Home Buying in 07657>Question Details

LIDIA, Home Buyer in 07657

Is their a rule of thum as of how much to take off on a house when making an offer?

Asked by LIDIA, 07657 Mon Jun 30, 2008

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Paying full price on an underpriced listing is a better deal than getting 15% off on a grossly overpriced listing. Listing price is ultimately set by the seller with the guidance of their realtor.

Your best asset will be an agent with negotiating skills. An example of poor negotiating skills is an agent getting as much money as they can from you until the seller says yes. An example of a good negotiating skills is an agent that will do a market analysis on the home, explain to you how they arrived at that number and finally making you feel good about your decision.
1 vote Thank Flag Link Thu Jun 30, 2011
Hello Lidia, there is defenitely no set rule on this... It all depends on how aggressively the home is priced. It may be so over priced where you need to offer 10-15% below asking or sometimes more.... Or it may be priced so aggressively that you get into a bidding war with other buyers driving the price above asking. It all depends on the sellers strategy when pricing the home and their motivation to sell.
1 vote Thank Flag Link Wed Jun 29, 2011
There is no rule of thumb. Don't automatically think a home is over priced or you are getting to get a steal. Many home owners have been more realistic with pricing over the years and price according to what has sold in their area. Make an educated offer based on this info and what you truly feel it's worth. It could very well be the asking price or even more in some cases.

Chris
0 votes Thank Flag Link Sat Mar 23, 2013
Look at recent com sales. That will give you an idea of what is market value. If a house is priced right you will get close to asking price or maybe over asking price. Some sellers still think their house is worth what it was in 2005. Those are the ones that sit on the market and don't sell. Click the link below to read 2 stories that were put in the Bergen Record about my listings.

http://www.garynagurka.4t.com/Bergen_Record.html
0 votes Thank Flag Link Sat Mar 23, 2013
Brian is absolutely right. If a home is priced under market you should jump on it at asking, if priced correctly, be prepared to pay within a narrow margin of asking and expect that it will move quickly. If overpriced, then the correct margin is whatever takes it to market value. How can you evaluate the pricing of any property - with the guidance of a great agent.

Good luck to you,
Jeanne Feenick
Unwavering Commitment to Service
Web Reference: http://www.feenick.com
0 votes Thank Flag Link Sat Jul 2, 2011
Chris is right, most homes do sell for a little less than asking price. In New Jersey that varies greatly from town to town. i suggest you find a Realtor and ask for the figures on list price, sale price and days on the market. Another to consider, if you are planning to ask for a sellers concession for a down payment , you might have to go a little higher. Best of luck! If you need an agent in Hasbrouk Hgts, give me a call.
0 votes Thank Flag Link Mon Jun 30, 2008
Great question. No rule of thumb per se. However, in our area, most houses seem to sell for 3-5% below CURRENT asking price. Of course, we are not counting foreclosures in this category-they are a whole other breed.
0 votes Thank Flag Link Mon Jun 30, 2008
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