this house originally sold for $440k.
The owner landscaped the yard, did some nice shutters, and that’s about it.
Owner tried to sell it for $550k six months later, big suprise no one bought it.
Owner has told me they’ll sell to me for $440k….which is exactly what he paid.
A house down the street – exact same house – just sold for $430k. That house has a larger lot, but a less private location…all in all..let’s say they are “equal” in terms of value. Level of upgrades is virtually identical.
That house sold USING agents..so that owner “lost” 5-6% to the agents. The owner of this house wants to sell to me w/out agents…which means there is no commissions coming out…and if you ask me..in a buyer’s market with prices falling..if anyone gets that benefit it’s ME. So knock off another 5-6% which is roughly $25k.
so if the most recent comp is $430k. – $25k = $405k.
Not a bad price for a house in this area, in this location/condition….assuming things don’t drop much more…
if prices go down a ton more, then buying now means i lose.
if prices go down only a little … buying it cheap enough would basically allow me to avoid the hassle of moving…and get the house at a price where it might not go under..
but the BIG problem is that renting is cheaper now.
Renting at $1400/month… a house that would cost me $400k…at 100% financing.. (which i’d do) i’m looking at a large house payment, 2% property taxes, $150 HOA, and another $100 for the gardner. plus other upkeep. even with the tax writeoff…renting is cheaper.
i do like th ehouse and the thought of moving is a pain in the you know what..but to save thousands and thousands of dollars..i’ll hire a moving company to move my stuff to another rental if i have to get out of this one….
