We are in the process of house hunting, and I am curious as to how easy it is to negotiate prices. Were you in a bidding war and ended up paying a little more than you wanted? Did you offer asking price? Or did you get a great deal?
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Our home was listed under what it was worth so we offered the listing price and the seller paid a portion of our closing costs. It was 10k under our budget, and it appraised for 12k more than we paid.
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We were under our budget, and we offered the full asking price. The home was reasonably priced, a brand new build, brand new to the market and comp homes in the area had sold within days/weeks of listing for full asking or more in every case.
Our housing market is pretty strong so we knew we were not going to get any killer deals.
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It was a short sale that was under our budget. We are definitely using the money towards renovations.
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Ours was a foreclosure that the bank priced ridiculously high. We low-balled and went back and forth for a couple of months to get them down to fair market/what we would pay. It ended up being about $25k below our max.
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We are paying $16K more a month then our budget, but it is only like $20 a month more.
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We got the house for $4K under selling price, plus they paid $4k in closing costs. It was the exact same floor plan as another house we almost bought, but ended up getting it for $8K less than what that seller's min was... And we think ours had better finishes than the more expensive version.
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The house we got was listed well over our price range. We didnt see many pics of it before we went so went to see if maybe we could talk them down. It was WAY nicer than we thought it was going to be and was already listed LOW so we didnt put an offer in. They contacted us after the showing asking what we thought, our realtor told them it was highter than our budget...they said they would come down EVEN MORE because they really wanted to sell it so they could hurry up to Hawaii and retire.
So we got a KILLER deal right at our budget.
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It was under budget, but the renovations brought it right up to where we wanted our max to be. So money spent fits the budget, but the house payment is under budget. Which I like.
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At our budget. We had an awesome realtor and we shot slightly higher and negotiated to our liking.
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We got the house for market value so it wasn't a "deal". It was 20% higher than our target budget, but still probably 20-25% lower than what the bank would have approved us for.
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Right where we were looking. We avoided even looking at or considering houses that were over budget.
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We set a budget we could comfortably live with on DH's salary, even though our income with my salary was almost double that. Our loan officer kept trying to convince us to get a more expensive house, but we are so glad we didn't. We found a house in our price range that luckily, I love. It's not perfect, and ideally we would like to be in a better school district, but we are so happy we got a smaller, lower cost house.
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It was about 30K over asking (bidding war) but it was exactly what we budget for.
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The house was listed $5K under our budget and we ended up paying $10K less than our budget. We did go through negotiations, originally offering about $20K less than the asking price, but we ended up $5K less than the asking price with the seller paying a portion of the closing costs and leaving some furniture (bedroom set, bookcases) and tools (lawn mower, snow blower).
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We bought a house that was right at our budget.
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Ours was pretty much right at our budget. We got the builder to throw in a fence and a couple other things.
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We didn't really have a budget this time, because we learned our lesson with our last purchase. We got our new house for about 100k less than asking
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Right at the top of our self-imposed (and admittedly slightly arbitrary) budget.
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We ended up going in with multiple offers so we had to go to our best offer on our house, and that also happened to be the very top of our agreed upon budget. I think we payed what the house is worth. Without the multiple offer situation, we might have save 2000-3000, but that's about it.
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We paid $10k less than asking, but the sellers had already dropped the price 20%. Considering the neighbourhood we are in, we got a good price.
The house was about $100k below our budget.
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The house was listed $50,000 less than our max budget.
We were in a bidding war and our offer was accepted at less than $30,000 asking price.
The house appraised for less, and we ended up paying $15,000 less than our accepted offer.
All in all we paid $95,000 less than our max budget.
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We went under by a lot. We are very happy with that decision! Less money tied up in mortgage = more for savings, fun, and/or emergencies!!
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We paid under our budget, and we went in under asking price. We got the sellers to cover closing costs and a few other things, so we were happy in the end. We got a good price for a fantastic neighborhood/house I love.
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We paid slightly under our top budget. We offered 4k less, and asked for all closing costs, 3 days after it was listed. We got it.
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Their asking price was under budget and we got another 5% off that. We got lucky because no one else was interested and they listed the house in the dead of winter. I totally underbidded the first time hoping that negotiations would lead to a 5% discount. After a few days of counteroffers, it totally worked! They were the ones that offered!
I wouldn't have submitted such a low initial offer if they listed it in the summer though. I assumed they were desperate since winter's the hardest time to sell here (and that winter was the snowiest ever - it was record breaking). We got really lucky! A few homes in the neighborhood that sold a few months after all had bidding wars that resulted in a 20% price hike!
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We always negotiated and asked for a lower price. It's a given sellers post high anticipating the negotiations and lower price.
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Our house was $200,000 under what the bank preapproved us for but they approved us for an absolutely absurd amount even in the midst of this horrible, horrible economy.
We bought our house from an older couple with no realtor involved. We bought it for $5,000 under appraisal value and $2,000 under their asking price but their asking price was pretty low to begin with. We got a 3 bed, 1 bath home with 2 living rooms and a huge kitchen and yard with an attached garage in fantastic (but outdated) shape in the best neighborhood in our town for $102,000. That allowed us to go with a 15 year mortgage and gave us plenty of room for complete updating which is gradually happening.
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