I just answered a question on Trulia Voices:
The question was: How much “wiggle room” do you typically have on an asking price?…I am looking at a NJ home asking $320,000 which seems pretty accurate according to my realtor. But it’s in a flood zone and had water just 3 years ago according to the owners disclosure. Whereas the comps are not in a flood zone, but lack some of the upgrades (partially finished basement, all appliances included, hardwood floors). My mortgage pre-approval is only for $300k. Should I not even be considering this home or is it possible that there is enough room to play with?
My answer was this, “you won’t know how much wiggle room there is until you make an offer. The list price is only half the game (if that, given that we are still essentially in a buyers market even if we are recovering). Figure out the value to YOU, put it in writing and start a discussion.”
I also added this, “If I may add my $.02 though…. reading between the lines of your question – this probably isn’t the right house for you. I just have a hunch, I always counsel my buyers in this way – if you have doubts, move on….”
I honestly believe in the “you will know when it is right” line of thinking. You feel it, you just do. If you walk into a house and you don’t “feel it”, it’s probably not the right house. If you have to post on the internet to ask if a house is worth it, then it’s probably not the right house. If you make an offer and it is accepted and you have second thoughts and start hoping it will fall apart – then it’s probably not the right house.
If you make an offer and it is accepted and you are so excited that you can’t sleep and you ask your agent a million questions to make sure you do everything right so nothing goes wrong and messes up the deal…if you have jitters and alternate between being so excited and wanting to throw up, then it’s probably the RIGHT HOUSE!
Just ask Scott and Kathy – – they know the difference!!
I’m more than happy to help you find the right house; start your search in Basking Ridge by visiting my website to see what has sold recently or to sign up for listing alerts.
