Asking Price vs. Selling Price in Granger / Middlebury (for sale, foreclosure)

[sgear]

We're narrowing down our search to Granger and Middlebury area... In light of economic times, the future depreciation of housing values... What are people seeing in terms of housing offers? What are house's selling for? I know each circumstance is different, but I'm curious what kind of deals others are making? Am I crazy for not low-balling at 80% of asking price in this market to at least start negotiations? I would think with the Saturation of the market right now, we have over 150 homes in our price range of 130-180k, that buying a house at 90% of it's asking price is NOT unreasonable. What are others thoughts?

[fallingwater]

Originally Posted by sgear

We're narrowing down our search to Granger and Middlebury area... In light of economic times, the future depreciation of housing values... What are people seeing in terms of housing offers? What are house's selling for? I know each circumstance is different, but I'm curious what kind of deals others are making? Am I crazy for not low-balling at 80% of asking price in this market to at least start negotiations? I would think with the Saturation of the market right now, we have over 150 homes in our price range of 130-180k, that buying a house at 90% of it's asking price is NOT unreasonable. What are others thoughts?

We purchased our home in Granger a few months ago. It was no easy task. Granger seems to be an area that many people would like to live in and with that in mind, sellers dont seem to budge much on the price. For example, we found a home we liked listed at 160K, we offered 155,000 and the sellers acted completely insulted. We bid on several houses with refusals on each one. So it was an odd experience because I think 5 grand less than asking wasnt considered low balling anyone. We eventually got a house we love but it was a long road.

[claremarie]

It all depends upon whether the owner really needs to sell.
We looked at a number of homes (in a higher price range) that had been on the market for well over a year. They were overpriced, but the owners were not budging because they were not "highly motivated" -- they didn't need to sell their house because of financial or job relocation issues. A surprising number of homes, including the one we ended up buying, were being sold in connection with a divorce proceeding. That can be especially difficult, particularly when one party doesn't really want to move.
This is where it helps to work with a good agent, who can often smoke out the reasons that the house is on the market, and advise you accordingly.

[sgear]

Yeah, you are right, I guess it all depends on the reason they are selling. Some people still think their houses are gold and will fetch what they paid for them or better from 2005. Nutjobs.... I like your house, but not that much. I guess I have to find someone who really needs to sell, because I on the other hand, Don't REALLY need to buy! We have a great home we're renting from family right now for pennies on the dollar. The only reason we want to buy now is to take advantage of first time homebuyers credit, low interest rates....and what are SUPPOSED to be depressed prices. If we don't see that third piece.....we'll stay on the fence.

[domergurl]

I'd wait to find a house that you absolutely cannot live without. You'd be surprised how fast you'll move when you find "the one".

[West coast at heart]

Personally...I would opt for Middlebury.
Not too fond of the traffic in Granger. Also, a lot of the houses are too close together and have too many "guidelines" to follow.

That being said...there are lots of beautiful homes in Granger. A few subdivisions are wonderful. Lots of places to shop and eat, less crime, friendly people (some snooty too though), and of course there is Notre Dame close by!

Are sellers in Granger getting their asking price? I find it hard to believe that the housing downturn has not affected that area as well. Not to mention that the area has been saturated with new homes. I would think that it would be a buyers market in Granger.

[jodyrose]

Originally Posted by sgear

We're narrowing down our search to Granger and Middlebury area... that buying a house at 90% of it's asking price is NOT unreasonable (Its unreasonable if they have already reduced their price several times and are currently priced with other local comps). What are others thoughts?

What you have to do is ask yourself if you had a house for sale would you be willing to take 20% or more off the selling price? I listed a 3bedroom all brick ranch with a full partially finished basement, 2 car garage, fireplace and 1 1/2 baths last fall at 126,500. The current price is $109,000 and we got an offer this week...$90,000 Buyers need to be realistic. Not everyone HAS to sell their house, not every home is a foreclosure or short sale. I can think of no one who would want to bring money to the closing table to sell their house.

You have to take it on an individual basis and let your agent guide you with the current solds in the area you are making the bid. You will probably get more house for the money spent in Middlebury than Granger, but that is not a rule either, as there are some very nice, very pricey homes in the Middlebury area as well. The main difference is that Middlebury still has the old homey, small town Indiana feel, whereas Granger for the most part is upscale and more urban. What type of town appeals to you more? Find a good agent to work with and let them help you find it!