making an offer based on sq foot price?

Credit and mortgage advice Forums Buying Your Home Buying a Home in Bay Area making an offer based on sq foot price?

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    • #226069
      Anonymous
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      We might be near making an offer on a home.* It is in an unusual location in that it is in one town, but zoned for a different town’s school district.* The school district is more desirable, if the listing is any indication.

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      So, we’re looking at comps and only two houses on the block have sold in the past 3 years.* Other houses in similar positions are all million + homes, so I don’t know how comparable they are to the house we’re interested in.* Any way, the same street comps are:

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      1. Sold Nov 2010.* Not very similar house (updated and 1000sq feet larger, 1 more bed and bathroom, nicer curb appeal, nicer yard).* Sold for $316 a sq foot.

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      2.* Sold Dec 2008.* Very similar house to the one we’re considering.* A tad more sq feet.* Nicer master bathroom–but I’d call it basically a draw in terms of similarity.* Sold for $394 a sq foot.

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      The house we’re considering is priced at $419 a sq foot.* Does the price per sq foot seem reasonable to the comps?* Are these comps, well, comparable?* 3 years is a long time and the market has changed pretty significantly since then, no?* I don’t really know how to come up with a comp because other similar houses size-wise in the same town don’t have the same schools and similar houses size- and age-wise in the other town are within walking distance to schools (which is a big draw back to our home). *

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      We’re first time homebuyers and any suggestions would be welcome.* I think our agent is going to think what we are willing to spend as a lowball offer, but I just don’t think the house is worth anywhere near asking.**

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      Has anyone offered 10% below asking?* That would put us at about $350 a sq foot, which I think is fair.



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