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There is a new development going up near me which began in 2022. The brand new home I'm considering has a price tag of $415k. Here's the thing. Another version of the exact same home went on the market for $385k. The original owners paid $395 at the end of 2022. The house had multiple offers and sold within two hours (it had lovely upgrades).
Here's the thing. What would be a good offer on the new house? The house that sold is $275 per square foot. The brand new one is $292 per square foot and has been on the market over a year.
The first Q for me is - why did the other one sell within two hours, while this one can't sell in a year? The upgrades can't be the only factor.
I would offer $375, and work your way up to $395 if pushed there by counters.
Hey look - the other one sold for $395 only 1.5 yrs ago, and this has been sitting on the market for a year. We are ready to take this off of your hands right now.
Yeah definitely find out WHY it’s sitting.
Might simply be due to over pricing, but maybe something else could be going on.
Remember should you go to sell, you may face the same problem trying to unload it.
Are you sure THAT house has been on the market for over a year? In my area, builders will list one or two of each model. They don't list every single house in the project. This house could be the generic listing. So if you walk into a builder's sales center and say "I like this house", they will show you the site plan and let you pick your lot. So, in essence, it has "sold" numerous times over the last year.
This is where it's helpful to have help from someone who knows the market and has access to more information than what's online, public data.
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
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With a builder on a new home you don't have to worry as much about the seller being insulted by your offer. While that house sits empty it's costing them money, so I would definitely make a lower offer if you really want it. I also wonder why it's been on the market so long, and that's worth looking into. Are there high voltage power lines nearby, a busy road, a noisy school?
Some good points, too. It could be a "builder's model" or something of that sort, which can be a good thing, as they're typically better built with more attention to detail, since they have to be a showpiece to promote the development.
There is a new development going up near me which began in 2022. The brand new home I'm considering has a price tag of $415k. Here's the thing. Another version of the exact same home went on the market for $385k. The original owners paid $395 at the end of 2022. The house had multiple offers and sold within two hours (it had lovely upgrades).
Here's the thing. What would be a good offer on the new house? The house that sold is $275 per square foot. The brand new one is $292 per square foot and has been on the market over a year.
What would you do?
It sounds like there was a motivated seller who wanted to sell fast. Which is better, 415K for a brand new 2024 home or $395K for a two year old lived in home? I think there are some people who would prefer the new home at a slightly higher price.
415K sounds pretty cheap for a new 1400 sq ft home. Is this a 55+ community? Those are harder to resell compared to regular homes.
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