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What's a good asking price to start with for this house?

J

JackBurton

Lifer
If a house is on the market (I'm in Texas) for $159,000, how much do you think I should offer for it? I was thinking $120-130 to start? I'm in no hurry, so if they take it that cool, if they don't that's fine too. But do you guys think that is a reasonable offer?

Also, any realtors around that know about any "hot deals" on homes?
 
Originally posted by: JackBurton
If a house is on the market (I'm in Texas) for $159,000, how much do you think I should offer for it? I was thinking $120-130 to start? I'm in no hurry, so if they take it that cool, if they don't that's fine too. But do you guys think that is a reasonable offer?
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Unless they are desperate (foreclosure) they could get pissed that you lowballed them and may not even accept any offer after.
 
Depends on the market situation where you live. If it's currently a seller's market (and given the current interest rates, I should think it is), and you undercut the price too much, it's pretty likely that someone else will overbid you and win the sale.
 
Without knowing your local real estate market, it is impossible to say. Recently, in my local market, all homes went for ABOVE asking price in bidding wars. While that is likely not the case in your market, it illustrates that the local market forces mean everything.

I would recommend you ask a realtor, but I don't trust their judgement at all...
 
Originally posted by: DingDingDao
Depends on the market situation where you live. If it's currently a seller's market (and given the current interest rates, I should think it is), and you undercut the price too much, it's pretty likely that someone else will overbid you and win the sale.
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agreed
 
Like I said, I don't HAVE to have the house. If someone overbids me, fine. I'll look for another house. But I know someone that offered $135,000 for an $180,000 home. Initially the builder got pissed, but after three times meeting with him, he finally got the home for $135,000. That may have been a freak thing, but since I'm in no rush, I thought it couldn't hurt to look for the bottom selling price.

Where I'm at, it's a buyers market. Definitely.
 
Way to many variables not discussed... How long has it been on the market? What is the houseing market like in the small area known as Texas? Do they occupy that home or have they already moved and are needign to unload this one? What is it's condition? What are the values of like homes in the same area?

Without at least these answers no one can help you here.


If it has been on the market for less than a year and it's a sellers market, they won't accept a lowball offer. If it has been on the market for over a year and they are not living there and it's a buyers market then they will probably look at it and counter with at least 50% of the difference added.
 
Originally posted by: JackBurton
Like I said, I don't HAVE to have the house. If someone overbids me, fine. I'll look for another house. But I know someone that offered $135,000 for an $180,000 home. Initially the builder got pissed, but after three times meeting with him, he finally got the home for $135,000. That may have been a freak thing, but since I'm in no rush, I thought it couldn't hurt to look for the bottom selling price.

Where I'm at, it's a buyers market. Definitely.
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Really? Where in TX do you live? Because I need to move there, then. Here in Los Angeles, prices for houses have nearly doubled in the last 24 months. Definitely a seller's market.
 
if you don't care whether or not you win the bid, then go ahead. $145 is more reasonable w/o knowing what the market is like in your area.
 
Originally posted by: TheGameIs21
Way to many variables not discussed... How long has it been on the market? What is the houseing market like in the small area known as Texas? Do they occupy that home or have they already moved and are needign to unload this one? What is it's condition? What are the values of like homes in the same area?

Without at least these answers no one can help you here.


If it has been on the market for less than a year and it's a sellers market, they won't accept a lowball offer. If it has been on the market for over a year and they are not living there and it's a buyers market then they will probably look at it and counter with at least 50% of the difference added.
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Well that's actually good information. I now know what to look for when making an offer.

 
Originally posted by: DingDingDao
Originally posted by: JackBurton
Like I said, I don't HAVE to have the house. If someone overbids me, fine. I'll look for another house. But I know someone that offered $135,000 for an $180,000 home. Initially the builder got pissed, but after three times meeting with him, he finally got the home for $135,000. That may have been a freak thing, but since I'm in no rush, I thought it couldn't hurt to look for the bottom selling price.

Where I'm at, it's a buyers market. Definitely.
Click to expand...

Really? Where in TX do you live? Because I need to move there, then. Here in Los Angeles, prices for houses have nearly doubled in the last 24 months. Definitely a seller's market.
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Well the house is 2100+ square feet with 5 bedrooms and 3 baths. It's pretty nice and definitely all I need. Actually more than I need. It's only me and my wife. 🙂

 
I think you are probably going a bit too low. We don't know the exact details, but I highly doubt many houses are selling today in any market at less than 90% of the asking price. Thus 90% * $159,000 = $143,000. Thus, I would take it as an insult to have an offer of less than $140,000. Remember, when a house has an offer under consideration, it has to be told to every other potential purchaser and it may harm their chances for a real sale.

