How much should I offer on a house?

[Hayabusa Rider]

Looking at a home listed for 157k in the Rochester, NY area.

What is a reasonable offer to make?

House is 12 years old, 1900 sq ft 4 BR/ 2.5 baths 1.5 acres and in ground pool.


Whatcha think?

 

[SweetSweetLeroyBrown]

first you should know how long it's been on the market.

If it's been listed over 6 months, you can offer lower...say 147


If it's only been 1 month, I'd think they'd reject any offer below 150

 

[KLin]

holy crap, only 157k? that house in central california would easily go for 225, 375k in socal, and 800k in San Jose If an investor bids on the house, he'll more than likely offer a few thousand more than the asking price. just an FYI

 

[SweetSweetLeroyBrown]

location location location

 

[RKS]

If your initial offer does not offend the seller you have offered to high.

edit: 157K sounds like a great bargain. Even here in the Cincy suburbs that house would be at least 200k or much higher.

 

[Fiveohhh]

Its impossible to tell, unless its been on the market a few weeks don't go under too far if you want it. We had one house we were looking at the wanted 150, it had only been on the market, but was killer loaction and right on the mississippi. We had offered 155(we knew there were other bidders and still someone bought it for 162.

 

[flot]

No replies will be valid unless someone knows your market.

Depending on how hot the area is, how motivated the seller is, and how long it has listed - a reasonable offer could be anywhere from $135k to $170k.

Off the top of my head I'd say that most people probably inflate 5-10% from what they'd take. So anywhere from $7k lower to $10k lower would not be unheard of -- but if the market there is really active than $157k may be dead on at the least they'd consider. This is why it is important to have a realtor.

 

[runzwithsizorz]

Are you a pre qualified buyer? Also, it might be worth it to get a professional inspection to make sure there are no major defects if you are serious about buying. This price seems low. (I'm in San Diego, so I don't know what property sells for in your area. A real estate agent might give you tips as well.