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We are about to close on a single family house at Monroe, Agent asked us to put the offer close to the listing price (lower 500) saying there are 3 offers on the property, so we gave an initial offer which was $900 lesser than the listing price, our offer got accepted, but the reality kicked in and we backed out but the agent renegotiate another $9000 and the seller accepted our second offer as well.
Now i am getting cold feet. The house that we put an offer is 6.5 years old and a comparable new home (staford) is listed for $50K more (4 miles further south). In an another forum someone claimed that they did close the Gold model on staford on lower 500, if that is the case the price that we are paying looks little high.
1. Did price stablize in Monroe
2. Is the price still inflated due to the $8k credit
3. Should we buy the new house rather than the 6.5 year old house
Which town is a better school district? Which town has a higher average property value? Is either house in a better location - i.e. close to downtown (if there is one) or walking distance to a train? Don't get blinded by a new house. Go for location..the house won't be new for long.
Which town is a better school district? Which town has a higher average property value? Is either house in a better location - i.e. close to downtown (if there is one) or walking distance to a train? Don't get blinded by a new house. Go for location..the house won't be new for long.
Both the houses are in the same town and the schools are one and the same, The house 1 is close to the park and ride and turnpike, the House 2 which is a new house is 6 miles south of the turnpike and park and ride. The taxes are one and the same for both the houses.
We are about to close on a single family house at Monroe, Agent asked us to put the offer close to the listing price (lower 500) saying there are 3 offers on the property, so we gave an initial offer which was $900 lesser than the listing price, our offer got accepted, but the reality kicked in and we backed out but the agent renegotiate another $9000 and the seller accepted our second offer as well.
Now i am getting cold feet. The house that we put an offer is 6.5 years old and a comparable new home (staford) is listed for $50K more (4 miles further south). In an another forum someone claimed that they did close the Gold model on staford on lower 500, if that is the case the price that we are paying looks little high.
1. Did price stablize in Monroe
2. Is the price still inflated due to the $8k credit
3. Should we buy the new house rather than the 6.5 year old house
Need your advice.
Can you still get out of it? (Are you still in attorney review?)
If not, then just let it go. If so, then you have a big decision to make.
As far as cold feet, that is very normal to feel these days. I think almost everyone buying a house today has buyers remorse right after they do it. It goes away though.
Can you still get out of it? (Are you still in attorney review?)
If not, then just let it go. If so, then you have a big decision to make.
As far as cold feet, that is very normal to feel these days. I think almost everyone buying a house today has buyers remorse right after they do it. It goes away though.
We havent started the attorney review yet, was planning to start the process on Monday. We do like the house, since we didnt had any idea about the are, i am trying to find out whether the price that we are giving in Monroe is realistic or not, from the beginning, we kind of felt a huge pressure from my agent, both the seller and the buyer agent are from the same office, which is also making me think whether they are taking me for a ride.
Similar comparable model got sold for 570k in 2007, i would assume that was the peak, also smaller unit are listed for 25K more in the same community, The seller was also in the process of relocation, when we drove by after a cople of days we saw moving truck in front of the house.
We havent started the attorney review yet, was planning to start the process on Monday. We do like the house, since we didnt had any idea about the are, i am trying to find out whether the price that we are giving in Monroe is realistic or not, from the beginning, we kind of felt a huge pressure from my agent, both the seller and the buyer agent are from the same office, which is also making me think whether they are taking me for a ride.
Similar comparable model got sold for 570k in 2007, i would assume that was the peak, also smaller unit are listed for 25K more in the same community, The seller was also in the process of relocation, when we drove by after a cople of days we saw moving truck in front of the house.
Your agent should have sent you the full listings of sold comps in the neighborhood where you are buying. Unless sales are really slow (e.g. no or almost no sales in a similar price range in the last 6 months), it should be pretty clear how much you should be paying.
You shouldn't be in the dark about this. You should not need to rely on listings to get estimates on price -- you should have access to information on sales as well. (When I was shopping, my agent sent me the full GSMLS listings of sold comps). List prices are useless as comps -- many places are listed at well over a realistic market price. I think you're right to question whether your agent is really working for you.
Your initial offer should have been based on sold comps (which your agent should have given to you), as well as whether or not there were other offers on the place (if there were no other offers, you could offer a little below what you'd anticipate as the final selling price, and let the listing agent counter) If they accepted your offer without a counter, that seems to indicate that you could have come in a little lower.
Enough with the "shoulda"s. What you can do now is insist on getting good comps now and bail out (and find yourself an agent who will work for you!) if it looks as though you're paying too much.
We havent started the attorney review yet, was planning to start the process on Monday. We do like the house, since we didnt had any idea about the are, i am trying to find out whether the price that we are giving in Monroe is realistic or not, from the beginning, we kind of felt a huge pressure from my agent, both the seller and the buyer agent are from the same office, which is also making me think whether they are taking me for a ride.
Similar comparable model got sold for 570k in 2007, i would assume that was the peak, also smaller unit are listed for 25K more in the same community, The seller was also in the process of relocation, when we drove by after a cople of days we saw moving truck in front of the house.
Yes, assume the agents are looking out for themselves, and not you. Doesn't matter if they are in the same office or not though. Agents work for themselves.
Ignore list prices entirely. They mean absolutely nothing. Nothing.
$570 in 2007. That probably was the peak price. This is just my opinion, that I am pulling out the air, so take it for what it's worth. I think you want to be at least 10% below that now, so maybe 510, assuming houses are similar inside etc. Again, totally just my opinion.
You need more recent comps if they are available though to make the best decision.
I'm glad you are not in attorney review yet. Get your own lawyer by the way. Don't use the lawyer the agents recommend. Ann Motola at Fox & Rothschild in Lawrenceville is excellent. She can't help you with the pricing obviously, but she is a good attorney for the rest of it.
You can start attorney review and still keep doing your research but tell your lawyer you don't want to close attorney review until you give the go-ahead. You can back out at any point up until attorney review is closed for any reason, and you don't have to tell anyone your reason.
I like elflord's post. If you have worked with the agent long enough s/he should have been able to garner your trust (if you tend to - some people never know how to because they are afraid to make a decision and are close to being paranoid).
Nobody should go into a transaction that they feel pushed into. PRIOR to submitting your offer you should have got 3 to 6 SOLD comps (listing comps are meaningless) from the agent to help you make a good estimate as to current value of the home. Then offer less than your estimate to end up higher towards your estimate.
Take as much time in attorney review, satisfy yourself as to home's value and then act accordingly.
Thanks every for your advice, I did got the comps from the agent, seems a 3 bedroom unit with a much bigger lot (twice the size) got sold for 25K lesser than what we offered, the house that sold also had some updates like granite countertops, and carpet in the basement, we are thinking to renegotiate the price, i will go ahead and stop my attorney review process, good that i reached out the experts. Will keep every one posted.
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