Saturday, 23 September 2017

Long Island Home Seller Asks: What Did The Seller Pay For The Home?

Written by Posted On Sunday, 31 July 2016 11:16
We have heard this question many times from buyers here on Long Island...
"What Did The Seller Pay For The House?"

 When asked, we would really like to say to buyers...


What difference does it make if you knew how much the seller paid for the house?


How can that information really help when buying in today's market? 

Home purchases are made based on FAIR MARKET VALUE. What a

property is worth TODAY is the important question.


We know that curiosity is part of human nature, and we can understand that. However, the value of a

home in today’s market has nothing to do with what a seller paid for it when they first purchased it.


  • Are you asking because you want to pay less then they did?
  • Are you asking to see if there's tons of negotiating room?
  • Are you asking just because you're nosey?


What difference does it make if you like the house and it meets most of your criteria?


There is no set value that stays the same in any market. So, it’s ok to ask “what did the seller pay", but

when it gets down to value, the price will be determined by the sales that have happened in the area, the

condition of the house, and any improvements that have been made.


The  question should be what are the recent sales comparable to this house?


While the original purchase price can sometimes give an indication of the position of the seller, it's not

really going to help the buyer. A house is worth what a buyer is willing to pay for it regardless of what the

seller paid for it.


So the question really should be ~ HOW MUCH ARE YOU WILLING TO PAY FOR THIS HOUSE?

When trying to make an informed decision on purchasing your Long Island home, Call and Hire

Lawrence "Larry" and Sheila Agranoff at our cell 631-805-40000.


Search Here For Long Island Homes


Long Island Home Buyer Asks: What Did The Seller Pay For The House?


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Disclaimer: Lawrence & Sheila Agranoff disclaims liability for any damages or losses, direct or indirect that may result from use or reliance on information contained in the blog or for accuracy of comments or opinions of visitors to the blogs.
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Larry And Sheila Agranoff

Larry and Sheila Agranoff Welcome You To The North Shore & South Shore Of Long Island. We are Home Buyer & Seller Specialists Covering Nassau & Suffolk County Long Island, And Are Relocation Specialists!

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