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Purchase Price $188,500. Rest of homes in neighborhood 135K - 139K. What should we offer? Thanks

We found a perfect home for us but the home is listed with a relator who typically specializes in homes $1M - 4M.  This home is listed as 188,500.  A quick review of the neighborhood homes list most at 135-139K including all houses on the street.  Tell me what would be a reasonable offer given the variance?  Thank you very much.

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February 15 2010 - Eastside
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Answers (3)

That is difficult to say without pulling the market data on the neighborhood.  You cannot always go by the County appraisals as they are normally very low.  I recommend that you enlist the help of a quality Realtor to assist you with this purchase.
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July 31 2010
If your agent pulled comps for the neighborhood as they should, you should be able to make an educated, reasonable offer. This does not necessarily mean your offer will be accepted. The seller will then be educated after a few weeks or months sitting on the market conditions with similar offers.

In my experience the best thing you and your agent can do is remain cordial, and keep negotiations open as long as possible. If similar homes are selling for $139K in that neighborhood, similar as in age, conditions, square foot and are also traditional sales (not foreclosures or short sales) and you feel comfortable paying $139K make the offer. You wouldn't want someone else to come along that was simply more patient than you or your agents and get the house from you just for a couple thousand more.
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February 15 2010
I personally would probably look for another home.
Typically the best deal will be to be the smallest home in a big neighborhood, versus the largest and most expensive home in a nieghborhood of smaller or less expensive homes.   You have pinpointed the issue exactly.
Someone listing the home for $188,000 is probably not interested in the least at $135 and perhaps cannot even touch that number even if that is the reality of the market.
Keep looking my friend.
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February 15 2010
 
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