Re: Lowball Offer on House
Most of the other comparables in the neighborhood don't compare well because the house I am looking at is on a street that is lower (across the board) than the rest of the neighborhood. I am trying to get into the neighborhood in case I get transferred and need to sell later. Anyway, I have 3 comparables from the same street:
Format will be (Soldprice, Sqft, Soldprice_per_sqft, Solddate)
$283,000, 2719, $104/ft^2, 02/04/2005
$240,000, 2628, $91/ft^2, 11/28/2005
$304,000, 3248, $94/ft^2, 01/13/2006
The house I am looking at is 2772ft^2, so that means if I take the average of the three prices per sq.ft. and multiply that by the 2772 of the house I am looking at that would give an expected price of ~$267,000. However, most people don't take comps beyond 2 years prior so the average of the two within the past two years would give a ~$92/ft^2 average which gives an expected price of ~$256,000.
I am not sure what the state of the housing market was in early 2005 compared to late 2005/early 2006, but that sale in February 2005 seems a bit high.
Anyway, I countered at $237,500 this evening. I will wait and see what I hear back tomorrow. Appreciate all your help guys.
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