Post # 31
Our house was listed at 400k. We ultimately thought it was reasonable to meet them around 380ish, so our first offer was 365. We eventually landed on 385 and that’s what we bought our house for. Our house was built in 1987 and not a thing was done to it since then, so there was definitely work to be done!
Post # 32
We got our current house (4 years ago) for 20k over list. We just bought a new home for $12,500 over list. The market here is nuts but I think it’s starting to even out a bit.
Eta- our new house needs a lot of updating (kitchen and 2 bathrooms need complete cosmetic updates) as did our current home. So the condition doesn’t matter here.
Post # 33
When we bought, the housing market in our area was warming up after the recession (US), in a somewhat economically distressed metro-area where people who had been foreclosed on were finally starting to get back the ability to get financing. Houses were just starting to move fast, but we also put our offer in at the end of winter so there were fewer buyers looking but also not a ton of inventory. The actual town that we bought in is one of the more sought after in the area because of good schools, nice community, etc.
We offered asking price ($179,900 which was priced appropriately for the area) with seller paid closing costs. They claimed they had another offer on the table and countered with asking price and they would not cover any of our closing costs. I really wanted the house…but I also believe that you have to be willing to walk away. I countered with asking price, with $4k in seller paid closing costs and they accepted the offer.
That was about 2 years ago…since then the market has completely changed and gotten really competitive for buyers. I’m so glad we bought when we did because unless the pricing is way off the mark, houses in our area are selling in just a few days to weeks and our house would probably sell for about 20% more today than it did when we bought.
Post # 34
It depends on the market where you are. In my neighborhood, houses are selling thousands OVER asking because demand is high and supply is low. When we bought, we offered 10k under asking and ended up coming to 5k under, but there were 5 or 6 houses for sale in the neighborhood. Now, they’re selling for thousands over within 36 hours of being listed.
Post # 35
Our market in South Florida is super seller-friendly right now. We saw our condo and made an offer within 2 hours, we went in right at asking with pre-qualifcation. Apparently there were two other offers that got rejected, so they were either under or they didnt’ have the pre-qualficiation for their mortgage. I wish we could’ve gone in under asking, but that’s tough down here right now! Good luck!
Post # 36
We didn’t get much out of negotiating down the price (around 10k) but then also had the sellers do a lot of repairs after inspections came back… the biggest of which was a new roof which would have cost us around $25k. I think having decent offer in hand helped them compromise on some of the repairs.
Post # 37
We offered $5k over plus a 15-day close. We were one of 4 offers on our house 3 days after the house went on the market. It’s very competitive where we are. We would have gone to $10k over asking if they had countered. We did ask the sellers to do some minor work and we are doing some other stuff ourselves.
Post # 38
Chicago, IL two-bedroom condo 1000SF (foreclosure)
On market for 180K but price had been lowered twice from
original ask of $220K. I offered 170K and the bank accepted! Got it for a steal as my downstairs neighbor just sold his identical unit for $235K in five days.
Post # 39
We offered 10k less than asking and ended up paying 5k under asking after they countered.
Post # 40
Went in 6k over ask. Ended up with 15k in seller concessions for work that needed to be done (new roof, amongst other things). We were the only offer, but only because we walked in to the brokers open house ready to buy.
Post # 41
Curlycupcake : similar story. We offered about 15k below asking (5-7%)within hours of attending the open house. Sellers came back saying they had multiple offers (I think it was 3) and to put in our final offers. We went in at 5k over, offering them a free month “lease-back.” We ended up getting the house because of that and the fact that their realtor remembered us and knew how much we loved the house so he pushed for us and it worked.
Post # 42
tillymac : according to your update, I’d put an offer in at 227k especially if your certain that the house was listed a few months ago and didn’t sell. The owner may be keen to sell so you never know. They can always counter offer and it can give you a ballpark as to where they are genuinely at.
Post # 43
We got advice from my dad’s financial advisor to go in at 235k. She looked over all the comps etc for free which was nice of her and said it was fair. The condition of the place is pretty bad but it’s a home and its all cosmetic. We are keen on having a project.
We are in town for 5 days and need to leave with a place to come to when we relocate so while we want a deal, we desperately need a place to live and there isn’t much else in our price range here.
We’re cash buyers though with a 21 day close with hardly any conditions so I think it’s fair to start at at least.
The house has only been on the market 3 weeks apparently and I think someone else is offering too.
Post # 44
I offered only 1K under asking price, while also asking sellers to cover closing costs. We offered after the house had been on the market only 24 hours. We purchased with a conventional mortgage.
Post # 45
tillymac : this is very geographical. home sales are competitive here, we saw a house the third day it was on the market and made an offer just below ask ($190k for a $200k ask) and they countered with $198k, which is what we bought it at.