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What metropolitan area are you located?
Do not judge "value" by what zillow has. I don't know if you noticed but in most metro areas there is more than a year's supply of houses on the market and more will be coming soon (tm). If you are unsure, wait. It will only help you get a house at a lower price. All the factors that affect pricing are causing prices to decline. Until those factors are remedied, prices will continue to decline.
Just my 2 cents
the property is in south winsor, CT
If you really love the property then put in a bid at the price that you want to pay. Even if it is considerably lower than what they are asking. The asking price is just a starting point. It's a buyers market, chances are the seller is really motivated to get out of that house. Look and see how long it has been on the market and use zillow to see what they paid for it. Can they afford to not accept your low offer?
the seller paid 220k. he listed the house at 390k. after 3 weeks he reduced it to 380k. my offer is 355k. is my offer too high?
I'd go lower, you can get really great deals. Agents will tell you that you might insult the seller if you go too low, but the way the market is now just about any offer will be considered. Try 300 or even 280, can't hurt to try
Ignore the zestimate.
how low can you start with a property? does it depend on the place you are buying?
i am looking to buy a property in cleveland ohio for vacation(depending on the price)or rental property. I am wondering is this a smart move considering that it seems that everybody wants to leave cleveland? I have alot of family on both my wife's and my side of the family so if it's cheap enough I can let a family member live there, if it's not that cheap I will rent it out and the income will pay for a hotel when we visit.
"the seller paid 220k. he listed the house at 390k. after 3 weeks he reduced it to 380k. my offer is 355k. is my offer too high?"
When did the seller buy the house ? What was the year of purchase ?
My advice is to hold off for at least one more year and then buy this house or one similar to it, likely for $300k-ish.
What the seller paid for the house is completely irrelevant in determining it's present day market value.
My Rule in a market like this is that a buyer should expect to pay about 91 - 93% of what a professional CMA says is the market value.
I have almost completely stopped using the asking price as a factor of the offer to be made.
If the seller paid $300K 2 years ago would you pay $600K ?
Thats what has been happening folks....
What if the house was completely renovated or expanded?
Blue - a realistic price for most of the US is 2000 prices + 30% for inflation...
you can do the math! real estate over the long run only appreciates at the rate
of inflation.
no renovations made. all original appliances. house built in 95. granite counter tops in kitchen is the only upgrade. no hard wood floors either.
Zillow is and will continue to, for the near future, base everything on imported listing service data and often times- outdated public record information. The best way to get a real home value is to compare it to comprable properties in the area... but not through Zillow. Go to the local town hall and pull the files on homes which have sold in the area for the last month- six months. This will give you a much more accurate idea for what it's worth, based on what other people are paying for similar properties in the area. OR, you could have a trusted Real Estate Consultant do it for you!
The zillow estimates range from way high to way low. Occasionally they are right. I dissagree about researching 6 months sales. The market in most areas is volatile, I would not research more than 3 months. Many cities and counties have the public records posted online for easier research. In my area of North Florida I just had a property that appraised early December appraised again last week. It appraised 3% lower.
what ever the 1995 prices + 35% (inflation) is what the home eventually is worth!
It seems to me that Zillow puts TOO much emphasis on price per square foot for its zestimates. Because of this, if there are much larger than normal homes selling more frequently in the vicinity it will actually lower the zestimate, when arguably the actual value should be increasing....
Don't mistake a zestimate for market value (sorry zillow, but you know it's true :-P )
... and, it's free and anonymous
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absolutely love the house. but its value dropped more than $15000 in a month. should i buy?
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bluerosedaisy
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i loved this particular property. but its value on zillow dropped within a month. i am concerned if its value will keep falling. should i buy or wait longer in which case i might lose this house.
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