Of course you might get lower than that, if you have special circumstances mentioned by others in this thread.
 
Originally posted by: JackBurton
Originally posted by: TheGameIs21
Way to many variables not discussed... How long has it been on the market? What is the houseing market like in the small area known as Texas? Do they occupy that home or have they already moved and are needign to unload this one? What is it's condition? What are the values of like homes in the same area?

Without at least these answers no one can help you here.


If it has been on the market for less than a year and it's a sellers market, they won't accept a lowball offer. If it has been on the market for over a year and they are not living there and it's a buyers market then they will probably look at it and counter with at least 50% of the difference added.
Click to expand...
Well that's actually good information. I now know what to look for when making an offer.
Click to expand...

Is it posted on Realtor.com? (great site by the way)
 
Originally posted by: TheGameIs21
Originally posted by: JackBurton
Originally posted by: TheGameIs21
Way to many variables not discussed... How long has it been on the market? What is the houseing market like in the small area known as Texas? Do they occupy that home or have they already moved and are needign to unload this one? What is it's condition? What are the values of like homes in the same area?

Without at least these answers no one can help you here.


If it has been on the market for less than a year and it's a sellers market, they won't accept a lowball offer. If it has been on the market for over a year and they are not living there and it's a buyers market then they will probably look at it and counter with at least 50% of the difference added.
Click to expand...
Well that's actually good information. I now know what to look for when making an offer.
Click to expand...

Is it posted on Realtor.com? (great site by the way)
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Yep. Here it is.
 
Originally posted by: HomeBrewerDude
too low. i concur with dullard.
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But you know nothing about his local market and the property itself...

Are comparable properties priced more or less in the area? Why are they selling the house? How long has it been on the market? How old is the roof, heater, A/C etc...

I think our real estate maket has progressed to the point the stock market was at before the correction. Everyone thinks it is OK to pay top dollar because what you are buying will appreciate rapidly anyway...
 
that's too much of a lowball... generally I wouldn't go lower than $15k of their asking price to start. You don't want them to think you're just wasting their time when it comes down to who to sell to if the bids are close. Not everyone sells to the highest bidder in the end...
 
Originally posted by: JackBurton
Originally posted by: TheGameIs21
Originally posted by: JackBurton
Originally posted by: TheGameIs21
Way to many variables not discussed... How long has it been on the market? What is the houseing market like in the small area known as Texas? Do they occupy that home or have they already moved and are needign to unload this one? What is it's condition? What are the values of like homes in the same area?

Without at least these answers no one can help you here.


If it has been on the market for less than a year and it's a sellers market, they won't accept a lowball offer. If it has been on the market for over a year and they are not living there and it's a buyers market then they will probably look at it and counter with at least 50% of the difference added.
Click to expand...
Well that's actually good information. I now know what to look for when making an offer.
Click to expand...

Is it posted on Realtor.com? (great site by the way)
Click to expand...
Yep. Here it is.
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Sweet home. That would go for 200K in Tulsa Ok easy. WOW. Do you have a realtor? If so, ask them to give you details about this home (time on market etc...) by giving them the MLS #. That is a sweet home, I hope you can get it.

 
Originally posted by: JackBurton
Yep. Here it is.
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I just offered more than twice that for a 1-bedroom 1100 sq. ft condo and was turned down.

I freaking hate moving into a big city.

<--is crying like a baby
 
Just goto the court house and find out what the owner bought the house for. Compare that with local appreciation rates. The house may only be worth $130,000 or it may be worth $175,000.
 
Thanks guys. I'm not that excited about the kitchen but it will do. If I do end up getting it, I'll have 4 extra rooms. The rooms will be labeled the following....Game Room 1, 2, 3, &amp; 4. 🙂
 
Originally posted by: K1052
Originally posted by: JackBurton
Yep. Here it is.
Click to expand...

I just offered more than twice that for a 1-bedroom 1100 sq. ft condo and was turned down.

I freaking hate moving into a big city.

<--is crying like a baby
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Damn dude! That's STEEP!

What I plan on doing is, getting a 15yr note and pay it off in 5 years. Yes that's aggressive, but I have no car notes (and don't plan on getting one) and no CC bills. I'll also be putting down 20-30% on it. I just want to pay it off and have no mortgage.
 
Originally posted by: JackBurton
Originally posted by: K1052
Originally posted by: JackBurton
Yep. Here it is.
Click to expand...

I just offered more than twice that for a 1-bedroom 1100 sq. ft condo and was turned down.

I freaking hate moving into a big city.

<--is crying like a baby
Click to expand...
Damn dude! That's STEEP!
Click to expand...

Considering what I could buy for that around where I currently live, it really sucks.:frown:
 
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