I live in Florida where the housing market crashed and burned. Several months ago I inquired about a home and was told it was $158,900 in a neighborhood that by all accounts seems to be about the same price. Several weeks later I got a call from the agent saying the price had been lowered to $134,900 and she asked if I was still interested. I told her I'd drive by and check it out. A few weeks later she emailed me and asked if I drove by and I replied that I didn't. She emailed me back and stated she could come down on the price, which I didn't think much of. Yesterday, after several weeks of not talking to her, she called me and asked me if I ever looked at it again. I told her I wasn't interested and she came out and admitted to me that the owner owed $120,000 on the mortgage but would accept any offer. To be honest, I was trying to get rid of her and I said, "I wouldn't offer you more then $100,000." She replied, "If you are serious I will put together an offer." At this point I was kind of shocked so I told her I'd drive by and check it out one more time.

I guess I have several questions, as someone who has never purchased a home. They are coming down almost $60,000 from what they were originally asking and I have to wonder if that is desperation or if they know something I don't know. Mind you, she keeps contacting me, I'm not trying to contact her. Second, assuming the market picks up in the next year is possible this home could jump back up to $158,900 or is that just a price they threw out there originally. I guess what I'm really asking is, how can I find out the real value of a home? I'd love to go in and steal this place and when and if the market goes back up turn around and sell it but I don't know how to determine the real value.

Any input would be appreciated.

hchermak

you really should seek representation from an agent who isn't working with the seller. They would be more likely to give you an objective idea of the price and tell you the truth about the market for that n'hood. I'm not familiar with FL real estate but buyer representation is very common here in MN and does not cost you as a buyer anything. I agree that sites like Trulia do not have accurate, updated information. Get a realtor who can pull information straight from their MLS.

chuff

I appreciate your answer. To be honest I think I'm going to get another apartment closer to where I work. The taxes down here are killing the home market.....along with the insurance companies that cut and run. A little off topic but I used to live in White Bear Lake MN outside of the Twin Cities and I was actually thinking of moving back (yes that is backwards to how most people do it) what is the tax percentage like up there?