David, Home Buyer in New Jersey

Where is good place to start MB condo offer?

Asked by David, New Jersey Wed Nov 21, 2007

Am looking at MB area condos for purchase this winter - to be used as second home. Assuming market still has some decline to go, what is a good place to start an offer at? Is 90% insulting?

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Answers

6
That all depends. If the condo is priced right, hurry up and make the offer at full price. If the condo is priced incorrectly you can discount to your heart's content: 5-10-15-20-25%. Check out the blog I wrote last month on the pricing in this market. Use the link below.
A lot of our current inventory is not priced correctly. When something is priced correctly, it sells fast, even in this stagnant market.
Look at the comps for the past 3-4 months. You can look at the entire year, but our prices have really shifted in August, so that will be your best indicator. You fill find a lot of condo projects where NOTHING has sold for that entire period. That is a good indication that you should INSULT the seller with a drastically reduced offer. You are not presenting it to the seller; your agent will. If you have the right agent, they will know exactly how to make the best of your offer. Feel free to call for advice. 843-251-2378
1 vote Thank Flag Link Sat Dec 29, 2007
David,
First let me help you find something! Please go to my website and register to let me get started on your search.
Web Reference: http://www.soldthebeach.com
0 votes Thank Flag Link Mon Jan 28, 2008
Let your Real estate professional do a CMA of a property once you decide you are interested. Our company puts all the numbers right in front of you.
0 votes Thank Flag Link Wed Jan 9, 2008
It is a buyer market! The deal of the decade happens about once a week! Its all about finding the motivated seller. We currently have a window of opportunity, and I don't know how long its going to last. A lot of the low lying fruit has been picked recently (the obvious good deals). In the last 3 weeks I have had several clients get some incredible deals. But you have to work hard to make them happen. You may not get it on the first, second or third offer. Persistence. You know what they always say: Buy when the are selling, and sell when they are buying. I would suggest working with a strong buyers agent to help you and get some direction.
Web Reference: http://www.mbcondopro.com/
0 votes Thank Flag Link Sun Dec 9, 2007
As prices in this area are still dropping I would start at 20% less than the listing price. Before making any offer be sure to ask your agent to show you actual sale prices for units in the same building or similar aged building in the area within the last 6 months. Most homes have been on the market for months and sellers need to start getting more realistic. I have seen units in the same building with the same floor plan be listed at prices as much as $75,000 difference. Linda - Owner of multiple properties
0 votes Thank Flag Link Mon Nov 26, 2007
I would suggest you have your Realtor study the CMAs in the area. They should know whether the property is a good purchase or not. An offer of 10% or more is generally considered a lowball offer; if the property is correctly priced and has not been sitting on the market the seller could very well be insulted. Your Realtor should be more than happy to help guide you through the entire negotiation process.
0 votes Thank Flag Link Wed Nov 21, 2007
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