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MsG
Should be working
Member since 5/05 2824 total posts
Name:
G
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Need some perspective on house price
In 2005 DH and I were outbid on a house I really loved. The same house is back on the market, but with some updates like a new trex deck, new fence, new insulation, new patio and pavers.
Thing is, they are asking 389k and they paid 360k in 2005. I tried to find comps in the area but they range from high 200's to high 300's, with the high 300's being colonials or high ranches - i.e. regular-sized bedrooms (this house is a cape).
How can you tell what a fair offer is? I think what they are asking is high, seeing what has sold for that price in the area, but then I can't figure out how low to offer w/out the owners being insulted. Frankly, I'm not even sure I'd offer the 360 they paid for it in 2005.
Any insight would be appreciated. TIA!
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Posted 8/26/10 8:46 PM  |
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Mrs213
????????
Member since 2/09 18986 total posts
Name:
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Re: Need some perspective on house price
sounds like they are trying to just get back what they put in, you can probably get it for at least a little bit less than what its listed at...
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| Posted 8/26/10 8:52 PM |
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MsG
Should be working
Member since 5/05 2824 total posts
Name:
G
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Re: Need some perspective on house price
Thanks. I think I need a buyer's agent. Even with the improvements I think their asking price is high. But I doubt someone asking 389 would take 350, esp if the house just came on the market.
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| Posted 8/26/10 9:27 PM |
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Mrs213
????????
Member since 2/09 18986 total posts
Name:
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Re: Need some perspective on house price
yes I would definitely get an agent - they can look at comps and tell you what is a fair price...
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| Posted 8/26/10 9:42 PM |
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JandJ1224
Member since 6/06 5911 total posts
Name:
Jannette
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Re: Need some perspective on house price
Seeing how they recently bought, it might become a short sale if they take on offer that is too low. Not that it means the house isn't worth less, but it may become an issue
Its a good idea to have an agent who is working for you.
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| Posted 8/26/10 9:58 PM |
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mikeandjess
LIF Adult
Member since 10/07 2278 total posts
Name:
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Re: Need some perspective on house price
Posted by MsG
Thanks. I think I need a buyer's agent. Even with the improvements I think their asking price is high. But I doubt someone asking 389 would take 350, esp if the house just came on the market.
I was just going to recommend you get a buyers agent. They'll get you comps and tell you what a fair asking price is.
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| Posted 8/26/10 10:03 PM |
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MsG
Should be working
Member since 5/05 2824 total posts
Name:
G
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Re: Need some perspective on house price
Thanks everyone. How do buyer's agents work? How are they paid? Thanks in advance!
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| Posted 8/26/10 10:17 PM |
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mikeandjess
LIF Adult
Member since 10/07 2278 total posts
Name:
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Re: Need some perspective on house price
Posted by MsG
Thanks everyone. How do buyer's agents work? How are they paid? Thanks in advance!
I don't know how everyone works it but when we sold our co-op we paid the commission to the agent. The buyers agent would have shared in the commission but they didn't have one. Usually they'll compromise a percentage out of the commission the seller pays the agent.
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| Posted 8/26/10 10:31 PM |
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Palebride
I am an amazing bakist
Member since 5/05 13673 total posts
Name:
Lori
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Re: Need some perspective on house price
No advice....but I'm excited for you!!
Good luck!
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| Posted 8/26/10 11:56 PM |
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MsG
Should be working
Member since 5/05 2824 total posts
Name:
G
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Re: Need some perspective on house price
Thanks Lori!
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| Posted 8/27/10 7:18 AM |
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cindy104
This is my "Baby"
Member since 6/08 1522 total posts
Name:
Cindy
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Re: Need some perspective on house price
I would definitely work with an agent.....they can help you determine, b/c it will depend on more factors too. But going by what you're saying, IMO I would have no shame in offering around $365-370...but that's just me.
The house we bought last year was listed 20,000 more then what we ended up purchasing it for....and they bought it in 2004 for more then what we got it for....so they took a loss.
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| Posted 8/27/10 11:07 AM |
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bookworm
Two Little Rosebuds
Member since 8/09 2106 total posts
Name:
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Re: Need some perspective on house price
Posted by MsG
Thanks. I think I need a buyer's agent. Even with the improvements I think their asking price is high. But I doubt someone asking 389 would take 350, esp if the house just came on the market.
we had a buyer agent, and it was so incredibly helpful. she also had her appraiser license, so she was able to come up with numbers for us that gave a good idea of what a fair price was and what the bank would need in terms of equity to give us the loan on the house.
everyone's advice to me while we were buying was to really keep ourselves emotionally detached so you don't overpay for a house you "love." we fell in love with the house we're in now. she was asking 50k more than it ended up appraising for. we walked away from negotiations that were going nowhere when we put in an offer back in october. she scheduled another open house right before thanksgiving (shocking--still hadn't sold) and we resubmitted the same offer (lol, so satisfying)! sometimes the seller needs to stew in their own delusional expectations, so be strong. we ended up going into contract for a price that was $500 less than the appraisal value by waiting 2 months.
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| Posted 8/27/10 11:15 AM |
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UpstateGirl
LIF Zygote
Member since 8/10 27 total posts
Name:
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Re: Need some perspective on house price
Aside from getting an agent - have you tried looking online.
There are a few sites where you can search for recent sales in the area.
Look at the houses that are comparable in size and have similar features i.e. num of bedrooms / baths etc. , and also consider the condition that the house is in when comparing to other houses.
This can kind of give you an idea of what houses are going for.
Thats what we did.
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| Posted 8/27/10 1:14 PM |
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LDrinkh20
LIF Adult
Member since 9/09 1820 total posts
Name:
Lauren
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Re: Need some perspective on house price
great advice! We have a buyer's agent right now and it is SO helpful. He set us up with a website called listingbook.com that lets us see comps in the area. Try zillow also!
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| Posted 8/27/10 5:50 PM |
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UpstateGirl
LIF Zygote
Member since 8/10 27 total posts
Name:
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Re: Need some perspective on house price
Yes, I found Listingbook to be one of the best. I felt like it had more up to date info than other sites.
MLS LI also has a sold homes search too which is nice.
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| Posted 8/27/10 7:06 PM |
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