Don't be afraid! Just make the offer! You are afraid because what you would like to offer and the seller's price are very far apart, right? And maybe you are afraid that you will insult the seller and he/she will not negotiate with you. Sound familiar? Talk to your agent about this, and while you are at it, look at homes that are over your price-point - they may be overpriced too!
Here's the reason... The market, at least here in Fairfield, CT, is just about hitting its bottom. There is a little bit of the yo-yo happening, but sales prices are pretty consistent. This being said, there are quite a few homes out there, still on the market, that are priced way over the average sale price for that type of home in its given location. Most likely, this seller has been updated on the current comps in the area by his/her agent, and has decided to stay put on price. Usually, the mentality behind this decision is, "if someone would just make me an offer, then I would consider a reduction in my price." And I have to tell you, Buyer, this is pretty common...
The problem that this poses to the seller, is that they don't realize that this actually deters buyers; so the home starts gathering market time, and the buyers begin to think that not only is the home overpriced, but that something is wrong with it. It's the dog chasing its tail scenario.
So Buyer, my advice to you is to first of all, go see that home... see what you think. If you like it, make an offer. An offer with a copy of a deposit check, in someone's hand, is a very powerful motivator. It doesn't cost you anything to try it, and you may end up pleasantly surprised!
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