QUOTE(KittyKatz @ May 9 2011, 02:44 PM)
DH and I are going to look at a house tomorrow. It was originally put on the market for $829K, but has been reduced to $750+
as there's been little buyer interest.
I realise that this is a hard question to answer, but....$750K is still stretching our budget too far. We're still going to look anyway thinking that if they have already reduced the price once, they may be desperate to sell, and could reduce it further.So -
if that's the case, what would be a reasonable first offer? Any comments/advice would be fantastic
AuChocolat is right, and proeprty is only worth what someone will pay for it!
When I purchase properties for my work, we always get properties valued and then go in around 10-20% lower. Whilst you dont want to pay more than you can afford, you also dont want to come in so low you insult the vendor.
Look at recent sales history, you can find it on websites for similar properties in the same area, I would start there, this is more for your information to give you an idea of what its worth, tyou only need to pull out these figures to the agent if you really need too, they know what the figures are anyway. They may be desperate to sell but you really dont know, they may have realised they had it on the market too high.
It also depends on how much you want this house, (with work there is no emotion so if I miss out I can move onto the next one) if you really want it, I wouldnt muck around, I would maybe go 10-15K less than your max. If you can do it without emotion I would go in a bit harder with 15-20k under.
Agent are like car sales men, they play a game, you just have to play it better!