What would be a good offer for this house (Atlanta: sales, real estate)

[laxdad]

I have found a home in the area that I like (west cobb ). The asking price is 214,000. The home seems to be in decent shape. Its been on the market for about 9 months and not a foreclosure. I know Everyone is looking for a great deal, including me. In your opinion, what would be a low ball offer vs a decent offer. Thanks for your opinions.

[atlantagreg30127]

Depends on where in West Cobb... size of the lot, if the price has recently been reduced, etc.

But hey, these days you can play more than before. If it's been on the market that long offer $195k or less and see what happens. All they can do is come back with a counter offer.

[cityrover]

zip code? year? sq feet?

lot size?

[wxjay]

Yeah, more info is needed. Plus, ask your real estate agent to price the comps in the neighborhood. That will give you a good idea about what the house is actually worth.

[laxdad]

Its in the 30101 area code. Home was built in 1993 and is 3k sq ft. 1/4 acre.

[northatlbroker]

In general (very general), most of Atlanta is seeing 8%-10% off the asking price as a sales price. However, if the house is priced well already or has some unique feature or added value, that percentage will vary A LOT.

I try to advise my clients to make a fair but aggressive offer and settle for a fair one. If you plan on staying for any length of time (min 3-5 years), a few thousand dollars will not make a difference.

Also, you need to look at the impact of pricing. Using a 6% interest rate on a normal 30 year loan, every $10,000 in price will cost you $60/month. So, if you and the seller are $5000 apart, you have to ask if $30 a month is worth losing the house. A good agent will advise you accordingly. After all the goal is to find a home that meets ALL of your needs and not just getting a "great deal".

There will be lots of different opinions on how to approach writing an offer. If your agent is experience, they should advise you accordingly.

Lastly, average market time is about 100 days but 6-9 months is becoming more common. The seller may be more motivated now than before or may have a reason they are holding firm on price.

Good luck.

[crux]

Review the county tax assesor webpage to see what they paid and then estimate your own proposal if you dont beleive it's a mutually beneficial deal. Determine the upgrades they made - realtor should provide this in the disclosure document.