Q: Is there a way to figure out how much to offer on this home in Holme Circle? It is a really nice four-bedroom twin for sale for $199,900 and has been on the market for more than two months. Do you think the seller would take an offer for $150,000? I am approved to $180,000.
A: There is no set formula for making an offer on a property. The only way to find out if the seller would take an offer that low is to make the offer in writing. But no matter how long it’s been on the market — and these days two months isn’t very long — you’re talking about potentially offending a seller who might be agreeable to $180,000. And an offended seller may not want to participate in negotiations.
If you want to figure out if it is worth buying this property then just check the comparable properties that have sold in the area recently. The most recently sold Holme Circle four-bedroom twin sold for $204,000 with $6,000 seller assist. There have been twins that sold for less than that, but none with four bedrooms. The extra bedroom is worth more.
Do I think any seller would accept an offer for 25 percent less than the asking price? It depends on who the seller is and how bad they want to sell. Maybe if they know the property is over-priced in the first place. But this property doesn’t seem like it’s over-priced. I’d say it’s not likely you’ll find a seller to take that much less than the market value, unless it’s a bank-owned property or a short sale. And even then, the number might not work.
Stacey McCarthy is a real estate agent with the McCarthy Group of Keller Williams. Her Real NEastate column appears every Wednesday on NEastPhilly.com. See others here. Read other NEast Philly columns here.