Need your thoughts on this, for all you home pro's.

A house I am interested in is listed as X price.

Public records show that the couple bought the house brand-spankin new from the builder back in the early 2000's.

However, they are now selling it for 75k MORE than what they paid.

I know everyone wants to profit, but this house was purchased new and needed no updates. There are no spectacular touches to the home where I could see they had invested anything *close* to that amount they are asking now.

Plus, prices of homes have come DOWN, obviously.

So, what gives?

What do you make of this?

Re: Need your thoughts on this, for all you home pro's.

have you gotten comps for the area/similar homes (age, size, condition)?

Re: Need your thoughts on this, for all you home pro's.

In the early 2000's real estate was low, so I can see them asking more now. It's not like they bought at the height of the market and are trying to recoup. Yes, prices are down now, but they are down compared to the bubble from 2-3 years ago, not 9 years ago, IMO.

I bought my condo in February 2000, and when we sold it July 2008 we more than doubled our money.

I would definitely look at comps in the area.

Message edited 2/21/2010 2:14:34 PM.

Re: Need your thoughts on this, for all you home pro's.

They bought right before the market shot up...but what the owe...has nothing to do with what the house is worth

Have your mom pull the comps and see what similar homes are selling for and make your offer based on that!

At least there is room to neg.