Set the maximum price you are comfortable offering before you negotiate. A townwide sale price can provide context, but the right limit depends on your finances and the particular home.
The latest market report puts the typical sale price for Troy single-family homes and condos, townhouses and apartments that sold at $457,000. For those sold homes, homes sold for an average of 100.1% of their asking prices. The report recorded 96 homes sold in those property categories. It also places housing supply, measured in months, at 2.62 for those Troy residential categories.
The average percentage of asking price that homes sold for does not set a sensible offer for any particular property. Your comfort with the price should account for money needed at closing and costs after you move. I would keep financing and inspection requirements in view rather than using price as the only measure of an offer.
Confirm your financing terms and discuss the money you would need to pay at closing with your lender. Review recent sales of similar homes before settling on a reasonable offer range. Write down the maximum price you are comfortable offering and review which financing and inspection protections you need before changing the offer conditions.
