Profile picture for meganbo200

How low of an offer should we make? The house has been on the market for over a year!

They are asking $95,000 for a house we absolutely love! We have been told to offer $75,000 from family and friends. I am still in nursing school which i will have completed in one year. We have also been told to just wait to make home buying more affordable. But we are willing to make sacrifices for a year until i graduate and can make double what i do now. I just want some more input from people on how we should offer. Right now we can afford 75,000 to 80,000. 
  • March 07 2014 - Fairmont
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Answers (4)

Profile picture for sunnyview
I would make an offer that you feel comfortable with. After a year, it is possible that the owners are ready to sell so a lower offer might be considered now whereas it would not have been at the beginning of the listing.

Make it clear to their agent that you do not want to insult them, but you are just a young couple starting out and not an investor. Tell them that you really like the house, but you have to stay within your budget. You just never know. If you write a clean offer that includes a preapproval letter, the owner may be willing to accept your offer. Good luck!
  • March 10 2014
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Profile picture for Furlong Team
According to the MN Association of Realtors' monthly market data, homes are selling above 95% of the list price on average.  95% of $95,000 suggests that on average this home will sell for over $90,250.  However, since it has been on the market for over a year there is certainly an issue with the home, the price, or a combination of both.

See the report here:  https://www.mnrealtor.com/publications/housing-report

Having an agent work for you costs you little to nothing and will help you greatly in determining what a fair price is for the property.
  • March 10 2014
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Instead of guessing why don't you enlist the help of a Realtor and actually determine Market Value? That is our job, and if it is on the MLS the seller is already paying our commission.

If you would like help contact me otherwise good luck! Without determining market value you are just guessing...never a smart idea with the biggest purchase of your life.

~Chris
  • March 08 2014
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Profile picture for Tammy Hartman
Click on "find a pro" tab here on Zillow and search for a buyers agent in your area. A qualified agent can help you with the appropriate price to offer on this home and may also offer some insight as to why this house has been on the market for so long. They can show you what the market is paying for comparable homes in the same area. Normally, the buyers agent fee is part of the seller's responsibility, in which case it will not cost you anything for the expert help you are looking for.
Good luck!
  • March 07 2014
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