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I want to purchase a house but its selling for $400k. All the neighboring houses in the subdivision

subdivision are around $275k However not many have sold in the last 7 yrs. This house has the best view, views of the small city and trees. It has no back yard, has a deck with a hot tub and a sun room next to that.  In this market I dont want to pay that high dollar price. It's in Northern KY and houses are usually in the range of $189-$250k but of course there are those in the million dollar price range. How can I get this house for much cheaper?? It was built in 1997.
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August 23 2010 - Northern
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Answers (7)

Get an agent and ask him to obtain a current CMA for you & seller. Most sellers, even in today's market think that they are sitting on a sack of gold till they see the real values of houses sold recently in that area. On the other hand my experience is that if you buy a $200,000 house in an area where average house value is only $100,000. You are going to have a very, very tough time to sale it.
Good luck.
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August 26 2010
In most cases the listing agent doesnt expect the full price on a home unless it is a serious sellers market..not much inventory..then it would be full or more than full price

You can always make an offer on the home...they can either accept..counter or reject..no harm done either way
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August 25 2010
Profile picture for wetdawgs
If you take a square foot average related to those that have sold recently, and add a 10% premium for the view, you might be able to ball park an offer price.
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August 23 2010
Profile picture for kellimcintosh
Thanks for the answers guys,  much appreciated. I guess my dilemma is since no houses in the neighborhood have sold recently I can only base value on tax assessment. and I know that is not even close to what it should sell for.

 SCT is that what you mean by basing the value on todays market? That would be by basing on other similar house sales correct? Is there any other way to find out what a house is worth? Since as I said no house sales to compare with. I guess I need to know how much to offer. I dont want to upset the seller with too low of a low ball offer, do I? I was thinking of taking average of the few houses that have sold and offering around those prices. Although Im pretty sure because of this house's view it will be worth a little more. Thanks for the help
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August 23 2010
Make any offer contingent on the home "appraising" for the offer price.
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August 23 2010
Sct is right.  Just because they are asking 400K for it does not mean that it is worth that much.  Get some comps and test the waters.
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August 23 2010
The first thing you need to do is have your buyer nroker assess what the value of the house is in todays market, and then base your offer on that market value. If teh market value is comong out much higher than what you want to pay, it may be tough for anyone to sell their house at such a loss unless they really need to, the only way you will know is to try.
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August 23 2010
 
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