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Additional Details
According to this website: http://www.thisismoney.c
house prices are likely to ... |
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Mike S | If a home was listed for sale at $315,000, what would be your first offer? |
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halsru
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With the market like it is they would be silly not to take
270k
I would offer $268500.
this is a standard 10% less request |
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Oh Boy!
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What's it worth.
You're letting the seller's asking price dictate how much you're willing to pay. What if they'd asked $349,000? Would you still want to blindly offer 10% below asking without considering what it's worth?
Look at the comparable and figure out what it's worth then go from there. Ignore the asking price. |
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Ro-bot
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Depends, is the price comparable to other similar houses in the area that have sold recently? Has it been on the market awhile? If the price is decent for the area and it is new on the market, teh seller probably won't come down on the price yet. But, if it is over priced, or has been on the market at that price for awhile wiht no intrest, the seller may come down.
Ask your real estate agent for advice on what would be a fair price in his/her estimation. |
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DAVID B
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Depends on if you like the house very much,and what you think it might be worth. |
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Papa John
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Where is it? How long has it been on the market? What are comparable homes selling for? Not listed at, but selling for? We need lots more info. |
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Price is what you pay for value.
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How to value a property during market downturn?
Housing market continues to slump. Now we can calculate true value of a property easily. As price decline, we don't need to guess and factor in the potential price appreciation while calculating home value. Without the guesswork, figures are more accurate.
Let's use following example:
Today, a typical 15 years old, two bedrooms condo/townhouse is priced around $500,000 and $550,000 in Sunnyvale, California. Rent for similar condo/townhouse is $2000/month.
If you are a home owner, $2,000/month in rent means $20,000 a year in profit ($24,000 per year in rent, minus $4,000 maintenance costs). A $20,000 income is equilevant of owning $400,000 bonds or CDs, because current yield of 30 Years U.S. treasuries are 5% (5% of $400,000 is $20,000). Bank CDs have similiar yields.
In our example, the two bedrooms condo/townhouse is 20% to 25% overpriced. They should be priced at $400,000.
It is interesting to note that if we redo the calculation from buyer's perspective instead of seller's perspective, the figures are even more shocking.
Mortgage payment consists of two parts: mortgage interests and mortgage principal. The interests portion is similar to rent. If you pay interest, it disappears and doesn't add equity to the property. To fully simulate characteristics of renting, we assume buyer will apply for a zero down, interest-only loan.
It turns out that rent of $2000/month is equivelant to mortgage payment of a $340,000 loan at 7.0% APR. And comparing $340,000 loan to $500,000 or $550,000 price tag, from buyer's view, the two bedrooms condo/townhouse is 30% to 35% overpriced.
One may ask, why is there a discrepancy between two perspectives of the buyer and owner?
The discrepancy is a result of 2% differences in interest rate that buyer borrow comparing to yields of bonds and CDs that owners would get. We understand that buyer would always pay more. That is the premium of buying to own. However, looking from home owner's perspective, current housing market is probably 20% to 25% overpriced. We recommand investors to wait for a better entry point. |
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bostonianinmo
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That would depend upon the house and what i though it was worth to me. In an overheated market if I really wanted it I might even offer a bit more than the asking price. |
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cristanine
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My home I purchased was listed at $318,000
I offered $300,000 and got it because the roof was going to need replacing with in a few years or so. |
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Searchlight Crusade
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Depends upon the local market, the neighboring homes, and as much as I can discover of the seller's situation.
Get a buyer's agent. NOW. |
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mollie
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it would depend whether it is a seller's market, (not a big supply)- so the seller has the advantage- or a buyer's market- there are many homes on the market- and how much you want that particular house and whether there are any other interested persons. Generally, an offer within 5% of the asking price would definitely make the seller know the buyer is serious and take the offer or give a counter. If the market is a seller's market, full price or even OVER would be necessary to get the deal. |
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stephenl1950
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If it's actually worth $315,000 then I would offer $290,000. |
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Nikki
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I agree - $289,000 is a decent offer |
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crazylandp
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it depends on how much you want the house. If you could take it or leave it, I would start at 307,000.00. if you want it, i would offer the 315,000.00. if you live on long island, ny and need a real estate attorney. email mmmk@optonline.net |
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glennschwarz@sbcglobal.net
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$289,000 |
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