First time home buyer here. If the house I want is currently ~200k more than the average surrounding area on Zillow, (house is like 750k vs the surrounding area is like 550k, no major structural changes tbh). It seemed like a lot of people were also interested in the house, should I offer at the asking price or more in this scenario?

Also are there any resources your recommend me to review before jumping into this?

like
Posting as :
works at
You are currently posting as works at

No. Move on. It’s better to buy the cheapest house in an expensive neighborhood than the most expensive in the cheapest.

likesmarthelpful

I absolutely needed to hear this before I bought my house last year. Major regret buying a castle in the slums

likehelpful

A lot of Zillow “interest” does not mean there’s a real life interest. I see houses with 300 saves and they’re still on the market 6 months later.

likehelpful

Put an offer in for 550k.

like

Is it more expensive bc it’s bigger or newer? Typically I’d say you don’t want to be the most expensive/nicest house in the neighborhood.

likesmart

It was built in the 1950’s but has since been nicely renovated. The exterior looks like everyone else’s. Looking on google maps, it’s slightly bigger because they built/extended on top of the garage

I would be concerned about the bank appraisal coming in lower than you need if there’s that much of a difference with the rest of the neighborhood.

like

If the differ between is due to size of the house, the size of the land, brand new improvements to areas of the house like the bathrooms and kitchen, then the property might be worth it. Compare the price per sq foot to the other houses to get a more apples to apples comparison.

That being said I agree with the above. Usually it’s not a good idea to buy the nicest house on the block. It’s better to buy the ehhh house on the block and turn it into your perfect home. 1 you will enjoy your house more and 2, unless you do some weird changes you’ll creat way more equity for yourself.

like

Rule #1 STOP SHOPPING ON ZILLOW! Please try Redfin as the numbers are more realistic and close to the market prices. RULE #2 Look at a 3-5 Projection what’s coming to the area or does the neighborhood has a major expansion coming in near future? Rule #3 Cardinal Rule: Buy Low and Sell High!

like

Heads up that (in my state) Redfin makes users sign a brokerage services disclosure and if you decide to buy a house with a realtor that you first saw on Redfin it could be sticky because they could try to argue procuring cause. People are better off hiring a qualified realtor to set up a search even if they are just browsing. As a buyer you don't pay the commission anyway, and it's a low effort process for the realtor.

Is the house worth $750? Are there comps to justify the price? If not, don’t pay more than market value

Related Posts

Keen to buy first home in Dubai but skeptical given the uncertainty around the global economy albeit high oil prices which is a positive for the region. What are people thinking? Anyone here from middle east?

like

Has anyone set up an NY 529 for their kids? Know there’s a 10k tax exemption for NY state taxes, but does anyone know if that per child, or across all children?

like

I’m currently an LLC and looking to assemble an equity deal with an advisor. I don’t know how to set it up with him where he gets his equity in the future when we restructure the entity to a c/s Corp and give out his shares. It doesn’t make sense for us to switch now and get double taxed when we haven’t lifted off the ground. This is pre launch. Any advice?

like

Have 50k in brokerage to put towards buying a place in Atlanta. Young 20 something who's lease is ending soon

Roth IRA and 401k are well funded but don't want to pull from there.

Should I buy and rent the extra bedrooms to friends, or stay renting and put savings in stock market?

like

Maxed out Roth IRA contributions when I wasn't eligible for 2021 (got a salary bump mid year). Do I need to recharacterize? It's a very small account that's been open for only two years. That's the only IRA account I own. Do I need to open a traditional IRA and roll over 6k + realized gains into that account and keep the Roth IRA. So confused how this works and got conflicting information from Merrill.

like

Is BRK-B a buy right now?

like

Marriott or SPG credit card (for the sign on bonus)?

like

Any thoughts of investing in gold or gold related instruments?

like

How big is to big for an initial investment property. Theres a 20 SFH portfolio for sale by me for about a mil. Is this to big to start with initially? I'm less worried about the Financials (feel comfortable on that end) and more worried about the managerial aspect.

like

Who all is looking to buy a house and in what area?

First time building Roth IRA account. Stocks you think I should add?

like

Anyone uses crypto.com? Looks like it offers interest on more coins (i.e. XRP, etc) than blockfi. Anything else that makes crypto better or worse than blockfi? TIA

like

My sons friend is looking to get into real estate . He is a junior at Indiana University. Looking for recommendations.

funnylike

How hard is everyone pushing their corporate clients to authorize nonresident assignees whose only 2020 US compensation was the value of their 2019 tax preparation?
My clients are pushing back on it this year, and I can't say I blame them. If I were in their shoes, I'd rather take the risk of not filing than the expense of filing again. From my own point of view, I don't really want to spend my time on such returns, either, even if the revenue and easy return are nice.

