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Old 04-23-2013, 02:41 PM
 
Location: between three Great Lakes.
1,374 posts, read 1,538,920 times
Reputation: 4392

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"This is do or die for us because if we don't find something over the next two months, then we're staying."

You say this like it's a bad thing. It's actually a good thing to stay put! Save your money and take a trip. You don't need a "better" house.
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Old 04-23-2013, 05:00 PM
 
Location: Danbury CT covering all of Fairfield County
2,096 posts, read 5,430,299 times
Reputation: 897
I think that's high. Keep waiting for something that's priced better.
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Old 04-23-2013, 06:01 PM
 
7,192 posts, read 7,825,559 times
Reputation: 11292
Sounds like you may have offered too much, but that doesn't mean you'll pay too much. Why? Unless you're coming with an all-cash offer, no lender will give you money if the appraisal does not meet the offer price. If the appraisal is too low, you'll lose your funding. (Which may trigger negotiations with the seller to lower the price.) Otherwise the sale is off.

If the appraisal meets the offer price, then you haven't overpaid, as that is what it is worth.
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Old 04-23-2013, 07:46 PM
 
518 posts, read 1,214,658 times
Reputation: 321
Well....we offered $715k with an esclation to $733K and $350k down. Asking was $710k. We lost out to an all cash buyer and the guesstimate by two brokers who had clients who were also interested was around the $750k price. This would be a new high for the development if not the town on a per SF basis. The property was just re-assessed by the town (township wide reevaluation) for $635k in February. Have prices jumped 20% in two months? Very frustrating. Thanks for all of your thoughts.
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Old 04-23-2013, 09:01 PM
 
2,533 posts, read 4,024,534 times
Reputation: 1918
Sorry it didn't work out for you. It really just shows you have good taste. I don't think it sounds $50k overpriced, given the market interest.

County assessments are often far below market value.
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Old 04-23-2013, 10:51 PM
 
Location: Mountain Ranch, CA & El Pescadero, BCS MX.
6,899 posts, read 17,492,660 times
Reputation: 6229
I guess I have to repeat myself over and over. Homes are sold by the pound.
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Old 04-23-2013, 11:02 PM
 
3,693 posts, read 3,905,250 times
Reputation: 4534
Quote:
Originally Posted by Species 8472 View Post
Well....we offered $715k with an esclation to $733K and $350k down. Asking was $710k. We lost out to an all cash buyer and the guesstimate by two brokers who had clients who were also interested was around the $750k price. This would be a new high for the development if not the town on a per SF basis. The property was just re-assessed by the town (township wide reevaluation) for $635k in February. Have prices jumped 20% in two months? Very frustrating. Thanks for all of your thoughts.
Thanks for posting back. Sorry you lost the place. Wow...there's not much more you could have done.
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Old 04-24-2013, 11:48 AM
 
Location: Salem, OR
13,196 posts, read 29,419,173 times
Reputation: 10705
Quote:
Originally Posted by Species 8472 View Post
Well....we offered $715k with an esclation to $733K and $350k down. Asking was $710k. We lost out to an all cash buyer and the guesstimate by two brokers who had clients who were also interested was around the $750k price. This would be a new high for the development if not the town on a per SF basis. The property was just re-assessed by the town (township wide reevaluation) for $635k in February. Have prices jumped 20% in two months? Very frustrating. Thanks for all of your thoughts.
Property tax assessments have nothing to do with market forces.
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Old 04-24-2013, 05:43 PM
 
Location: Barrington
36,926 posts, read 28,034,464 times
Reputation: 12517
Quote:
Originally Posted by Species 8472 View Post
Well....we offered $715k with an esclation to $733K and $350k down. Asking was $710k. We lost out to an all cash buyer and the guesstimate by two brokers who had clients who were also interested was around the $750k price. This would be a new high for the development if not the town on a per SF basis. The property was just re-assessed by the town (township wide reevaluation) for $635k in February. Have prices jumped 20% in two months? Very frustrating. Thanks for all of your thoughts.
Assessed and current market value are two different animals.

Price per square foot is not a realistic way to compare properties.

You will find something you like even more than the one that got away.
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Old 04-25-2013, 10:12 AM
 
1,097 posts, read 1,978,352 times
Reputation: 986
Quote:
Originally Posted by Species 8472 View Post
Well....we offered $715k with an esclation to $733K and $350k down. Asking was $710k. We lost out to an all cash buyer and the guesstimate by two brokers who had clients who were also interested was around the $750k price. This would be a new high for the development if not the town on a per SF basis. The property was just re-assessed by the town (township wide reevaluation) for $635k in February. Have prices jumped 20% in two months? Very frustrating. Thanks for all of your thoughts.
In our area, with inventory low, we are seeing sellers testing new highs for prices, especially in condo developments where we've been looking. You're seeing a remaining group of condos listed last year or in early 2013 sell at the "old" prices, as if that phase is over, and then you're seeing new units come on the market much higher. In some cases, it's becoming very difficult to rely on comps of the last three months, much less the last six. Also, where we live, you can't use the tax assessment values as a guide because they can be much lower than the market value. My home, for example, is selling for several hundred thousand dollars above the assessed value. However, if you go just one town over, the assessors tend to base the values on actual or perceived sale prices.
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