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Continue my house hunting story:
Last week, we lowballed a McMasion. Some numbers about this house:
Location, north Jersey, 3900SF, 1996 built. Lot 1.2 Acre. Very good shcool district. Easy commute to city. Owner bot at 2001 with 892K.
property tax: 21k.
House has been on market for about 9 months. Original asking was 1.2M, now 850k. We offered 750k. Last friday, they gave us counter offer 770k.
Question: to be or not?
Our financial number:
A couple with a three years old son.
Both work, base salary(two), 200k. Bonus 25k ~ 80k. Stable jobs.
150K cash at hand. Two cars. No debt. Good credit.
I played around the number, very streching. Especially the property tax part(although it may got adjusted for the sale price, but to be conservertive, we would like not to count this).
But on the other side, is this house undervalued? I think so. Zillow estimate is 950K. The house is in a millor dollar area. Similar house sold at middle of 2006 is around 950K.
Please comments.
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