Guys ..
When will final settlement take place? What will be the components of it?

I use SoFi to consolidate and pay off my mostly private student loans. I’m gonna call to confirm later, but what happens if I’m 2 weeks late on making a payment?

like

I’m considering investing into a special purpose vehicle (SVP) that would invest into a first round capital raise for a cannabis saas company...what are some of the key questions I should ask/consider? The company has already received seed capital from a couple big names.

like

Best side jobs for extra money? Really need to supplement my income..

like

Are commercial properties getting inflated like residential? Thinking of getting into commercial to extra income.

More Posts

I can manage my classroom better if I don’t respond to emails outside of office hours. This gives my mind a break and by consequence refreshes me for the next day. It also sets a boundary.

like

Good evening all,
With my partner we are considering making a move to the countryside of Switzerland, with a gorgeous RE project offering incredible views on immaculate mountains and lake. However, it is far away, and will require 1h+ train/car commute vs. 10 min biking right now. We are scared it will bite us back at some point, although COVID helped w/ remote working being a new norm. The project will be done 2024, so I hope to have a more relax job by then. Any similar experience to share?

like

Team is already talking about eating hours. My utilization is down cause I was in unassigned for a month in Dec/Jan. What's worse pissing off the partner or having a low utilization? -staff 1

like

What makes you really happy?

like

I moved to private and they expect everyone in the office throughout the pandemic. I get my work done from home but am constantly called out about “hiding.” Is anyone else in accounting actually going into the office?? How am I the weird one here??

like

Anyone working for SAP (Product support) as client from Birlasoft ? Need to know whether it is allowed to move to SAP from Birlasoft.

like

A Partner asked me to “monitor” her Outlook and gave me access. Basically the ask is to delete or “read” unnecessary emails/forward work to managers/forward invites to her admin. Is this normal? Never had to monitor someone else’s Outlook at my previous firm and this feels like an admin work. I am a new experienced hire (S3) FYI.

likefunny
like

I have an AWS loop for a SFA any tips past LPs and STAR? Should I be prepared for a case study or excel test ?

like

What’s the tea on TDH Chicago?

Need help here,
Due to health issues I resigned from paytm in just 2 months.
5.2 lpa was the CTC.
Which skill i can learn that lead me for a higher package.
Total YoE : 3.5 years
Knowledge: SQL, Clevertap(basics), Digital Marketing

please help me here

like

What do I say and resign to get released early? Cant wait for 3 months notice period to get over.

like

Hi Fishes,

I have joined coforge on November 2nd and I got offer from ITC today...Can I switch to ITC by obscanding will there be any issues...Please guys please give your suggestions

Do Citius HR dont respond/ignore if not selected ?
Or does that mean i am on Hold?

like

I joined on Nov 2020 in EY GDS as Senior 1,so when I will be getting progression for senior 2?

like

When will EY GDS credit the paycheck each month. I joined EY GDS August last week, I heard that they'll usually rollout the paycheck by last working day in the month, but i haven't received my paycheck. Any new joiners who joined August last week/sept 1st week and haven't yet received their salary?

I have 7+ years of experience, how much salary offer I should expect from TechM.

Inside sales rep at AWS in NYC, salary negotiation-want to negotiate for 85k -i have internship experience but will be an entry level/post grad. Is this a hood starting point?

like

Any recs on where to get a nice tux (to wear for my wedding)? Thinking ~1.5k budget

like

Does anyone work for UBS? What corporate title would a "manager" be? AVP or VP? Or AD?

Additional Posts in The Real Estate Bowl

At what income level should one be comfortable to spend 2400/mo on rent in HCOL? Assuming single, no kids, no debt or major expenses.

like

I’m graduating undergrad in May and want to do real estate investing long term. Is it worth it to get my brokerage license in the state that I’m moving out of (I would want to do out of state investing) or should I just take a general real estate investing class. The goal would be to grow in knowledge about all things real estate. Also, any advice on real estate investing for a beginner would be appreciated!!

like

How big is to big for an initial investment property. Theres a 20 SFH portfolio for sale by me for about a mil. Is this to big to start with initially? I'm less worried about the Financials (feel comfortable on that end) and more worried about the managerial aspect.

like

Does buyer have to share appraisal with seller? Can seller request it?

like

idk if this is the right place to post but...
Ok so I was carless -- I was assembling my new bed frame and one as I was grabbing one of the long parts; I set it vertically and my fan was on and hit the edge. I literally just moved in 5 days ago and I already scratched these pristine fans, I'm irate and I want to fix it.
Is there any kind of paint. or is there a way to polish it so it doesn't look as bad :(

Post Photo
like

Are commercial properties getting inflated like residential? Thinking of getting into commercial to extra income.

