Houses on market for long time- no offers

[Anonymous]

What would one offer for a home that was sold at 650K in 2018, tax assessment at 520K but seller listed for 950K 3 months ago. No buyers and no offers so far. Obviously there are other homes in the vicinity for 780 K to 850 K range on the market as well in similar size and shape.
What will be a reasonable offer for this overpriced home?

[Anonymous]

What are you willing to spend on the home? If it’s $900k, I’ll go in at $875k and see what happens.

[Anonymous]

Look at comps that have sold over past year.

[Anonymous]

Without seeing it or comparing it, I'd say $815K.

[Anonymous]

Market has moved about 30% since 2018, so $875,000 seems fair. Might it sell for yes? Sure, but lowball offers often don't work. Better to offer $875,000 to get the house than $799,000 to have them scoff and ignore you.

[Anonymous]

Why not buy one of the other similar homes on the market? There seems to be something about this one that is worth a premium.

[Anonymous]

Anonymous wrote:Look at comps that have sold over past year.

No recent sales in 30 days around this area. Comps show sold homes at inflated prices in May and June at around 870K.

[Anonymous]

Anonymous wrote:Why not buy one of the other similar homes on the market? There seems to be something about this one that is worth a premium.

limited community road. closer to main street. Pros: easier ingress and egress. Cons: too much traffic passing through

[Anonymous]

Anonymous wrote:

Anonymous wrote:Look at comps that have sold over past year.

No recent sales in 30 days around this area. Comps show sold homes at inflated prices in May and June at around 870K.

Good luck getting much of a discount, maybe offer 850?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Look at comps that have sold over past year.

No recent sales in 30 days around this area. Comps show sold homes at inflated prices in May and June at around 870K.

Good luck getting much of a discount, maybe offer 850?

Home is on the market and there is no traffic in this are at all but there are no price cuts yet. We are going to wait on sidelines for now.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Look at comps that have sold over past year.

No recent sales in 30 days around this area. Comps show sold homes at inflated prices in May and June at around 870K.

Good luck getting much of a discount, maybe offer 850?

Home is on the market and there is no traffic in this are at all but there are no price cuts yet. We are going to wait on sidelines for now.

Just want to add the main reason is the home will not appraise for that price.

[Anonymous]

Make a reasonable offer after looking at comps and consulting your Realtor. Depending on the house, maybe in the low 800s. We were from an area in the US where negotiating was expected, and we were able to buy the house.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Look at comps that have sold over past year.

No recent sales in 30 days around this area. Comps show sold homes at inflated prices in May and June at around 870K.

Good luck getting much of a discount, maybe offer 850?

Home is on the market and there is no traffic in this are at all but there are no price cuts yet. We are going to wait on sidelines for now.

Just want to add the main reason is the home will not appraise for that price.

It sounds like it could appraise between 870 and 900. Not saying that it will sell for that, but the comps would support that price. Appraisers can use any comps from past 6 months.

[Anonymous]

Whatever you think it is worth, obviously.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Look at comps that have sold over past year.

No recent sales in 30 days around this area. Comps show sold homes at inflated prices in May and June at around 870K.

I’d probably offer $780-800. But know that whatever you end up paying it may not be worth that much in 6-12 months. Which is fine; just know that going in.