First off, we are on the east coast, where the market is still pretty hot (list on Friday, sell on Monday). With that being said, we are scheduled to tour a house today (Wed 7/21). However, when I went to look at it again today on Redfin, it now has an Open House this Sunday (7/25). I know this is the norm for most NEW listings, however, this house has been on the market for 80 days currently. The price started in the low 500Ks and is now to the low 400Ks.
As for the house, in the pictures, the house seems completely redone and looks great. I can further confirm this as when I check google maps, the house was really run down and completely boarded up. The quality is what I am worried about, as it’s been on the market for 80 days. It is 3 Bed, 3 full baths, with a detached garage and finished basement. For the location, it’s not great. However, the house is on the water with a boat dock, it’s the neighbourhood behind it that is rough (~150K valued rowhomes, almost like the projects). The other houses along the water seem nice and prob could sell around 350-400K. I have seen some other comps in the area (a mile or two away sell for anywhere between 350-550k). There is also a new housing development of rowhomes that are selling around the upper 300K. So I think the value could be around 400K for this house. I do worry that it would not appreciate well and only be around 425-450K in 5-10years, or maybe even just netback to 400K.
With that all being said, am I going to have to put in an aggressive offer to have them accept it before the open house? Is this a POS move by the seller/sellers agent? I was first thinking of asking around 415K with the seller to cover closing (I’d like to save the cash if possible). Now I am worried, I am going to have to bring up my offer. What do you guys think, should I still go with a low offer, and risk the chance of now getting outbid or put in an offer at full asking price with no Seller credits?