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FAQ'S: Step 5 to Buying Your New Home - What's a Fair Price?
Question:  Now that we've found the perfect place, how can I figure out how much to offer the sellers to buy it?
Answer:  There is no magic formula for coming up with the perfect price to go with your perfect home. There will be two important factors.  First, how does the asking price stack up to the actual "market value" of the property?  And second, are you the only offer on the table, or is there competition from other buyers who share your good taste?
Once you decide on a house, I will start by putting together the history of sales for similar homes in the neighborhood or even the same street.  I will give you information about the differences in each one - was the kitchen renovated?  Was there a first floor powder room?  Was the lower level finished?  In short, what did these homes have that your new home lacks, and vice versa.  This will help you determine whether or not the sellers' asking price is reasonable or just way optimistic.
If you are the only offer on the table, it may be difficult to resist the urge to negotiate for a lower number, even if their price is ... more

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