Offer price on house?? (windows, paint, appliance, kitchen)

[himain]

Just wanted to get ideas of what others would do. The house is located in NC.
Ok so we saw a house we both liked. Let me give you info on it first. It's about 2500 sq ft, 3 car garage, full storage above garage, one workshop and 4 acres. The kitchen needs new appliances(cabinets ok for now), new carpets and paint, garage/storage and workshop need to be finished. It's been sitting on market since Dec with asking price of 279K.
Now, we are thinking of making an offer but don't want to totally lowball them but want to What do you think is a fair offering price without offending them? The tax value is 248K. Thanks

Sorry let me add that it will need new windows in future as well.

[ShannonMilligan]

I would start there...at $250K if that is where the tax value is AND where the comps in the area are. Look what has sold in the past couple of months and base it on that...You can't lowball if you go by the comps and it is a fair offer that way. If you start at $250K and they are at $280K then my guess is you will end up at about $265K...
Cosmetic things don't factor in...if the cabinets and counters and stuff are in good SHAPE then that is just a taste thing and shouldn't have any bearing on the offer, IMO. Now, windows and such is a condition of the house and if poor then I think that may suggest a lower offer. Again, just my opinion.
Being on the market since Dec is NOT a long time, at least not here in Virginia...I don't know about that area.
Good luck. Just remember...if you like the house then someone else will probably like it too. Make a fair offer and get the deal done if you love the place. If you could take it or leave it, then by all means start a little lower.
Good luck

[BobKovacs]

Tax value means nothing- depending on when the area was last assessed, the tax value could be 3x the actual sales value or a tenth of the actual sales value of the home. You need to compare actual recent comparable sales in the neighborhood to figure out what to offer- the asking price could be entirely realistic based on comps, or it could be 20% high- who knows.

[cdelena]

In a good market a serious offer is usually within 10% but in difficult times like now going lower may be ok. In rare cases a lowball offer can turnoff a seller so badly they will refuse further offers but I would not be too concerned if it is a reasonable price.

[gthomson]

Do you have an agent working for you? You really have to find out what else has sold recently that can be compared to the house in question.

[Janecj]

First thing, If you have an agent, ask her/him to do comps. If not you can go to the tax records to view recent sales..depending on where home is located in NC. Normally we get 97% or higher of asking price.. but that has a lot to do if the house is priced correctly. A house is only worth someone is willing to pay. Also ask if there has been any offers on the home that did not go through. Tax value is not always an indication of worth, although the year the valuation was performed is closer.

[VANCMINI]

there are so many foreclosures esp in NC
why pay more than you have to?

[SPNARD1]

This is what I'd do...

1)
See what comparables are selling for (not listing for) selling...within the past 3-6 months

2)
What's the seller's position..have they bought another place? ( if so, they're probably more eager, nobody wants two mortgages..esp in this market)

I realize you don't want to lowball too much, but you don't want to overshoot either...

Good Luck and keep us posted