is realistic. In addtion, the negotitation skills of a good agent can help bridge the gap between the price the seller has set and the one you wish to pay.
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