Buying A Home
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Comparing recent sales to listing price

We're saw a house online that is currently $192/square foot.  Recent 2012 sales in the town are selling for about 160/square foot for similar size homes and features (4 bedroom, 1.5+ bath, central air, finished basements, etc) though homes in this particular neighborhood have averaged about closer to 151/square foot.  The house just went on the market a month ago and it does have a partially fenced in yard, but the basement is unfinished.  I'm talking to an agent for the first time tonight.  Would it be inappropriate to ask her if she thinks the house is overpriced.


Re: Comparing recent sales to listing price

  • Are you talking to your own agent, or the listing agent? If it's the listing agent for that house, you need to be diplomatic about it. It might be better to say "I noticed that other properties in the area with finished basements are selling for closer to _____, is there something that is making the price of this home higher that we're not aware of?" or something like that.

    We saw plenty of houses like that when we were looking. Did you factor in upgrades/big ticket things (new roof, windows, etc ?). A lot of times it just means that the seller told their agent they want to list at $x and could indicate that they're unreasonable.

    You could always offer what you think the house is worth and see what happens. 

  • I'm meeting with a potential agent that would represent us tonight so not the listing agent.  I guess I am curious about her take on the price.  Maybe they have made more upgrades/big ticker things that the advertisement mentions.  I guess our thought is if the house is way overpriced then we're not even going to bother to look at it until it comes down in price because there is a pretty big price difference between recent sales and their selling price. 
  • I agree with pp, if you go and look at the house and you like it put an offer in.

    We are closing at the end of this month on our first home. Most of the houses that we looked at were about $10-15k more then we were comfortable paying. (But of course less then approved for.) The house we bought was about $20-30K over priced. (At least when we looked at the area comps, it was) We went in with an offer of $40 less then the asking price. ($295k on a list price of $335K). They did not except this but the excepted $305k! We are very excited to move in and we are very happy our REA convinced us to look at houses that were a little out of our comfort zone, other wise we never would have bought.

    The most beautiful things in the world are not seen nor touched. They are felt with the heart. -- Helen Keller Daisypath Anniversary tickers
  • Maybe it's overpriced, maybe it's not. Certainly houses that sold for $160 a sq ft were listed higher than that. As someone else mentioned, it could have better upgrades or a better location. I wouldn't write it off without looking at it.
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