My husband and I are currently looking at a house that’s priced at $200,000. The owner paid about $215,000 five years ago when the real estate market was at it’s peak. It’s been on the market since February 2011. We’re going to look at the house in the next day or so and we’re thinking about making an offer. They just recently lowered the price but I don’t know how much. We just find the house online a few days ago but it still has that ‘price reduced’ slogan on the website.What would be a reasonable offer? I’m sure anything less than $180,000 would be insulting.
How Much Should I Offer On This House?
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BEFORE you go to look at the house, find yourselves a real estate BUYER agent, who can guide you accordingly on values in that area. The house may be over priced, fairly priced, or even UNDER priced. Unless you have a realistic estimate of current market value, you are simply shooting blindly into the air.
It is pointless to pick random numbers due to the listing price. What you should do is find yourself an agent to represent you, work the numbers and find out what a decent offer would be.
I know people will tell you that you can get a better price from working with the listing agent, but that is not accurate. Find an agent you click with get you a good deal.
first, what the seller paid for the house just doesn’t matter. They could have paid 1000, or a million. The ONLY thing that is important now is what is the house worth TODAY.
Have your agent SHOW you all the recent sold sales of like properties. This will help you decide what the home is worth. Then make your offer from there. You may find that 200 is a GREAT price or that 150 is still to much.
As for being insulting. Don’t worry about it.
Talk to your Realtor (the one representing YOU, not the one representing the owner) about it.