Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I would settle for the house you are looking at. All three sound like it's going to be a long wait and if it happens, there will probably a bidding war and you will easily be pushed out of your range.
But I'm not willing to pay list price for the house that I'm looking at, and I don't see the seller jumping at an offer $20K under- at least not yet.
I think the biggest issue is the "ok but not ideal location" - what exactly does that mean?
As far as being 24 years old, have there been any updates? Is there a new(er) roof, appliances, HVAC system, updated electrical, etc? Have they done any bathroom or kitchen remodeling? A 24 year old house with updated systems and a remodeled kitchen and baths is very likely nicer and newer feeling than a 12 year old house that hasn't been updated since it was built.
The location is about 15 minutes from where I currently live. It's closer to work, but farther away from all the other places I frequent. Basically, I think the town I currently live in is superior and obviously more familiar.
The listing didn't specify any major updates- just cosmetics like new carpet and paint.
I feel what you are going through. I have been looking for seven months in a hot market and only four have come up that had all of the particulars. Not one of them worked out. I would not settle. I realize that I am being very picky. I am a first time home buyer, single and have absolutely no plans for a family which might necessitate the need for a move. I plan on my first house being my last house. So once I find it i am digging in. It has to have everything I want and I do not want to settle. I would not settle if I were you..keep looking it will happen.
I feel the same way just because I hate moving! I would like to stay in whatever house I buy for as long as possible, so I want it to have the major things that I'm looking for.
Are the sold homes matching that list price? Hopefully you can get that house at the price you are comfortable with. Good luck!
Thanks! I feel that based on the comparables, the maximum market price would be around $10K less than the current list price (they've already dropped the price by 5K, so it was originally priced $15K too high, IMO).
Thanks! I feel that based on the comparables, the maximum market price would be around $10K less than the current list price (they've already dropped the price by 5K, so it was originally priced $15K too high, IMO).
If you don't think it's worth list price, why not offer what you think it's worth? The worst that can happen is your offer gets rejected. I kind of understand your hesitation though and the feelings of what if? I loved our house when we looked at it but worried I was making a decision too soon. We moved almost two months ago and in that time, I have still periodically checked the MLS. Nothing has come on the market that is as good as what we bought and a decent price. It makes me feel even better about the purchase.
I guess you need to decide just how soon you want to buy, especially with rates going back up. I wanted to be in a house as soon as possible for personal reasons, so I knew I wouldn't have the luxury of being too picky.
If you want a house, neighborhood 1 and 3, for all intents and purposes, are pretty much out of the question short of a fluke or waiting forever (don't count on a new development reducing prices, it's usually the other way around). So that leaves you with neighborhood 2, which has had only one listing that's out of your price range.
Listings in neighborhood 2 are usually within my range, so I think it's likely that something else might pop up. Neighborhood 3 is way out of price range compared to similar homes in the town, so I do think they'll eventually drop the prices a bit. They have sold a few, but I have a hard time believing that they'll be able to sell all of them at such extravagant prices.
I think the 24 year old house would be a good deal if it were 15K-30K cheaper, but I think they might be able to sell it for 10K less than list price.
You can always offer a much lower price, with expection that you end up paying approx $20k less than current list price. Only IF you will be happy with it for that price and only IF you can get it for that price. If you feel you still don't want it for the lower price, then wait.
You can always offer a much lower price, with expection that you end up paying approx $20k less than current list price. Only IF you will be happy with it for that price and only IF you can get it for that price. If you feel you still don't want it for the lower price, then wait.
I think I'm going to wait. Thanks everyone for your input! The right house for me is still out there (somewhere).
If you don't think it's worth list price, why not offer what you think it's worth? The worst that can happen is your offer gets rejected. I kind of understand your hesitation though and the feelings of what if? I loved our house when we looked at it but worried I was making a decision too soon. We moved almost two months ago and in that time, I have still periodically checked the MLS. Nothing has come on the market that is as good as what we bought and a decent price. It makes me feel even better about the purchase.
I guess you need to decide just how soon you want to buy, especially with rates going back up. I wanted to be in a house as soon as possible for personal reasons, so I knew I wouldn't have the luxury of being too picky.
Yup. It's worth a shot. Five years ago we did just that. We knew what the home was worth, because in spite of being "upgraded", the upgrades were shoddy and subpar. They looked real purty, but had serious issues that will require redoing down the road (which we will do ourselves). So we offered low, they came back with a counter. We countered that with the exact same low price. A few more go-arounds, and they agreed to our price.
Now, our market is on FIRE, and if you even find a home in our small city, it's snatched up in days. And our cheap little house is now worth a lot more than we paid for it. But we're staying, because in spite of some things we compromised on (I'd really like another bathroom) we love the house.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
