How much to offer on new condo (Baltimore, Rockville: real estate, houses)

[Heebs18]

I'm ready to make an offer on a new condo in Rockville which has a list price of about 500K. I am a first-time homebuyer and was wondering what was a good to give as a first offer.

I know it is a buyer's market, so places are accepting lower bids than usual, but I don't want to make such a low offer that it offends anybody and they don't take me seriously.

Does anybody know about what price comparable places have been selling for. Or a good amount to make as a first offer.

Thanks a lot.

[ReefAreCoolToo]

Originally Posted by Heebs18

I'm ready to make an offer on a new condo in Rockville which has a list price of about 500K. I am a first-time homebuyer and was wondering what was a good to give as a first offer.

I know it is a buyer's market, so places are accepting lower bids than usual, but I don't want to make such a low offer that it offends anybody and they don't take me seriously.

Does anybody know about what price comparable places have been selling for. Or a good amount to make as a first offer.

Thanks a lot.

why you worry about offending anyone? Worst case scenario is ..they said no or counter-offer. Get your pre-approved or commitment from your lender...that itself show you are serious about buying home

[Zippy7fo]

Agree with the above poster. Its your money so screw them....

[beach08]

Based on the business section lately, it appears that 3-5% reduction is the norm, but hey go for it, like the others said, if they reject counter back. Although yesterday the real estate business section had a survey and it showed prices are on the rise again, I believe, Rockville area was bout 4% increase in June, Harford County was 8% and so on.. so I would move quick

[beach08]

Here's part of the article from the Sunpaper

Baltimore-area home prices rise
Sales down, but average deal reflects trend to pricier houses

In Baltimore City the average price rose to $200,250, up more than 11 percent from $180,176 a year earlier, MRIS reported. That was followed by Harford County, where the average rose 7.22 percent. Prices in Anne Arundel, Howard and Baltimore counties rose less than 5 percent.

The gains came a month after the area's average home price had declined for the first time in six years. Values in May dipped just over 1 percent from year-earlier levels, MRIS had reported.

[ReefAreCoolToo]

Originally Posted by beach08

Here's part of the article from the Sunpaper

Baltimore-area home prices rise
Sales down, but average deal reflects trend to pricier houses

In Baltimore City the average price rose to $200,250, up more than 11 percent from $180,176 a year earlier, MRIS reported. That was followed by Harford County, where the average rose 7.22 percent. Prices in Anne Arundel, Howard and Baltimore counties rose less than 5 percent.

The gains came a month after the area's average home price had declined for the first time in six years. Values in May dipped just over 1 percent from year-earlier levels, MRIS had reported.

Ya the rise in the house sales..are mostly high end ****e...$800k and up....dont spread false news ok? Giving seller high hopes? wiat it up buddy..you have enough times to make a lot $ from 2004-2007

To OP..
Dont listen to people you have to buy quick again or you will pay more later...that is full of ****e speculation..again..those kind of speculations that drived the damn price up anyway...At the end of the days, the market could not substained the overcooked fat ass turkey..that everyone been nibbing on it for a while it will burst..
take your time...look at places you like..if you willing to spend $500k on condo...like i said before..get your pre-approved or commitment on paper you will have a lot buying power than just said ya i wanted to spend $500k yada yada...then go shopping for houses...

[Heebs18]

Any idea how much to actually offer? Can I offer as low as like $425K, or is that too low?

[ReefAreCoolToo]

Originally Posted by Heebs18

Any idea how much to actually offer? Can I offer as low as like $425K, or is that too low?

pm me an address you are looking at..cant just give u a number lol withoutknow the specific looking

[beach08]

Originally Posted by myselfdotcom

Ya the rise in the house sales..are mostly high end ****e...$800k and up....dont spread false news ok? Giving seller high hopes? wiat it up buddy..you have enough times to make a lot $ from 2004-2007

To OP..
Dont listen to people you have to buy quick again or you will pay more later...that is full of ****e speculation..again..those kind of speculations that drived the damn price up anyway...At the end of the days, the market could not substained the overcooked fat ass turkey..that everyone been nibbing on it for a while it will burst..
take your time...look at places you like..if you willing to spend $500k on condo...like i said before..get your pre-approved or commitment on paper you will have a lot buying power than just said ya i wanted to spend $500k yada yada...then go shopping for houses...

No one spreading false news, the information is directly from the BUSINESS section, I did not write it, and if your theory is correct on HIGH END ONLY, The article cleary disputes your information...I do believe the $$$ amount listed in the very 1st part is in the $200...... clearly along way away from $800...I assume you must be a Realtor since your asking the buyer to PM about price offers?

[ReefAreCoolToo]

Originally Posted by beach08

No one spreading false news, the information is directly from the BUSINESS section, I did not write it, and if your theory is correct on HIGH END ONLY, The article cleary disputes your information...I do believe the $$$ amount listed in the very 1st part is in the $200...... clearly along way away from $800...I assume you must be a Realtor since your asking the buyer to PM about price offers?

oh well i got the news from the paper too haha