07-13-2008 10:03 AM - edited 08-04-2008 03:53 AM
Message Edited by Glenn on 08-04-2008 03:53 AM
07-14-2008 04:03 PM
This price difference is substantial, and you would need to justify an offer this much lower. If other homes of this type in the same area are selling for $825,000 or if this home had structural issues that needed to be addressed, you may have something. But if all is well with this home, and the asking price is in line with others in the area, then an offer of $825,000 being accepted is questionable, even if the home has been on the market for this long.
A great way to determine a good asking price is to do a CMA.
A Comparative Market Analysis (CMA) is a neighborhood survey of recently sold homes that are similar in size and style to the home you want to buy. Buyers, sellers and real estate agents use a CMA to establish a fair price range for a home.
Redfin’s website also allows you to do your own Comparable Market Analysis, or CMA.
Check out this great page on our site about how to run the numbers and organize your research:
Redfin Open Book
07-15-2008 09:22 AM
I think it's priced well, if you look at comparable properties (4+ beds, 3+ baths, built in 2000+) in the area, they're going for around $350/sq ft, which is what this house is priced at.