Home Buying in New York>Question Details

Joyce Cox, Home Buyer in Ohio

What percent would you estimate is negotiability on the upper east side in New York City?

Asked by Joyce Cox, Ohio Sun Feb 22, 2009

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hello joyce
I believe you have to judge this case by case. Your broker should do her or his due diligence and research when the property was purchased and what the sellers paid for the property , then research the current sales in the building /area . Each situation is different ,when you buy from a sponsor the negotiations may be different then buying a resale apartment . Some owners may need to sell more then others so they will accept a lower offer. I try to judge the situation, do my research and then advise my buyers what to offer. You also should be aware that even if your offer is accepted until you sign the contact and the seller signs the contract the deal is not firm. i believe today the key is skilled negotiations and having as much information re the property as possibe.
Good Luck
0 votes Thank Flag Link Mon Feb 23, 2009
This is a difficult question to answer directly. Much depends on the individual property. Many people overprice their homes with the idea of having "room to negotiate". The problem with this thinking is fewer people end up seeing the property and you end up dropping it anyway. Others price their homes to sell and get a lot of competition and get close to asking price - sometimes even full asking price. Your best bet if you want to save money is to work with a buyer's agent that can give you an up to date picture of the recent sales in a particular area and possibly even a particular building. With that said, years before the market starting going crazy, escalating to enormous heights, if you made an offer between 10 to 15% of asking that wasn't considered "low balling." But when prices rose, 10-15% started sounding like enormous amounts of money. Good luck. If I can assist you in some way, please contact me.

Ralph Windschuh
Associate Broker
Certified Buyer Representative
Century 21 Princeton Properties
631-467-0009
rwindschuh@c21princetonproperties.com
0 votes Thank Flag Link Mon Feb 23, 2009
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