How much do I offer for a house in Rapid City South Dakota?

Question

I know it is a buyers market but how much do I offer for a house in Rapid City South Dakota. THey are asking 250K for a nice 4 bedroom 3 bathroom house on an acre.....

Is it wrong to offer 220K?

Answer 1

List price doesn't matter. Offer just a little bit less than what you think it's worth. Unless you really like it and fear someone else could get it. Then offer what it's worth. Unless you already know that someone else is interested. Then offer just a bit more than it's worth. Unless you cannot qualify for that much. Then offer as close to what it's worth, but no more than you qualify for. Unless you can get more money from a relative as a gift.

It MIGHT be wrong to offer $220k. It might be TOO LOW, it might be TOO HIGH......

Have your Realtor do a CMA and offer just a bit less than he thinks the seller should be able to reasonably hold out for. They may accept it rather than risk countering and losing a ready buyer.... you are approved and ready, right?

... oh yeah, unless you're putting in alot of contingencies, like the sale of your home, or trying to get financing, .....

Answer 2

In this market, nothing's "wrong", as long as you're not grossly underoffering.

Offer $220k. They may come back with a counter-offer somewhere in the middle. You don't have to take it if you don't want to.

Also consider getting a buyer's agent. You probably won't have to pay anything - they usually split the commission with the seller's agent. They can be very helpful in looking up comparative rates, selling histories of particular houses, etc.

If you are going to do that, do it before you see the house. Once you've done a showing, the buyer's agent can't help you, because another agent showed you first.