Joe, Home Buyer in New Jersey

I have been looking on the Jersey shore for the past year (Lavallette and vicinity). I have noticed that

Asked by Joe, New Jersey Mon Apr 20, 2009

houses that were for sale last year before the market crash have not come down in price, but meanwhile they still are not sold. As a buyer looking in the $1-$2 MM range what should be my first bid? 30% less than asking price? How willing are sellers to negotiate in this market?

Help the community by answering this question:

Answers

5
Hi Joe Youre probably in your home by now but in case not, Simply put, consider how well priced the home is in the current market. Offer 100% if it is priced on the money (Not a popular answer i know) Don't always assume all homes are priced 10-20% over market. Comps will tell you home values. I recently had a buyer who lost a 1.3 home because she refused to pay full price insisting the seller was being unreasonable when the owner wouldn't counter a 90% offer. Two months later the home gretly desired home sold for asking.
Some owners need time to realize they're priced over the market, so timing becomes important too. A home just on the market is exciting and attractive to a potential buyer, but they are often overpriced at first since many agents will take any listing no matter how overpriced it is. Any agent will tell you that the best listing to take is one that has changed hands 2 or 3 times already. The market has broken in the seller by then and forces the realization of the current market value.
Chris Moffitt
Realtor Associate
Oceanside Realty
Long Beach island, NJ
908 803 2914
0 votes Thank Flag Link Sat Aug 11, 2012
As a buyers realtor I would look at all the facts before advising my client as to what to offer. The most important things to consider are: What have other comparable homes in the area sold for, How many months ago were these sales (keep it with in 2-3 Months), condition of the house, How many days on the market, and location.

Michael G Haley
Realtor Associative
609 290-8532
0 votes Thank Flag Link Thu Feb 18, 2010
Joe,

Rhys is perfectly correct. I am an agent and know the Lavallette area very well. It has retained its value over the years and through the decline. I agree with Rhys again in that the best way to determine what to offer is to personally visit houses that have the extras that you are looking for and that are in your range with an agent. The agent can do the comparables to determine the propertys true value. Again I am a local agent who works in that area. I would love to help you find your next home. Let me know if you would like to go look at some. Look forward to helping you with your real estate needs.

Sincerely,

Annmarie Howley
Coldwell Banker Flanagan Realty
732-330-8903
0 votes Thank Flag Link Fri Jul 17, 2009
Lavallette itself has retained values exceptionally well due to the overall quality of the community and comparatively low taxes. You are certainly fortunate to be in an enviable price range, although there is a huge difference between homes listed around $1,000,000 and those at $2,000,000, which could get you right on the water if that's what you want.

The town is blessed with an several excellent local real estate agencies that know the market well, and can help you sort it all out. They won't tell you what to offer, but will help you arrive at such figures on your own based on their knowledge of comparables, seller motivation, time on the market, etc. Find a good one, and good luck in your search.
0 votes Thank Flag Link Sun Apr 26, 2009
Joe,

From what I understand this market has been stagnated by a local tax war which could very well lead to the declinein sales.

I would ask:

(1) r u from North jerey?

(2) If so, why no consider other waterfront coummunities not so far south.

Call or email of u would like to discuss further.

Love and Peace,
Francesca, Realtor
Francesca@PatrizioRE.com
732.606.2931
Web Reference: http://www.PastrizioRE.com
0 votes Thank Flag Link Wed Apr 22, 2009
I agree regarding the tax war that is hurting the vacation homeowners. Toms River property owners (year round) voted to drastically increase the property taxes on the vacation homeowners (some cases 300%) to keep their taxes down so alot of the people that have had beach homes or cottages in their families for generations can no longer afford them due to the increased property taxes. It's the unfortunate demise of many families that have enjoyed the Lavalllette, Ocean Beach, and Seacrest beach area their entire lives, but without voting rights, the Toms River year round homeowners are pushing these people out and they are selling, but at least for alot more than the homes were purchased for 10+ years ago. The upside is there are more homes available to people that may have never owned a beach house or cottage and can now buy due to the low mortgage rates and availability, so it's kind of bitter sweet.
Flag Wed Jul 25, 2012
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer