Home Buying in Bucktown>Question Details

Jazzy426, Other/Just Looking in Kingston, NY

what percentage below asking price can you expect in the kingston, ny area. I am looking at a townhouse and asking price is 155,000.

Asked by Jazzy426, Kingston, NY Fri Apr 8, 2011

Also, how much of a down payment is needed

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There is no standard as to how much below (or above) asking price you should offer. You should hire a Realtor to work for you as a buyer's agent. He/she will be able to research sold comps in the area and determine fair market value. He/she will also talk to the other agent and see if there are any other pending offers. If there is, and the home is priced well you may have to offer above asking price in order to get it.

As far as down payment goes, that depends on the type of loan you get. You can get an FHA loan for as little as 3.5% down. Talk to a mortgage broker or lender to see what you qualify for and what would be the best loan option for you.
Web Reference: http://www.sallygrenier.com
1 vote Thank Flag Link Fri Apr 8, 2011
An old question, but one still heard from buyers...

Asking price may well be spot-on. Then again, it may be way off. So, in either case, basing an offer solely on a percent discount off asking really doesn't say if the offer is what the market will bear.

Seek guidance from a Realtor who works in the market area. They will guide you to arriving at the value. From there, price AND terms will affect how likely an offer is accepted. An extreme example is a cash offer of $153,000 in your example versus an offer of $1,000,000... paid at a rate of $1.00 per year for 1,000,000 years.

Ron Krauch - SRS
Managing Broker
Emerald Estates Realty, Inc.
Palos Heights, IL 60463
0 votes Thank Flag Link Fri Mar 20, 2015
FYI this question was put in a Chicago section. You may want to direct it elsewhere to get better responses.

Matt Laricy
Americorp Real Estate
Brokers Associate, e-PRO
Mlaricy@americorpre.com
(708)250-2696
0 votes Thank Flag Link Fri Apr 8, 2011
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