Dulcinea
Weekend Warrior
Member since 3/08 2530 total posts
Name:
Dulcinea
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Re: what would you offer?
How long has it been on the market, what's the seller's situation? (going through a divorced, etc.?) How receptive is the seller to a bid, any bid? :D
And what are the comparatives selling for? So much goes into any offer.
I would go in at over 10% off listing if I feel the house has been on the market long and is overpriced, and under 10% off list if it's new and you really want it.
$540-550 is a good #.
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Re: what would you offer?
There's no set formula to making an offer. It's not as if you can say, always take 10% off the list price for your initial offer.
As far as getting an idea of market value, you need to look at recent comparable sales (style, size, upgrades and amentiies [e.g., garage, basement, central air], lot size, etc.) in the same town and school district and see what they sold for. There is way more information involved in assessing comps than what you provided. For example, is it a small 4 bed/2 bath Levitt cape with no basement on a 60 by 100 lot, or is it a big center hall colonial with a basement on 2 acres? Is it located in Nassau or Suffolk, north shore or south short? What do you mean by move in condition? That can simply mean everything works and nothing needs to be repaired, or that can mean high-end updates such as commercial grade kitchen appliances, high end finishes, and tumbled marble baths with 6 shower heads, you know what I mean?
A knowledgeable realtor can advise you on this, because public sites such as zillow are often not accurate. When I say recent, I mean within the last 3 months, ideally. And the closer the comps are to the house you are considering, the better. That will give you an idea of whether the asking price is in line with the current market, or whether its overpriced.
Even if it's overpriced, a seller may not be negotiable. It depends on their motivation to sell, which is really hard for a buyer to know, unless a seller volunteers that info. It's true that if a house is new to the market, a seller is less likely to accept a low offer, but if they really need to sell, they may.
But the bottom line is, a house is worth what a buyer is willing to pay. So the question isn't really what anyone else would offer, it's what you would offer, knowing the house and how it fits into your criteria and house buying goals. And honestly, without knowing the area this house is in and without seeing it, the opinions you are going to get are very subjective and based on knee-jerk reactions rather than facts, so I don't think you want to put too much stock in them!
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cds58019
The loves of my life :)
Member since 6/08 4276 total posts
Name:
Candice
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Re: what would you offer?
Still hard to give an exact number but I'll tell you how our situation went. House was on the market for 599,000. 4 bed/3.5 bath, IGP, decnt taxes for the area, needs no updating. Our first offer was 510,00. It went back and forth and we bought the house for 540,000. So don't feel like your offer might be too low. What's the worst that can happen? They come back with a counter offer?
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LInMI
LIF Adult
Member since 7/10 1802 total posts
Name:
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Re: what would you offer?
TY all for your solid advice and experiences. The house has been on the market under 90 days (considering today's market I wouldn't say thats a long time). Its all updated/ move in condition... everything is new. The only thing we would have to do is put up a new fence. It's on the northshore (Stony Brook area). I can't confirm but I don't think there is any rush, divorce or specific reason to get out ASAP, so they might not be willing to come down that much... but never say never.
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