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We're thinking about making an offer on a house we really like. It's listed at $128,500, the county property tax has it appraised at $128,400 and zillow's zestimate is $138,000. They bought it in 2007 for $131,000. The house has been on the market for a year (was delisted in January, then relisted in the same month), and the yard is on a pretty steep incline (which is why I think it hasn't sold before). What would be a fair offer? Comparables has the asking price within the range.
It sounds like the asking price is right in range. Is it move in ready or will you need to do work beyond cosmetic?
How much do you want the house?
I would think paying $120,000 to $125,000 would be pretty good but it all depends on your market. The sellers might not want to take to much of a hit and might stay firm with the asking price. Are they motivated to sell?
Best to talk it over with your agent.
Good luck
Wow!
Three (3) meaningless numbers in two sentences: "the county property tax has it appraised at $128,400 and zillow's zestimate is $138,000. They bought it in 2007 for $131,000."
Not one of these is relevant.
The only relevant number is: today's market value.
Let's take my house (http://3968vrain.com/)
The City & County of Denver assessed value: $499K
We paid: $482K in 2011
Zestimate: $588K
So, what do you think today's market value is?
The answer = $650K (and, it would see within a few days).
All markets are local.
Only a good CMA can tell you the price.
Just look at area comp's and divide the price by square footage, but make sure the properties have similar finishes... If you find comparables at or near their asking price, but yours has a redone kitchen or extra nice finishes, then you will know your getting a deal.
I would be wary of buying this property because the description of the area sounds flat along with an odd slope to the yard.....
Wow!
Three (3) meaningless numbers in two sentences: "the county property tax has it appraised at $128,400 and zillow's zestimate is $138,000. They bought it in 2007 for $131,000."
Not one of these is relevant.
The only relevant number is: today's market value.
We offered list price with the sellers to pay closing. The house is priced right with the comps in the area. It's been on the market for a year, the yard is pretty much unusable without spending $20-30,000 to grade/level, but we were willing to live with that. The sellers came back with a list price by adding in the closing costs (estimated at $6425), which we will not accept. Even the seller's agent agrees that it will not appraise for the amount they are now asking for. Depending on the numbers the mortgage broker gets back to us, we may offer original list price and split the closing 50/50. We already know with a USDA loan we will need to pay 2% (no we do not want to roll it into the loan, we are trying to keep our monthly payments as low as possible) plus we plan on making a small down payment on top of that.
Basically, the list price is at $98 per square foot, which is comparable. They are now asking for $102 per sq ft, which is completely unrealistic.
It is not comparable because the yard is unusable..... you have to factor that in. It will HURT you selling in the future.
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