how much should i offer for the house?????

Question

i'm a first time homebuyer. the home has been on the market for 200 days! they have dropped the price, although their first price was way too high. it is now listed at 329,000. I do think it's worth it but i don't want to pay that. i don't want to insult them either, but beings it's on the market so long, how low should i go?

Answer 1

Offer 300,000 or 275,000 - see if they will counter offer. You can always go up if they refuse.

Peace!

Answer 2

Don't worry about insulting them. They apparently want to hear some numbers from anyone, unlesss they've been turning down offers for much of the 200 days.

Offer $295K. They may interpret that as that you're willing to go to $300 K. I bought a house for $300K that was being offered for $329K, by offering $295K

If they don't like that number, your offer is low enough to bring out their true lowest price.

The way it usually works, they'll cross out your bid on the house and change it to another number. How low they go will be an indication of how interested they are in selling.

Whatever that figure is, drop it $2K and see what happens.

Keep in mind you're willing to go the whole $329K. So anything you learn from this will be instructional and remunerative.

I would include in the offer no contingencies, except perhaps for a professional home inspection.

Finally, I would tell them I'll close in 30 days, assuming your lender will move that fast. You'd be surprised the impact of a quick close has on some sellers.

The last house I bought had a price tag of $480. I offered $440 and a quick close. They took it.

Be suspicious of anything your real estate agent says. They just want a quick deal usually.

Answer 3

Check out the local county property appraisers website and you can find like properties in the area of the house you wish to buy that have already sold or ask your Realtor (if you have one) They Know ! This is one of tools they use when determining what price to list a home at.

Come up with a fair market value for the house and make your offer.
The average rule of thumb from what I have seen is an offer approximately 15,000 difference + or -.
Remember a lot of sellers will offer to pay or help pay closing costs So that is always an option for you if they don't want to come down on the price.

Answer 4

It's hard to know. Consider the maximum that you are happy to pay. Make a firm decision that you will not go above that amount.

For arguments sake if you will pay 329 tops, you could offer 325 and they may accept it straight off, or they may come back with a counter offer
Or you could offer your maximum amount 329 and tell the agent that this is your absolute best offer and you can't pay anymore, but generally I would offer less than the listing price, because most people (in my country) list the property at a higher price than they will accept, so they take bargaining into account.

If you are not desparate for the house, you can play around a bit Offer less than you are willing to pay.
If they put it on for 329, they will probably take 325, so offer at least 5,000 less than that, but up to 10,000 less than that.
so offer between 314 and 319

It pays not to be desparate and buy the house at any cost, I have made that mistake before.
no one rule: THERE WILL ALWAYS BE ANOTHER HOUSE

You have to remember that, sometimes it doesn't FEEL that way and you can get desparate in wanting what you want, but you don't want to be stuck in a situation where you couldn't really afford it, and suffer financially because of it.

good luck!

Answer 5

I guess that would depend on where the house is? 200 days on the market is not that long now a days. The sellers market is in pain. I would find a similar house and ask the owner of it, what they paid and offer about 20,000 less. If they don't take it, you can always go up on your offer, but it's harder to go down on it. Good luck.

Answer 6

Do you want the house? Then buy it. Full price offer. You want to have a happy seller. like you say you do not want to insult the seller. They Will be living in your future house during the escrow period. you want them happy not angry. just to save a few bucks a month.Happy sellers make the transfer easier.
beside for every $10,000 you go in low you only save approx $60 per month.Do you really want to risk losing the house for $60. a month. make sure you have a good Realtor.

Answer 7

You need to ask a realtor to provide you with comparable sale prices in the neighborhood of the house and then base your offer from the results...zillow is not an accurate tool for estimating home values.

Answer 8

that's bad, why are the price of houses shot up?
what does this house have to offer in ways of locality, size etc. Be a bit more informative plz, if you wanna get the right advice!

Answer 9

the house market right now is very bad and its getting worse as we speak dont worry about insulting them .Will they be their when you have to choose between should i pay this mortgage or should we eat today or should i pay the electric bill or the gas bill or the car pay ment or the house and car insurance or this doctor bill or this phone bill or the Internet bill or the house taxes or my cell phone bill or gas for the car where in the heck will they be then. do you know that the word mortgage in Latin means death. get an apartment and let the landlord figure it out

Answer 10

Offer around 10% less than the asking price. I'd go at 300,000 which is psychologically better than 298,000.

Answer 11

Keep looking, if you found "the" house, you wouldn't be haggling over a price that you believe the house is worth