Home Buying in 07030>Question Details

Amy, Home Buyer in Hoboken, NJ

How much can I offer (lower than listing) on a property in Hoboken?

Asked by Amy, Hoboken, NJ Sun Feb 1, 2009

Is it usually 10% less? Or with the market how far can I go? I know in most areas its 15%-20% but I wanted to find what the norm is in Hoboken and Jersey City.


Help the community by answering this question:



You can offer as low as you want. But it really has to depend on whether or not the property is a good deal at list price.

If you are with someone that knows the market you can gauge this correctly...

For buyer 1 sees a property they like : Advice make a full price offer.

Buyer 2 sees a property: advice get a 20% discount.

Insider info: Buyer 1 was buying a deal that was already 20% below market value.

Insider info Buyer 2 was buying an overpriced listing that had a recent rash of short sales and foreclosures.

You have to be savvy in todays market.

Hope this helps! Happy Home-Hunting,

You can actually search through all the Condos at
Web Reference: http://www.HomeInfoNj.com
0 votes Thank Flag Link Wed Oct 14, 2009
You state most areas it is 15-20%. . . can you give an example of what area, and how you determined this?
0 votes Thank Flag Link Mon Feb 2, 2009
Hi Amy,
In Hoboken last month, the average discount off the list price of sold properties was only 5%. That indicates to me that you can assume the offers were twice that amount, or 10% lower than list, on average. Nonetheless, in a market with nearly 500 units for sale, you can offer whatever you think the property is worth. No sane buyer would "be offended" or refuse to negotiate with you. You can see the monthly sales statistics for Hoboken at


Lori Turoff
Prudential Castle Point Realty
NJAR Circle of Excellence 2004, 2006, 2007, 2008
201 993 9500 (cell)
0 votes Thank Flag Link Mon Feb 2, 2009
Walter has advised you well Amy - it all depends on how the property is priced. Understanding the pricing is critical and your agent can/should help you with this. A good pricing analysis will provide a recommended range based on the facts of the market. It will look back and establish a trend, apply it to current comparables and arrive at a range that makes sense. Your agent can use this analysis to guide you and support your offer. An offer that can be substantiated always has a better chance of success than one that is not based on facts.

I continue to see properties sell between 1-5% of their list price, when that list price reaches the home's proper "strike price". If the home is priced properly from the get go, it performs in this same 1-5% band. If the home is overpriced, then it sits, and your 10-15% off the top idea just may be appropriate. But it is just as likely on an overpriced home that you will pay too much. Remember a seller can ask whatever they want. The same pricing analysis that I talked about before will immediately flush out overpricing.

Get the facts on your side - talk to your agent and work through the numbers to arrive at a sensible offer price for properties of interest.

Good luck to you!

Jeannie Feenick
Search and connect at http://www.feenick.com
Web Reference: http://www.feenick.com
0 votes Thank Flag Link Sun Feb 1, 2009

It really depends on how well the property is priced against what has sold and also what is currently for sale. I have seen buyers make offers 20+% below asking because the comparables showed that the property was 20+% overpriced. I have seen buyers pay full price in this market because the seller priced their home to sell and the buyer saw that there was value there.

I recommend speaking with your Realtor to guide you on the offer process and educate you on what is currently under contract and sold within the past 3-4 months. Even if you offer 10-20% below market and the seller is offended, your Realtor should be able to back up the offer with data that shows why you made the offer you did, that is if there are comparables to back up your offer. Many times as a Realtor I have to educate not only the buyer but also the listing agent on why my buyer is offering what they are for the home.

Please let me know if you have any additional questions. I'l be happy to assist.

All the best in your home search,

Walter J. Burns
Weichert Realtors
1 Newark St.
Hoboken, NJ 07030
201-653-8488 Ext: 230
201-694-8946 Mobile
201-653-4154 Fax
0 votes Thank Flag Link Sun Feb 1, 2009
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