Hi Joe Youre probably in your home by now but in case not, Simply put, consider how well priced the home is in the current market. Offer 100% if it is priced on the money (Not a popular answer i know) Don't always assume all homes are priced 10-20% over market. Comps will tell you home values. I recently had a buyer who lost a 1.3 home because she refused to pay full price insisting the seller was being unreasonable when the owner wouldn't counter a 90% offer. Two months later the home gretly desired home sold for asking.
Some owners need time to realize they're priced over the market, so timing becomes important too. A home just on the market is exciting and attractive to a potential buyer, but they are often overpriced at first since many agents will take any listing no matter how overpriced it is. Any agent will tell you that the best listing to take is one that has changed hands 2 or 3 times already. The market has broken in the seller by then and forces the realization of the current market value.
Long Beach island, NJ
908 803 2914... more
In addition to the notes below about quality of construction and materials used:
1. Land costs
2. If you need approvals or variances- costs can run - you then take into account attorney fees, engineer fees, architect fees and the TIME it takes in many shore towns to get permits or approvals.
A good reason why you see many rehabs with part of the house remaining - like a four foot seection of the original structure.
Refer to the cost not per sq ft - but how much for a wooden box - the cost differential for a 2,000 sq ft house vs a 2,500 sq ft house is minimal.
A good design goes a long way.
a 7,000 sq ft house may be designed poorly - look impressive on the outside - and useless on the inside vs a 3500 sq ft house.
And you'd be paying a ton in taxes on wasted space - it's the NJ way.
Look around and think about what you like and don't like, then think again.... more