How much should be your initial offer for the house?

Question

There are too many general texts around how much to offer in internet. Don't see a solid one. If a property had price reduction of 15K from 355K after being in market 90 days is it ok offering below 300K ?

Answer 1

If after 90 days they went from 355 to 340 asking price, then you'd be ok to offer 295 or so. They might be a BIT offended, but it could be a starting point to get you to maybe 320 or so as a final offer.

Answer 2

You can offer whatever you want, it's up the the seller to respond to it. Do your comparable research for houses in the area you are looking at to see what is a fair value. Houses have been over inflated for some time now so you will get a good deal. Houses as anything else has 2 values attached to them, 1 is the want value the other is the need value, you have to decide how bad you want or need the house to what a fair value will be. Good luck

Answer 3

Offer what ever you want.   But do not expect a low ball offer to be accepted.

You should be talking to your agent about this, they can give you an idea of the value of the house.

Answer 4

You can offer whatever you want.  Period.  Whether they accept is another story.  I've always heard that it's generally understood that your first offer isn't your final offer and that you should expect to negotiate.  In this slow market however, my realtor has advised me to go in with my best offer first because no one wants to play games - they want the sale quick.  In any case, your realtor should be able to advise you on what is a fair offer and he/she should be able to tell you comparable prices on similar properties.