Home value: I am interested in a home, but I think that the asking price is way too high...?

Question

I am interested in a home, 1652 sq. ft with pool in nice neighborhood, they are asking $139.9K...according to zillow.com the assesed value is $107K...Just wondering what kind of offer I should make? I think that the 130's are way too high, but was wondering if they would think I am trying to low-ball if I offered like $120K?

I know someone who bought a 2450 sq. ft house in the same neighborhood with pool for less than $130K...

What are your thoughts?

Thanks!~

Answer 1

Have an independent appraiser do an appraisal for you before you make an offer. Should cost you about $250.

Answer 2

The value of a home is not just what it appraises for. For example, I live in a condo complex where all the homes are the exact same square footage. They all look alike except the some floor plans are flipped backwards. They all appraise for about $425K HOWEVER, some are extremely dumpy and some (like mine) are MINT!

My neighbors purchased their condo last year and have spent over $20K fixing it up- nothing terribly fancy, just the flooring, scraping ceilings, mini-kitchen remodel, mini backyard landscape and a few other repairs (and it still doesn't look as good as mine- they told me so!). The last owner was a sickly elderly man who didn't do anything to upgrade or fix things since the 1980s when the home was built. If someone bought my place, They would spend very little in repairs.

Is the house you want to buy in good condition? Is the layout what you want? Even a basic kitchen remodel can cost $20K-$30K. Repairs and renovation can cost a lot of money so factor that into the value of the house.

Answer 3

Assessed is used for tax purposes only. It may have been what the home was worth when the current owners bought it. Have the home apprasied...you can negotiate from there