Market Conditions in 08203>Question Details

Anti, Both Buyer and Seller in Brigantine, NJ

Is Brigantine nj overpriced?

Asked by Anti, Brigantine, NJ Fri Jul 20, 2007

Seems that Brigantine nj still has 2005 house pricing...700 properties for sale (population 12,500).......The realtor agreed........I'd like to make a bid on a $550,000 which has been on the market over 6 months about $80,000 lower.......Is this insulting? feel if i pay top dollars the house will never appreciate......

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Answers

14
Some sellers will be insulted and others not.

As either a seller agent or buyer agent, I take the position that any offer is better than no offer. It gives us a starting point from where to began conversation. Upon presentation and exchange of dialog, it will surface whether or not there is a potential meeting of the minds.

While it is possible this seller could take offense, if you are not willing to buy a higher price, than you have nothing to lose. If your offer is based upon what you see as the value, and you are not wiling to pay much more, then go for it. You aren't going to get the property if you don't make an offer. If the seller says no, and you wouldn't pay higher, you are in no different place.

The only time this is risky is when it is a bluff. If you are wiling to pay substantially more, but the seller becomes alienated and offended, your future negotiations could be much harder.

Study the comps and make an offer that you believe is fair.

Good Luck

Deborah Madey - Broker
Peninsula Realty Group, Inc.
New Jersey
(800) 973-5855
Deborah@PeninsulaFirst.com
Web Reference: http://PeninsulaFirst.com
3 votes Thank Flag Link Fri Jul 20, 2007
Deborah Madey, Real Estate Pro in Brick, NJ
MVP'08
Contact
You get paid commission for the sales, and therefore you would like that buyers come in at really high numbers. This mentality is what got the real estate market to melt down in the first place. My advice, LOW BALL all offers. Remember the agent works for you, I have found much success by talking to the listing agents of the house and not even acquiring a real estate agent. I went through an agent telling, “Oh you can’t offer that it’s to low…” As you can imagine, I stopped dealing with her.

I blame the agents for not listing these houses at sellable prices and then continue to tell people that everything is rosy. Six months ago, the NAR put out data that was entirely false, and when they were caught said, “Yeah your right, here is the real data. The market is collapsing.”

There is something inherently wrong when there is a family making over six figures a year and can not afford to buy a livable home.

Wake up and start pricing these homes where they should be, they will sell.
1 vote Thank Flag Link Sun Feb 1, 2009
Any good agent. will encourage you to make your offer, whatever that offer may be. In this market where prices are still trending down, buyers may be overly optomistic about what a seller will accept. Nevertheless, an offer is better than no offer and what if the seller accepts. You don't know unless you try

As for your hope that the property will appreciate, it is my hope that once the market recovers, the appreciation should return to a normal 2-5% per year. Notice I said normal. What we witnessed between 2001 and 2006 was not a normal market. If you are buying just make a short term windfall, forget it. If you are buying to use and enjoy the property with the expectation that if you sell within the next 5 years, not 5 minutes, that you should have some appreciation or at least come out whole, that's another story. Historically peope who have made fortunes investing in real estate, made it by holding the properties for a substantial period of time. Tell you realtor to make the offer. The worst the seller can say is no.
1 vote Thank Flag Link Sat May 3, 2008
Of course any price in a resort area is going to be high to most. Our prices have certainly adjusted to the market conditions which is why the number of transactions are greater than what they have been. Sure there are still a lot over priced homes on the market and we as agents are still trying to educate the sellers as well as the buyers. It is really going to depend on the property which is why you come to us as the experts.

