- 6 years ago
- Wedding: October 2011
Short version: List ~400k, on market 140 days. We offered 390k + 12k closing help. They countered at 395k + 12k closing help. Just accept? Or counter?
We decided to make an offer on a house we saw on our 1st house tour, 2 months ago. We liked the house a lot at the time, but not the backyard (it lacked privacy). However, after looking at another 40 houses, and a lot of different yards, we decided to take another look at that house from the first day. We decided that if we planted some fast growing trees, we could ultimately have the privacy that we desired. The house has some great features, just needs a little updating, which my dad has agreed to help us do.
Anyways, the house has been on the market for $399,900 for 140 days. Only a few homes in that neighborhood have sold in the past year… they appear similar in sq footage and sold for 400-420k. I don’t know what they were like on the inside though. There are two other houses on the market right now in the same community for the same price – one was larger, but we didn’t like either one as much. In 2009-2010, houses in the area were selling at 370+, but the market appears to have been slower then. The Zillow estimate for this house is: 387k, which is about the same as the tax assessment, 385k. I think the reasons the house has not sold are 1) yard, 2) lack of tub in master bath (though it has a new, very nice tiled shower and granite double vanity). The sellers are retiring and moving out of state. They seem ready to move, having turned down an offer from someone who wanted to rent and then close in January and another from a couple who needed to sell their house first.
We are non-contingent buyers, other than inspection/appraisal/financing. We were pre-approved and all that jazz. They wanted a quick closing and so we put 45 days, which was as quick as the bank though we could get the loan processed.
We offered 390k and asked for 12k in closing help. They countered at 395k with 12k in closing help. Darling Husband said he is fine to accept that. My parents think we should counter (maybe at $392,500?). Is it worth negotiating for another 2,500? I don’t want to lose the house, but at the same time, wouldn’t be completely heartbroken (though probably a little bummed)… I don’t want to pay too much, especially as it’s been on the market awhile.
Sorry for writing a book!
ETA: Yes, 30 year mortgage.