Statistics from the Monmouth/Ocean Multiple Listing Service show your annual from 06/2009 - 5/2010
% Sold / List Price is 91.98%
20% below asking price, often the Sellers will not counter .
Certified Residential Specialist
There is no set percentage to take off a home, million dollar home or two hundred thousand dollar home.
The key is to do your due diligence and understand the market and area. Included in your due diligence is finding an agent that understands these properties and has sold a few. Although the percentage part of my statement here is accross the board. Luxury property agents tend to have a better understanding of the area and market in this price range.
As an agent that has listed, marketed and sold numerous high value properties, I can help you with your search in this price range.
Colts Neck is a stones throw from my office, email or call and I can send what is available and we can discuss the area, pricing and comps.
Broker / Manager
Orange Key Realty
In general, not always, but in general, 15-20% off in Colt's Neck is not going to fly at all. Your offer will usually not even receive a counter. Even in the case of an overpriced home, the seller usually will not believe your offer is fair or even remotely realistic. You can play the game of visiting 50 houses and making 80% offers on all of them and hoping for a miracle, but in reality it is probably not going to happen.
I'm sure 20 agents on Trulia will love to work with you hoping that after you lose 10 homes you will get real on the 11th one. But I have to be honest with you. If you asked me to represent you and told me that you were categorically going to offer 15-20% below asking price, I would not work with you. It's nothing personal, it is just that your mindset will doom you to failure in most cases in this market.
The previous agents have hit this answer dead on. Anyone who gives you a number or percentage is not doing you justice. You will have the following three situations:
1- Listings that are aggressively priced listed at 1 million, these could sell at or above asking price.
2- Listings that are priced average.
3- Listings that are overpriced.
The sellers motivation will also kick in to the offer price, but overall you really need to know your comps. If you want to work with an experienced agent, please feel free to contact me. I love the Colts Neck area and I wish you the best of luck in your search.
If you don't feel that you want to pay that average value then put in a 90% offer. Want to be more in market then you'll have to go 95-98% of the asking price.
How solid is your loan approval? Are you doing at least 20% down? Can you show a credit approval letter from a solid bank like Wells Fargo who has already reviewed your credit report and income documentation?
This area is hot....
Contact me if you have any questions, comments or concerns about any homes you have previewed.
Peter W. Bennett, Owner
Residential & Commercial Inspections
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530 Prospect Avenue Little Silver, NJ 07739
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If you look at the trends on Trulia for Colts Neck the prices are up slightly this year from last showing signs of stabilization in the market. Now I don't think the market is ready to shoot up but stabilization gives homeowners a sense of security that alleviates panic selling. If you look at the comps for the house that you would like to make an offer on then try to compare apples to apples, for eg, block, bedrooms , square footage, condition of the home etc., you will get a better handle on how to make the right offer and what is the right price for the home. Colts Neck is a beautiful area with many beautiful homes and you really don't see many foreclosures. Colts Neck also has many wall st professionals and they are doing much better this year than last year. That being said I think homeowners in the area are not jumping ship they are pricing correctly when they are motivated. But that does not mean there are no good deals left. We are still in an uncertain economy that leaves opportunities for the savvy homebuyer in today's market.
Hope that helps you. I have colts neck homes on my website through MLS search if you like to take a look
http://www.beautifulshorehomes.com. Call me if you have any questions I would be happy to answer them.
Just today in gathering some info for a buyer I'm working with in Basking Ridge, I noticed several new listings in the $700 - $1,000K price range that sold very fast, within days of listing. Were these homes underpriced - no way. And the buyers of these homes rightly recognized a good value and jumped on them. The outcome a fair market deal for both seller and buyer - and those are the deals that make it to the closing table.
So back to your search, let's say that the home you are looking at for $1,000K is priced very well then the 10-20% strategy will cause you to miss the opportunity. On the flip side, if the home is overpriced at $1,000K then the 10-20% discount may not be enough.
So what you need is the service of an excellent agent who understands and can apply the analytics, knows her/his inventory cold and can put her/his knowledge and negotiating power to work for you.
Good luck finding that agent - you've come to a great place to begin that search. If your home hunting shifts to Somerset, Morris and/or Union counties, please contact me.
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Find success at http://www.feenick.com
However, a sellers' motivation will also play a part on what price a home sells for, and one can certainly make an arguement for the "days on market" stat playing a part as well.
Get yourself a good local agent who can help you not only find a house, but negotiate a price for you and provide you with all the amunition you'll need to get the best price.
(If you would like an averages stat on list to sales price in town, reach out to me through Trulia or my website and I'll send it your way.)