You know, I think we probably paid more than what we could have gotten this ppty for, but we really wanted it & we gave our best offer & nobody else put in an offer, so the vendor accepted. I think if we had put in less, they probably would have taken it but we wern't privy to that information & you know what, we are really happy here (well, apart from the curtains ;P)
It's a bit tough, because this is such a tiny town there aren't any recent sales of similar properties. The town itself has a median price of $288k, and the road we're buying on has a median price of $300k. I don't know how relevant that is though, seeing as some of those are vacant blocks, and not many of the houses on the other roads are as big as this place.
So... I guess this one might be worth more because it's got a lot of land and a large shed, but it might also be less because it has no established yard - just open space and an outdoor entertaining area. Whereas most of the others have gardens etc, this one just has a fence to seperate front from back and that's it. Hmmm I dunno lol.
DH is being very calm about it, despite being so keen on the place. He wants to bring up the other offer with the owners today and see what their reaction is. He feels like the agent is trying to push us higher, and so we're going to stick with our original offer of $300k as well as letting them know we can offer a $15k deposit, have pre-approval for finance and will go for a 30 day settlement. Hopefully that'll be enough to either have them accept our offer or at least negotiate with us over the other people.
Getting nervous now! Going out there at 1:30, can't wait
So we went out there, and yep, we love it lol. Ideal size for us - both house & land. The only thing we're disappointed about is that the shed doesn't have a floor or power. After seeing it, it's definitely worth more than $300k. So we've offered $315k and let the agent know we're pre-approved for finance and can do a 30 day settlement and offer a 5% deposit.
He told us he'll talk to the owner and get back to us tomorrow, can't wait! He did say the other offer is within the asking range ($325-345k) but it's subject to sale of a property. I can't believe the offer would be higher than $325k, so I think we've likely only offered $10k less but are in a more favourable position finance-wise. I'm hoping this is enough to have them accept our offer, at the least they should counter-offer. Not sure if we'd accept a counter-offer, I reckon ours is reasonable.
Now we're just all excited waiting for the call lol.
Well... We got it!! So excited! We did end up paying more - after our offer of $315k they said they'd go as low as $325k. Well duh, that's the asking price, of course you'll take that! I think they were hoping by saying the other offer was within their range they might get closer to $345k from us. We said no to that, but then the agent called back and asked if we were at all flexible, could we go halfway. So we offered $320k, and they asked for $322
Was frustrating so we left it for a day to think about. Had another look around at other houses and decided it's worth it, the next house that even comes close to it is $399k, so by buying this one for $322k we get to keep this current house and rent it out, we get the extra space and basically a beautiful place that we both love I just can't wait to move in! Too bad they want a 60 day settlement, that seems so far away!
Thanks for everyone's advice, we're happy with the price we paid in the end
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So excited! We did end up paying more - after our offer of $315k they said they'd go as low as $325k. Well duh, that's the asking price, of course you'll take that! I think they were hoping by saying the other offer was within their range they might get closer to $345k from us. We said no to that, but then the agent called back and asked if we were at all flexible, could we go halfway. So we offered $320k, and they asked for $322
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