John Naame
Broker Associate
Carrier Sotheby's International Realty
609-377-1458
1 vote Thank Flag Link Thu Apr 24, 2008
This is a buyers market and we recommend coming in low. We would have to look at what else is available in Brigantine to come up with a negotiation strategy. But if the house is overpriced coming in low is not insulting.
1 vote Thank Flag Link Tue Oct 16, 2007
I have been watching Brigantine since 2004 , am soo glad the seller rejected my offer. Since then the U S economy has tanked and RE is still in free fall,vacation homes hit real hard. Jay Lamont, " All About Real Estate", told me in 2009 that Brigantine should bottom summer / fall 2010. He cited the 12000 lost casino jobs ,and some over building,,,but with all due respect I believe he was early in his prediction. Note that the Trump Marina just sold for @ $ 32 million,down from the asking price of $320 million only three years ago. Brigantine an AC / casino bedroom community has been hit especially hard. Check the listings about 670 properties always for sale and in April they sold less than 20 , thats a 3 year supply of inventory.Check the listings that now saw 'subject to third party approval" thats a short sale,and the REO is just hitting the market. Brigantine is a great little town, but will probably not bottom for another 2 or 3 years if ever...keep your eye on it ,,its a nice little (overpriced) island !!
0 votes Thank Flag Link Tue Jul 26, 2011
Is there any newer information on this question?? Because I have to say I think with all of hte homes still listed in the Brigantine Area, prices still seem high.
0 votes Thank Flag Link Thu Jul 7, 2011
Congratulations to the home owner who recognizes the situationin Brigantine. The market is still trending down and any agent who doesn't acknowledge what is going on is nly kidding themselves. In fact, a good portion of the listings in the area are overpriced, a fact which is making the market worse than it really is.
0 votes Thank Flag Link Sun May 4, 2008
I strongly recommend that any real estate "professional" who chooses to post a response on this website check his writing for spelling errors and run-on sentences. Having lived in Brigantine for three years now, I have watched home prices drop dramatically. I know several realtors who still insist the market is great, but anyone with common sense can see this is wishful thinking. Any home buyer whose agent is reluctant to put a low offer on a home should question the agent's motivation. Is it that the agent believes the offer will be rejected and doesn't want to go through the trouble of filling out the paperwork? Or is it that the agent is more concerned with his own commission and hopes the buyer will select something pricier? I cannot overemphasize the importance of selecting an agent who will put the buyer's interests ahead of his own.
0 votes Thank Flag Link Sun May 4, 2008
Thank you all for your advise. My question was written last year. In the meantime, 2 houses I was following have actually dropped their price....one by 100,000, the other by 59,000. They still have been on the market for quite a while with the new prices. Since I am not in a rush to buy, I will take my chances and continue to follow the houses.. But my intuition was correct and they were obviously overpriced. I am considering one other option and that is to buy a piece of land asking price 277,000 and building an average home on it. In this way at least I will get a home with everything new in it..... A serious consideration...........
0 votes Thank Flag Link Sat May 3, 2008
Any good agent will do their research and at least inform you what the current market value is before submittig an offer for it is their duty to the client to make them aware. I am not saying not to make an offer but make the offer make sense and not just sit around and wait for the seller to hopefully say yes when in reality they will reject it. If we want the market to stabalize we can not encourage buyers to continually put in offers lower than what the actual market value truly is or the values in this market will continue to decline.

I do agree that when the market stabalizes the 2-5% per year will be acceptable. Do not tell your agent to make the offer, but depend on your realtors expert advice so that you do not have a seller tell you no but yes and you have a great property to enjoy.

John Naame
Carrier Sotheby's International Realty
Broker Associate
609-377-1458
john.naame@sothebysrealty.com
Web Reference: http://johnnaame.com
0 votes Thank Flag Link Sat May 3, 2008
These recent posts are very interesting. I believe the shore area market appears to be leveling out. It seems that most home sellers are holding to their asking price and seem to be getting offers a little closer to the asking price than back in July when this question was asked. With the credit market slumping - there will be the bargain basement foreclosures and occasional estate sales that are way below market value but I am hoping that this is at least a turning point for Brigantine so that we can get back to normal market appreciations!
0 votes Thank Flag Link Fri May 2, 2008
I disagree with the answer of the previous realtor who answered your question. If you are looking to buy real estate in any shore area no matter what the market is you are paying a premium price. This is a good time to purchase real estate and of course the prices have adjusted which is why we have had more transactions in the past year. An agent telling some one to put in low offer without doing their research is foolish and not doing their client justice. There is some homework to be done before throwing in an offer on a property. Once the market value is established then you will know if your offer is going to work or not but at least you have educated yourself on the value of the home. yes we are dealing with sellers who mostly own these properties as second homes but what does that have to do with anything? Nothing the property is what it is and again establishing the market value will tell you if your offeris good not. I do agree that you have nothing to lose and a great property to gain.
Web Reference: http://johnnaame.com
0 votes Thank Flag Link Fri May 2, 2008
You are right to a degree. Tere are many sellers who are realistic and many who are not. The problem is we are mostly a secondary home market and if you have a non-motivated seller who is just testing the waters, agents should turn down the listing. Whenwe as professionals acceept non-saleablelistings, we help to further depress the market. As formaking an offer $80,000 lower, it isdefinitely a buyer's market, what do you have to lose. The worst that can happen is that the seller will say no. You have everything to gain and nothing to lose.
Web Reference: http://21homesonline.com
0 votes Thank Flag Link Sun Apr 27, 2008
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