We've found a home you're interested in, but it's not an exact match for what you want it to be.
It needs new carpet.
The paint colors are not in style.
The home has had no updates since it was built.
Appliances are old.
The HVAC system is 20 years old.
So you see a LOT of things that you want changed, or could potentially fail soon.
Should these things impact your offer price? After all, you're going to have to spend quite a few dollars AFTER you own the home, right?
Well the answer isn't a definitive Yes or No, but an It Depends.
The bottom line is understanding the market conditions for the type of home and area.
Are there a scarcity of homes for sale?
How is the home priced relative to similar homes?
Were those sold homes updated or similar to the home that interests you?
Are the changes you want to make essential to the homes function, or more oriented to personal choice?
When you have this information, it's easier to assess whether the home is priced appropriately for its condition, or priced like a home that is updated and not calibrated to the actual market conditions.
Once we can determine the situation, then we're in position to determine what should be the market value for the home. That said, it MAY take more than that to get the home if the seller isn't motivated to get the deal done.
It's a case by case situation. You can't get the answer from any home valuation website, there are just too many factors to consider. Hire a buyers agent to help you.
Want to discuss further? Just give us a call at 513-520-5305.
Serving Greater Cincinnati home buyers and sellers,
Bill & Liz aka BLiz