As has been said if a home has been on the market for 100 days or more it was overpriced to begin with. This is a difficult market. I have several listings in Cedar Park currently and the amount of traffic has slowed down greatly on all of my listings. Homes are still selling but just not at the pace they were in the summer before the tax credits expired. Even then today's buyers are more price conscious and they want to get a deal or at least know what they are paying is fair.
I would think most, if not all sellers would welcome an offer on a house from a serious buyer. Honestly a $5k difference in the sale price will not make a huge difference in your monthly payment. Many sellers who purchased in the past few years owe more or about what they owe on their homes. In the end that is not your problem but it is something to be aware of.
If you truly like the house and are ready to start the process make an educated offer. Have your agent pull the comps of recently solds and currently listed properties. With this information you will be able to make an educated purchase offer. You may also want to read my blog article on making a purchase offer here on Trulia or my website blog listed below. It goes into further details and things you need to be aware of during and after the purchase offer is made.
I recommend you get together with your agent and compare this home to the other homes and see if it is priced fairly in your eyes. When you make an offer you are starting the dialogue. I am also a mortgage broker and my 30 year rates with lenders I work with are as low as 3.75% on 30 year fixed and even lower for 15 or 20 year options. If rates go up 1/2 point before you end up making a decision that would make your payment the same as buying a house that cost $20,000 or more than the one you are interested in.
Good luck in your home purchase!
Realtor & Mortgage Broker
Keller Williams | 360 Lending Group
Also, there may be a different loan program that works better for you. Do you know, even though my Husband was in the military, we have never used his VA benefit? There was always a better loan program for us at the time we purchased our homes. The VA funding fee usually made the difference (making the VA loan ultimately a little higher). Check out the site below, and know you are using the best loan program for your family.
Have a blessed day!
thanks so much!
New Home Solutions
It's frustrating to be so close but the right homes are just out of reach!
I'm not clear if you are working with a Realtor and that person is taking you to homes you can't afford or if you are doing your own search for a new home. A great Realtor knows the area and can show you homes that fit your needs and your budget.
Most sellers know that they are not going to get full asking price and I have seen sellers do crazy things like rejecting an offer that's within a few thousand of asking price or accepting an offer that's $30,000 below their asking price. If you need closing costs assistance, that can be written into the offer and your Realtor can guide you on how to propose that to the seller. You probably have a better chance of a seller being flexible in pricing on a home that is 100 days old versus 10 days old, but a stagnant house might also belong to a stubborn seller. Every home transaction is different.
I agree with Tom's answers to you below, except for one point...find a qualified Realtor and then do sign a Buyer's Representation agreement with them. It protects both parties and is the only way that the Realtor can represent you and not the seller in the state of Texas.
If you need assistance with your home search, I would love to help you find your new home within your time frame, whether it's next week or next year. I work Cedar Park, Round Rock, Leander, Hutto, Georgetown and the North Austin metro area. Feel free to contact me and we can get started.
Have a great day!
Realtor, ABR, GRI, TAHS
Private Label Realty
You really need to analyze the prices that homes in the area you are looking have sold for. Looking at days on market, percentage of list price, price per square foot, percentage on county valuation and making adjustments for the quality, features, condition and location will help you determine what a house's value is in todays market. The seller's motivation and financial situation, as well as the inventory levels in your area will also play significant roles in what a seller may end of accepting.
At this point a qualified RealtorÂ® will be a huge asset to you in your search for the perfect home. The right agent will go a long ways towards your success in fully understanding the area around Cedar Park and ensuring you find the right house to meet your needs and negotiating the best pricing and terms. A couple things I would tell you is to NOT sign a buyer's broker agreement with anyone. This is a form an agent will use to tie you up and ensure any transaction you make will only be through them. Find an agent who is happy to perform their services with the knowledge that if they do not properly meet your expectations they will lose your business.
Second, NEVER call a listing agent about a home they have listed as their initial relationship with the seller will prevent you from working out the best deal.
Finally, I would recommend that you interview at least three qualified agents in your area to assist you and select one who you feel will have your best interests as their primary goal. If you would like I can recommend agents in your area and help you along your path to finding the perfect home. It is a great time to buy so please let me know if I can be of any help.
Always at Your Service,
Tom Priester e-PRO
"Results Driven Real Estate"
Keller Williams Realty