I found a place that I liked in a nice complex with residents that tend to be about my age and is gated. There are currently 4 units for sale. Of the 4 I saw, I only liked one of them based on the floorplan and location in the complex. They all had similar interiors because the units were converted from apartments in 2004.
I made an offer on the unit on Sunday. The asking was 180,000. My offer was 165,000 + 5000 closing costs paid by the seller + minor stipulations. The counter was 180,000 and all the rest. I returned with 171500 and the rest. Her realtor said the seller won't budge any further then we pushed harder and the seller came down to 178900. I told my realtor to push a bit harder to try to squeeze a little bit more out of them and said I wanted 177000 and to see if we can meet in the middle of that.
The seller bought it a year ago for 174900. The properties in the complex that sold recently that are comparable have been high 170s so my range is about what to be expected. With the 5000 closing costs added in, it is a good deal comparatively. My plan is to get it and hold on about 5 years and then resell it.
It is in Atlanta in the Brookhaven area. From what I can tell from research online, the market in Atlanta has never been particularly booming like other areas though it is constantly expanding. I have a unit lined up that I can rent for a year or longer if this falls through so I am not stuck taking it. Does anyone have any last minute cautions about the market or anything based on a 5 year outlook?
My math says if it appreciates at 3% a year for 5 years, then I come out about 15k ahead after realtor costs when I sell it. That would be fine with me. One thing the realtor pointed out to me which may or may not be true is that there is a complex going in next door with townhouses for sale that is 225-350 range on the sign so that will bring up the prices on the complex I am looking to buy in.
I made an offer on the unit on Sunday. The asking was 180,000. My offer was 165,000 + 5000 closing costs paid by the seller + minor stipulations. The counter was 180,000 and all the rest. I returned with 171500 and the rest. Her realtor said the seller won't budge any further then we pushed harder and the seller came down to 178900. I told my realtor to push a bit harder to try to squeeze a little bit more out of them and said I wanted 177000 and to see if we can meet in the middle of that.
The seller bought it a year ago for 174900. The properties in the complex that sold recently that are comparable have been high 170s so my range is about what to be expected. With the 5000 closing costs added in, it is a good deal comparatively. My plan is to get it and hold on about 5 years and then resell it.
It is in Atlanta in the Brookhaven area. From what I can tell from research online, the market in Atlanta has never been particularly booming like other areas though it is constantly expanding. I have a unit lined up that I can rent for a year or longer if this falls through so I am not stuck taking it. Does anyone have any last minute cautions about the market or anything based on a 5 year outlook?
My math says if it appreciates at 3% a year for 5 years, then I come out about 15k ahead after realtor costs when I sell it. That would be fine with me. One thing the realtor pointed out to me which may or may not be true is that there is a complex going in next door with townhouses for sale that is 225-350 range on the sign so that will bring up the prices on the complex I am looking to buy in.
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