Here's the latest:
We put in our offer Thursday afternoon.
Asking Price: $250,000
Our Offer: $220,000 with seller paying $7,000 towards closing costs
Seller's Counter-Offer: $238,500 with seller paying $7,000 towards closing costs
So, we will probably go back with our best offer at this point, but will wait until Monday morning to do so. Our best offer (though I have to speak with DH again about how much we're really willing to go up to if they absolutely refuse to budge past a certain point) is going to be $227,500. We'll ask for $7,000 in closing costs, but if they counter us back with agreeing to the price but not the closing costs, I will be happy with that. I'm also going to ask for the antique piano in the basement with the next counter offer.
$227,500 is 91% of the asking price, and the mode selling price percentage of the asking price of all recently sold comparables was 91%. Additionally, the median sales price for all comps sold in the area in the past 6 months is $222,000.
I think $227,500 is fair. I hope the sellers agree :)
We are unsure about the next step to take after that, though. If they counter us again at above $227,500, at what point will we say we are sticking to $227,500? Obviously everyone says that you should not get emotionally involved when bidding on a house, but how can you not? We do really want it, and originally even said we would be willing to pay full asking price for it. But our mortgage is only for so much, and anything above that would be out of pocket costs.
Where would you draw the line for a dream home? Would you stand firm at your pre-figured "best offer," or would you shell out a few more thousand, or would you go above and beyond, or what? Everything I've read says we have a great shot of getting it for our best offer, especially in a buyer's market when seller's motivation is high (they are just paying $10,183 in annual taxes in a home none of them live in!). Yeah, did I mention the taxes are steep? That's the beauty of New Jersey.
Should we chance it and stick firm to our best offer?? (Or maybe we won't have to and they'll accept our first counter-offer... but I doubt it.)