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After that simply compare salaries of people in the neighborhood. If average salary x3 does not come close enough to the value its not worth it. (Do subtract needed repairs if the house is old from the house value).
Where is this posting of people's salaries in a neighborhood? Census figures are generally for a whole city, and not very current. Do you go door to door and ask?
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I am bit naive when it comes to housing market but I observed every
interesting trend in past 6-7 months while searching for home. When
an agent puts a house for sale, they are keeping initial price very high.
For ex : if the house real worth is $600k they will list the house for $650k.
After some time if the house is not getting sold they will start decreasing
the price by 20-30K. Buyer finds this new listing price enticing since seller
lowered the price but in reality its still way above its actual value.
Did anyone have similar experience ?
#housing