Home Price Negotiating
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@garak0410 said:
@coliver said:
220 days really isn't that much for a home to be listed. We looked at 14 houses (upstate/central NY) and I think only one of them was less than 100 days. That may be different for your area but the market around here is very slow.
Realtors around here tend to over inflate pricing and tack on an additional 20-30% on top of what the seller is looking for. Were I you, I would start at $210k, then work your way up from there. One of the things to keep in mind, even if it is the perfect house you don't need it there are always more "perfect" houses coming on the market everyday, don't be afraid to walk away if they are unreasonable.
I would also have your realtor do a search for recently sold properties in the area (same school district/town) that have the same features. This will give you an idea on a realistic pricing and allow you to talk the sellers down.
Any offer you make ensure it is contingent on a home inspection.
Realtor is running a comp right now...
Good that is one of the most valuable tools when doing a negotiation. Do you have a good lawyer?
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@coliver said:
@garak0410 said:
@MattSpeller said:
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I wish I could buy something like that here. I'm looking at 1000sqft condo for the same money.
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One does not get what one does not ask for. After 220 days I'd be losing my shit if it wasn't sold and no one was living in it. YMMV.
We will ask then but lower so get in up to 229.
The driveway still bothers me...LOL
What is the grade on that driveway? Looks crazy steep.
I'll see if we can get the grade on it. Realtor's husband tested the drive way...he had his rear right wheel off the ground on his attempt up the driveway...he backed up and went forward and twice he almost took his front bumper off...he finally turned hard toward mailbox and made it...he was in that white Journey in the picture...
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@coliver said:
@garak0410 said:
@coliver said:
220 days really isn't that much for a home to be listed. We looked at 14 houses (upstate/central NY) and I think only one of them was less than 100 days. That may be different for your area but the market around here is very slow.
Realtors around here tend to over inflate pricing and tack on an additional 20-30% on top of what the seller is looking for. Were I you, I would start at $210k, then work your way up from there. One of the things to keep in mind, even if it is the perfect house you don't need it there are always more "perfect" houses coming on the market everyday, don't be afraid to walk away if they are unreasonable.
I would also have your realtor do a search for recently sold properties in the area (same school district/town) that have the same features. This will give you an idea on a realistic pricing and allow you to talk the sellers down.
Any offer you make ensure it is contingent on a home inspection.
Realtor is running a comp right now...
Good that is one of the most valuable tools when doing a negotiation. Do you have a good lawyer?
Nope, no lawyer. But owner of our company and his son are lawyers...LOL
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@garak0410 said:
@coliver said:
@garak0410 said:
@MattSpeller said:
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I wish I could buy something like that here. I'm looking at 1000sqft condo for the same money.
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One does not get what one does not ask for. After 220 days I'd be losing my shit if it wasn't sold and no one was living in it. YMMV.
We will ask then but lower so get in up to 229.
The driveway still bothers me...LOL
What is the grade on that driveway? Looks crazy steep.
I'll see if we can get the grade on it. Realtor's husband tested the drive way...he had his rear right wheel off the ground on his attempt up the driveway...he backed up and went forward and twice he almost too his front bumper off...he finally turned hard toward mailbox and made it...he was in that white Journey in the picture...
Wow... that was really bad planning on the developers part. I can't think of a way to fix it without seriously cutting into your usable grass. If/when you move in consider making/installing a stone/brick staircase along side the driveway. That will make it much easier to walk-up and down.
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@coliver said:
@garak0410 said:
@coliver said:
@garak0410 said:
@MattSpeller said:
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I wish I could buy something like that here. I'm looking at 1000sqft condo for the same money.
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One does not get what one does not ask for. After 220 days I'd be losing my shit if it wasn't sold and no one was living in it. YMMV.
We will ask then but lower so get in up to 229.
The driveway still bothers me...LOL
What is the grade on that driveway? Looks crazy steep.
I'll see if we can get the grade on it. Realtor's husband tested the drive way...he had his rear right wheel off the ground on his attempt up the driveway...he backed up and went forward and twice he almost too his front bumper off...he finally turned hard toward mailbox and made it...he was in that white Journey in the picture...
Wow... that was really bad planning on the developers part. I can't think of a way to fix it without seriously cutting into your usable grass. If/when you move in consider making/installing a stone/brick staircase along side the driveway. That will make it much easier to walk-up and down.
Yep...already in the plan IF we do this...the lot next to it on the left is very small but for sale to wedge in another home...too bad we couldn't afford it to redirect the driveway some...
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Were you approved for 229K$ Or are you setting that budget yourself? If you set it yourself good job... that approved stuff is BS, it doesn't take into account other expenses like heat/food/water/sewage.
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@coliver said:
Were you approved for 229K$ Or are you setting that budget yourself? If you set it yourself good job... that approved stuff is BS, it doesn't take into account other expenses like heat/food/water/sewage.
We were pre-approved for the 269K asking price...but payment was sticker shock to me...well, I knew it would be high but the reality of it...that's even with some money down and 3.75 % rate.
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@garak0410 said:
Yep...already in the plan IF we do this...the lot next to it on the left is very small but for sale to wedge in another home...too bad we couldn't afford it to redirect the driveway some...
For sure get comps always get comps! unfinished space would take away from value for most. owner may have over payed and is hoping to recoup losses. buy a truck, then you wont have to worry about the driveway
plus you look cooler in a truck. -
as far as price drop...that would be nice to drop from 270 to 230. depending on the market, it's possible. we bought a 265k house for 245 and thought that was very good. but the owner had the house marked up way too high.
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Let your realtor do the negotiating - that's what they are paid for and good at. And as the buyer, the seller picks up the tab so you don't gain anything by skipping working with a realtor.
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realtors are....IMO pretty slimy. it's in their best interest to get the highest price you're willing to pay...
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Yeah... the realtor actually works for the seller, not the buyer.
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Typically there are two realtors, one working for the seller, and one working as the buyer's agent. They will typically split a 6% commission down the middle, and the 6% comes out of the seller's portion.
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It's certainly possible for a $269K house to sell for $229K. Not super common, but very possible.
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We just looked at a house (casually, were not looking to buy so we got the inside scoop) that was listed for $300K (euros) but the buyer would take $200 (euros.) That's a much bigger percentage price drop.
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@MattSpeller said:
- One does not get what one does not ask for. After 220 days I'd be losing my shit if it wasn't sold and no one was living in it. YMMV.
We've been trying to sell one for six years at a loss. 220 days is nothing.
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down here 90 days and you should expect a nice discount.
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@scottalanmiller
Jesus!
Thats crazy -
2.5 years sold at a loss. and paid to get out of it.
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It'd have to be a supremely oddball property to not sell here after 6-8mths. Property is very hot here, has been for as long as I can remember
