With so much real estate information public record, it's easy in our area to find the price a seller paid for their home. It's right there on the county auditors' sites, or a host of other sites.
And it's not uncommon for a home buyer to think that price is relevant to how much the buyer should pay today.
Here's the short answer: it doesn't matter what the seller paid.
As a buyer, you don't get to decide how much profit a home seller makes (or doesn't make).
The seller may have gotten a great deal, or not.
They may have spent major money updating the home, or not.
They may have been in the home for 6 months or 16 years.
The ultimate number to consider:
WHAT WILL IT TAKE FOR YOU TO BE THE HOME'S NEXT OWNER?
And that number is not determined by what the seller paid, but by TODAY'S market conditions.
Are there a large number of similar homes for sale?
Have they been selling? And at what price?
Are you going to have competition for the home?
What considerations do you need for your financing?
These are the factors that help determine the price it will take you to get the home under contract.
So ignore what the seller paid when they bought the home if you REALLY want to be the home's next owner.
Serving Greater Cincinnati home buyers and sellers,
Bill & Liz aka BLiz