Home, Land, Property Buying and Selling - How much to offer on house
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Shadeladie
08-28-07, 01:43 PM
This will probably be the first of many questions :eek: :)
I recently came across a house for sale that I really like and am considering (maybe) making an offer on it. Did a little research on it and the current owners only bought this house 4 years ago and the only thing they did to it was add a deck in the back, yet they're asking $100,000 more for it than they paid. The house next door to it just sold this past April for $50,000 less than they're asking.
I'm a dummy when it comes to these things but I'm thinking they're asking an awful lot more for only 4 years.
Any advice to what kind of offer I should make, if I decide to make an offer.
I recently came across a house for sale that I really like and am considering (maybe) making an offer on it. Did a little research on it and the current owners only bought this house 4 years ago and the only thing they did to it was add a deck in the back, yet they're asking $100,000 more for it than they paid. The house next door to it just sold this past April for $50,000 less than they're asking.
I'm a dummy when it comes to these things but I'm thinking they're asking an awful lot more for only 4 years.
Any advice to what kind of offer I should make, if I decide to make an offer.
Shadeladie
08-28-07, 01:54 PM
I should include the price since $100,000 could be nothing on a multi million dollar home :D
The price they paid was $225,000.
The price they paid was $225,000.
DIYaddict
08-28-07, 02:08 PM
Just a basic thing, but it doesn't matter how much they paid for it 4 years ago. It's what the house is worth "today"...even if they didn't add anything. Values of homes go up and go down.
slumlordfrank
08-28-07, 02:25 PM
Well shadieladie; based upon the following; "The house next door to it just sold this past April for $50,000 less than they're asking", and the fact that houses (in most markets) are sitting on the market longer, and there is about a 10 month inventory of unsold homes, I'd be tempted to NOT OFFER ANYTHING.
This supposes that the house next door is really comparable and that your market is similar to the one I described. RE is a "local" market and not a national market though.
Don't ever fall in love with a house.
frank
This supposes that the house next door is really comparable and that your market is similar to the one I described. RE is a "local" market and not a national market though.
Don't ever fall in love with a house.
frank
joed
08-29-07, 09:39 AM
They can ask whatever they want for the house. Doesn't mean they will get it. You should offer what you think the house is worth. Comparing to other sales in the area is a good starting point to determine the offer.
But heed the above advice. I have been reading aobut the dropping housing prices and high mortgage forclosures on the news.
But heed the above advice. I have been reading aobut the dropping housing prices and high mortgage forclosures on the news.
dsowder
10-08-07, 12:34 PM
Check out this site for advice:
www.douglasaffiliatelinks.com
There is a link there for a book entitled "10 Deadly sins, etc" that has great info on purchase price. It may be worth the price for the book!!!
www.douglasaffiliatelinks.com
There is a link there for a book entitled "10 Deadly sins, etc" that has great info on purchase price. It may be worth the price for the book!!!