Home Buying in Hoboken>Question Details

Moneymaker29…, Home Buyer in New York, NY

I'm about to make an offer on a 1br brownstone in hoboken. What % below asking price should my offer be?

Asked by Moneymaker29383, New York, NY Mon Jun 2, 2008

I don't want to offend the seller nor do I want to short change myself. I was thining 10% below market. Too much, too little??

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Answers

3
Hi Moneymaker29,
As of the end of May, the average price per square foot for a Hoboken condo is $533. Smaller units tend to go for slightly more per square foot than larger (big 2br & 3br) units in similar locations & condition. In Hoboken, the really nice units of any size, when priced right, sell very quickly and often at or above asking price.

Without knowing anything about the specific condo you are thinking of buying it's impossible to say what you should offer. That is where a good realtor adds value. He or she has tons of experience looking at similar properties and can better assess if the property is well priced. So, if you are not already working with a local - and I stress local - realtor why don't you go to the Trulia Voices search page and look for the top realtor in "07030" (Hoboken's zip code). Or , google "good hoboken real estate agent" and look for an agent who specialized in Hoboken condos and who is very knowledgeable in the Hoboken market.

Hoboken is a very particular area because of it's small size but urban character, easy commute to NYC and young, growing population which keeps demand for Hoboken condos high. If you'd like to see the most recent sales figures for Hoboken condos you can look at : http;//hobokenrealestatenews.com

I hope this is helpful. Feel free to contact me if you have any further questions.
Lori Turoff
Realtor
Robert DeRuggiero Realtors
Hoboken NJ
201 993 9500
0 votes Thank Flag Link Tue Jun 3, 2008
When making a purchase you should think about your interest and your interest only. Your goal is to get the most value for the lowest price. As stated previously you have to be reasonable. However randomly deducting a % of the listing price is not the way to go. What you need to know is the homes true market value. This info can be provided to you if you have an agent representing your interest or at least one who can give you the most recent sales in the area. The home could possibly be listed 10% above market value. Now if you decided to make an offer an deduct 5% from the sales price you would still be overpaying. Purchasing a home is a very important investment. Be sure to get the advice of a REALTOR who specializes in the area of interest.
0 votes Thank Flag Link Mon Jun 2, 2008
Moneymaker29,

I just answered your other post, you should be making your offer based and supported by recently sold comps. However, you are entitled to make an offer for what ever dollar amount you wish but to make a realistic offer and open the door to negotiations should at least be in the ballpark area of the recently sold brownstones.

I also recommend you getting your own buyer's agent as well.
Good Luck.

Gina Chirico
Prudential New Jersey Properties
973-239-7700 ext 132
973-715-1158 cell
GinaChirico@PruNewJersey.com
0 votes Thank Flag Link Mon Jun 2, 2008
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