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http://www.weichert.com/40590504/ This is what I'm hunting right now. It's a interesting property. I'm going to check it out and if it is in good shape I'm going to offer 220-250 and see what happens.
3,000 square feet is fairly sizable. I wonder what it's like to heat that.
So, about 6 months of looking and I'm still no closer to finding a home that I am not out bid on or is either so crappy and cheap or SOOOOO expensive.
If you really want it then bid like you mean it.
You bid like you want to save money, 50k in savings when in a 300k 30 year mortgage can save you almost double that in interest payments.
Man, do I have a house to sell you guys. You guys are nuts and deserve to get ripped off in the market. For example the house I got out bid on was going for 414, I came in at 250 and it ended up selling for 315. Sooooo Think about that for a moment that's 100k difference.. and that was an interesting house with a lot of potential in an awesome location. Easily would have appraised for over 400k. (it was selling for 800k two years ago) Unfortunately none of you are in the market for a house in my area, I have a nice house to potentially sell and you'd give me a great price for it.
Wow, that's some pretty crazy over-valuation in your market. I don't think you can really expect a $100k under-bid to be successful anywhere, though. Like I said, it's highly market-dependent.
Wow, that's some pretty crazy over-valuation in your market. I don't think you can really expect a $100k under-bid to be successful anywhere, though. Like I said, it's highly market-dependent.You'd be surprised. $100k underbids work when the original value was part of a bubble and the owners are trying to salvage it.House starts at $800k in the bubble. Drops to $500k. They put it on the market. Real value drops another $100k while it's up for sale, but they don't move the asking price down (since no one else in the area is doing so). Bidding $400k can leave you as the top bid.
Tax assessment is bad in that the municipalities have a vested interest in over-estimating value (for taxation purposes) while homeowners have a vested interest in either over or under valuation depending on their current economic situation.
Assessments upstate magically seem to occur whenever there's a budget shortfall. And oh! Property values are really high this year! Fancy that!
I understand the construct for housing prices, but it still boggles my mind that a two bedroom, one bath, and postage stamp yard property can go for so much friggin' money in not-so-great suburban neighborhoods.