We just acquired a couple million dollar estate and about $900,000 in cash. We want to buy our dream house on Lake Huron, but I'm worried it's way overpriced. Should we take the plunge?
‘The Big Move’ is a MarketWatch column looking at the ins and outs of real estate, from navigating the search for a new home to applying for a mortgage.
The local Realtor is saying that the house’s value will go to $1 million in five years. The house checks all of the boxes — the only thing I am hesitant about is the price. What do you think?I can hardly blame you for being so price-conscious in this situation. After all, who wants to spend more than necessary for anything — let alone a purchase as expensive as a house?
With the adoption of remote working, many people have suddenly found themselves free to consider living far beyond where their company is headquartered. Particularly for people sick of being cooped up in major cities, this has led many Americans to seek out homes further afield, whether as getaway retreats or permanent residences, as in your case.
“If the home’s been on the market for a while, it is overpriced,” said Glenn Phillips, CEO and lead market analyst at Lake Homes Realty, a nationwide brokerage that specializes in lake homes. “Because everything that is priced appropriately is not only going quick, it often has competing offers and they’ll bid above list.”
I would caution you not to wait too long, though, if you’re really interested in the home. If the seller does end up adjusting the list price, you could see a boatload of other buyers pour in who were concerned about the price like you are. This home might have deeper waters than your potential neighbors’, which would make it easier to dock a boat off your property. That alone could explain some of the difference in value between the two properties, even if they are otherwise alike.
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