Home Buying in Cranford>Question Details

Pamela Pol, Home Buyer in Cranford, NJ

How much to offer on home that's been in the market for six months?

Asked by Pamela Pol, Cranford, NJ Tue Dec 25, 2012

What should I offer on a home in cranford nj. It's priced at 425 but has been on the market for six months. Is 360 too low

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Answers

7
Ask your realtor to show you comparable closed sales prices of similar homes nearby & base your offer on that. Some sellers are from the old school and overprice their home so that they have room to negotiate which only results with them having their home on the market longer than it should be. If the closed sales are much lower than their asking price just submit your offer & see what happens. sometimes you may just get lucky & get a yes.
0 votes Thank Flag Link Wed Jan 2, 2013
Realtor® Realtor® REALTOR®. Has the property been price corrected during these 6 months?
0 votes Thank Flag Link Wed Dec 26, 2012
You can not really base an offe ron how long a home has been on the marlet. you need to assess what it is worth and base your offer on that. you need to know if the asking priceis above market value, at market value or already way under market value You need to find out if there has been any offers, the seller may owe too much and cant go that low, they may have tunred down offers that wer elower already. Save time and money bvy a little research before placing an offer. a good buyer agent can easily guide you
0 votes Thank Flag Link Wed Dec 26, 2012
Hi Pamela,

Your Realtor should be advising you on what the home is worth and where to begin negotiations. They have access to all of the market information in your area. On the other hand it is important that you offer what you feel the home is worth and what you feel comfortable with. At the end of the day you are the only one that has to live with your mortgage. As a Realtor I am always here to advise my clients and coach them, but they make the game-time decisions!
0 votes Thank Flag Link Wed Dec 26, 2012
If you have a realtor, let him/her run the comps in the area and find out what other like homes have sold for. A lower offer is not necessarily always the best way to get the best price. I often review some of the different ways we can approach an offer with my clients. Starting low may not be the solution to getting the best price. Lots of luck with this and if you don't already have a realtor, I'd be thrilled to help!

Lorena Barbosa
Broker/Owner
David Realty Group
201-638-6528
0 votes Thank Flag Link Wed Dec 26, 2012
Establishing a negotiation strategy depends on a number of factors in addition to days on the market, such as what the comparable homes in the neighborhood are selling for, is the property a short sale/foreclosure, are there currently any competing offer, have there been any recent price reductions. All of these factors should play a part in determining a negotiation strategy designed the best price for the home.

For example, if buyers in the last 3 months have paid $450,000 for similar homes it may call for a different strategy than if comparable homes have recently been purchased for $370,000.

Also, keep in mind that a significant amount negotiated off of the asking price does not always equate to a better deal. I've had clients that we've negotiated $40,000 off of asking price and clients that have paid asking price yet both purchases equate to almost equally good deals on a home.
0 votes Thank Flag Link Tue Dec 25, 2012
Well, the only way to find out if 350 is too low, is to make the offer and see what the seller says!

it doesn't really matter what anyone here thinks......and really, no one here can have an opinion on a house they know nothing about!

It sounds as though you are not working with an agent - otherwise, they could give you a sense of market conditions and recent closed sales. Armed with that information - YOU, yourself, could make an informed decision on this home's value.

When all is said and done...... you are the best judge as to what the house is worth (to you)......along with the appraiser when the time comes!

Best wishes......have a continued happy holiday season!
0 votes Thank Flag Link Tue Dec 25, 2012
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