My SO and me are looking to save for our first home.. we don’t have kids.. any tips from you who may have saved for your first home? Did you aim for 20%? How long did it take? What kind of a home would you recommend buying first?

like

Hey hey all. I am writing a book on value creation in commercial real estate - from site selection to tenant management basically capture where industry experts see value lost or opportunities not captured. Anyone want to contribute to some insights ?

like

Does anyone have experience with out of state turnkey real estate investing? Would you recommend any companies? I live in Sacramento where prices for real estate are inflated so I can't buy local.

like

Any Property Management recs in Seattle area? :(

like

I’ve been thinking about getting into real estate investing. Not right now but later down the road. I’ve been trying to save up for a down payment. What are some good resources for a beginner? Blogs, YouTube, books etc I’m not looking for paid courses because I will be learning at a slow pace. Any help will be appreciated.

like

I would like to learn more about development and real estate. Can anyone recommend any books or courses that you think are informative. Eventually I would like to own a few apartment buildings, but I know there is a lot I need to learn 1st. Any advice appreciated. 

like

Bi-annual plug to say I’m a realtor in Charlotte, NC if anyone needs help buying a home or investment property. DM me!

like

Looking for experiences/opinions on A/C options for old houses. E.g., high velocity ducts vs ductless mini splits. Seems like mini splits are way easier and possibly more effective...but seems like an eye sore. Or... is it just what a contractor thinks will work given your house? Curious what everyone thinks!

like

Are most new houses being built with induction cooktop? What has everyone experience been like? I personally had non compatible cookware with induction cooktop and wondering if I should just buy a new cooktop (electric, gas etc).. Other reason is that I read that it's also not healthy due to electromagnetic waves?

like

What’s a “true lead” in apartments.com. Im curious if they’re interested in our property or if they’re leads based on preference.

like

I am getting a 3% interest rate on a jumbo loan with 20% down on a $850,000 single family home. The ball park in July was 2.65 - 2.75
Checking if folks are noticing a spike in interest rates or if I need to look for another lender.

like

Is it better to have SFH for monthly cash flow or passive MF deals through a private syndicate? Friend told me that you need to have $1.5m invested in MF to generate 60k a year approx but it’s much better than dealing with tenants and maintenance. Just wanted to get peoples thoughts on becoming financially free through these two real estate methods

like

Looked at a house (new build) and MIL said the vinyl windows imply the whole house is probably made with cheap, shoddy materials. She thinks everything has to be wood Marvin windows or bust. Is she right? From my research vinyl has its pros too... as long as we aren’t paying like they are wood marvins. Any reactions?

like

Anyone have any luck selling a condo in chicago using Redfin? The 1% fee for listing is attractive compared to the standard 6% with an agent. Are there extra fees with RedFin that I should be aware of? Looking to sell as quickly as possible so weighing the options and just starting to interview agents and look around for the best way to get my place listed.

like

New to Fishbowl?

Download the Fishbowl app to
unlock all discussions on Fishbowl.
That was just a preview…
Sign Up to see all discussions
  • Discover what it’s like to work at companies from real professionals
  • Get candid advice from people in your field in a safe space
  • Chat and network with other professionals in your field
Sign up in seconds to unlock all discussions on Fishbowl.

Already a user?
Login here

Share

Embed this post

Copy and paste embed code on your site

Preview

Download the
Fishbowl app

See what’s happening in your industry
from the palm of your hand.

A phone with Fishbowl app

Scan your QR code to download
Fishbowl app on your mobile

Download app

Sign up for free to view this conversation on Fishbowl

By continuing you agree to Terms of Use and Privacy Policy

Already have an account? Log in

Sign up for free to continue using Fishbowl

By continuing you agree to Terms of Use(New) and Privacy Policy(New)
Messaging rates may apply

Already have an account? Log in

For account settings, visit Fishbowl on Desktop Browser or

General

Legal