I'm interested in purchasing a house that has been on the market for 3...

[mira a]

...months or so they say... The initial listing price was $329,000. The current listing price is $297000.

The seller states that since she has dropped the price once, she is not willing to drop the price too much. She is only willing to drop the price by only $10,000. I suspect the price was dropped because she was having a hard time selling. And since the price was decreased three months ago, there have been several showing but not one listing. I am the first offer that has come through since the price reduction.

If the seller was weary about negotiating the price, then she should have never reduced her price, right?!

My offer is approx $20K from the new price. I think this is reasonable.

Also, I'm realizing that even if I can afford to make monthly payments, doesn't necessarily mean I should if it would mean I would be stretching myself financially.

Its heartbreaking but I have to be realistic and not a statistic of the current and state of the real estate market.

Your thoughts and advice would be wonderful and helpful.

[chatsplas@sbcglobal.net]

It's stupid to overextend yourself. . . . that's how people end up in the situation of the seller of the house you're looking at. If you are stretching yourself, that's not a good buy for you. Look for a house you can afford without overextending yourself, get in a lower price range. First there's Principal, Interest, Taxes, Insurance, then there's maintenance and decorating and repairs and furnishing and upgrading. Houses cost money, and right now housing prices are stable or declining in most parts of the country. How long can you pay the mortgage if you lose your job, get hospitalized or disabled? What if you need a new car or a new stove or refrigerator or furnace or central a/c?

Your situation is irrelevant to the Seller's price. All the comments are irrelevant. You need to look at what comparable homes are going for in the area. That determines whether the house is a good buy, not the asking price, not the price reduction, not your offered price.