Buying A Home
Dear Community,
Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
WWYD: Making an offer
We are currently house hunting, and
I looked at a house I love today. DH is going to look at it with me tomorrow or
Monday, but I know he will love the house. This house has a lot of really well
done upgrades that are unusual for the neighborhood, like a finished basement
with full bar and kitchen and lovely hardwoods throughout the main floor. It
also has granite countertops, upgraded appliances, and upgraded bathroom
fixtures. We have some friends in the neighborhood and know that most homes in
the neighborhood have wall to wall carpet and builder grade fixtures.
My concern is that the current owners upgraded themselves out of the neighborhood price range. They are asking $189,900 for the house (and have already reduced listing price $10K from when they first went on the market a month ago) while sold comps seem to be more in the $150K range. Actually, many of the homes in the neighborhood are even less than that but are only 3 bedrooms while this one is 5 bedrooms. Five bedroom homes seem to be about $150K. The finished basement/bar and upgrades are definitely value adds, but I don't think enough to warrant a price of $40K over the comps.
We were thinking of offering $165K plus seller paid closing costs as a
starting point, with $175K + closing costs being our max budget if they are willing to negotiate.
What would you offer in a situation like this? Or would you even bother with one of the largest/nicest homes in a neighborhood? I know common wisdom is that it's better to have the smallest/cheapest home in a neighborhood rather than the other way around, just from a property value perspective. However, we have looked at probably 20+ homes and this is the first one that fits all of our must-haves and most of our nice-to-haves. Plus it's move in ready while many other homes we've seen would require a fair amount of work.
My concern is that the current owners upgraded themselves out of the neighborhood price range. They are asking $189,900 for the house (and have already reduced listing price $10K from when they first went on the market a month ago) while sold comps seem to be more in the $150K range. Actually, many of the homes in the neighborhood are even less than that but are only 3 bedrooms while this one is 5 bedrooms. Five bedroom homes seem to be about $150K. The finished basement/bar and upgrades are definitely value adds, but I don't think enough to warrant a price of $40K over the comps.
We were thinking of offering $165K plus seller paid closing costs as a
starting point, with $175K + closing costs being our max budget if they are willing to negotiate.
What would you offer in a situation like this? Or would you even bother with one of the largest/nicest homes in a neighborhood? I know common wisdom is that it's better to have the smallest/cheapest home in a neighborhood rather than the other way around, just from a property value perspective. However, we have looked at probably 20+ homes and this is the first one that fits all of our must-haves and most of our nice-to-haves. Plus it's move in ready while many other homes we've seen would require a fair amount of work.
Re: WWYD: Making an offer
You should offer to pay $189,900, it is a fair deal
Definitely talk if over with your realtor or friends/family who have recently purchased homes but I would say go for it! Our home was in a similar situation, the sellers had recently come down about $10k to $189k and we loved the house, but looking at comps in the neighborhood weren't quite willing to go full in. We offered exactly the same at $165k seller paying closing, and of course they didn't accept but it opened the door to negotiate back and forth. We were able to settle at our personal max, which was $180k seller paying closing costs, and it worked out wonderfully.
Some things to consider: they could get offended and decide not to respond with a counter offer. It could happen, so be prepared. There's nothing wrong with being aggressive but know they may choose to do the same. They could also choose to counter barely below asking, leaving little room for negotiation. But, they could also be open to negotiating so you never know!
Another thing to consider is how long the home has been on the market, and what the level of interest is. Our home had been listed (and like yours dropped in price a few times) for several months with no offers. When we put in our offer, there were no other offers in sight which made us fairly confident they would be willing to negotiate. The home was also empty, and they had moved on upping their motivation to work with us and sell. If the home you're interested in has a lot of interest, any other offers, or isn't yet vacant these could play into how your situation will turn out.
We were aggressive and it worked out, we went in not afraid to lose the house as we understood it was a possibility and ended up with a fantastic deal. Again, I'd say definitely go for it if it feels right to you. Good luck!
I hope it gets declined, I do not want that b**ch to have a house
It's awesome that it meets so many of your needs/wants.
But, it's obviously the $$$ of the nieghborhood.
If there's any way you may have to resell in the future, think of this. It will be hard to sell - you may have to take a loss.
Also, if you have higher-end tastes, as it seems, - do you want to be living in a neighborhood where the other homes aren't as nice? Any upgrades you do will price you even higher out of the neighborhood.
Regarding offer: The ask price seems pretty fair for the basement and all upgrades PLUS 5 bedrooms. I would expect them to ignore you (depending on how long it's been on the market) or counter with something in the lower 180ks. I would not expect them to go into the $170ks.
HUH?
? Do I know you?
Thanks, everyone else, for your input. We did make an offer today (higher than $165K, but not full asking price, on the advice of our agent) so we'll see what happens.
I hope you do not get it b**ch
Missing Perspective- You have been reported for violating TOS.
OP- Good luck!
Fock you!
Fock you too!
If you get the house, I hope it burns down b**ch
Reported.
LoL, trolls are so weird.