Another thing I think is hard is to evaluate what a house should cost, especially in an area like CT. For instance, we've seen houses in Easton (a somewhat rural location closer to NYC, where you could commute to NYC or take the train) that were $670,000 (asking) that needed quite a bit of work. Do you really need to pay $670,000 for a house you need to work on in Easton? Then, if you have a house that's well kept, what value is placed on that? One house we went into had a new roof, new oil furnace, new AC units, all wood floors, great kitchen, great cell shades, etc. However, it did not have a pool and is on a "busy" street. The house we put a bid on needs a new walkway, new window, trim repair, nothing's been updated (other than granite) for 15 years. The house we put a bid on, though, is a "horse property" with twice as much land as the other house and an in-ground, heated pool and on a street only neighbors, school buses and UPS will be on. Is the first house $90,000 better than the second house (which is what the price difference likely is)? Both are within a few miles of each other in the same town.
My wife and I have agonized over how to value differences in homes, and it's not an easy calculation. When I was in AZ, it was much easier, as the homes were more similar. Here in CT, you can get everything from a 1780s built house to something that was built a few years ago. You can get something that's 1,500 square feet to 5000+ square feet, and many times, all these homes are within a few miles of each other.
