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Old 04-23-2011, 12:09 PM
 
22 posts, read 26,600 times
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What has been the trend? 3 year view and last 6-12 months kind of trend? About to put an offer on a place listed for $250K, wondering that would be the magic number. I know it all depends on how motivated the seller is, the precise location/block, etc. etc., but I'm looking for some high level stats to get an idea of how low I should/can go. Thanks guys!
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Old 04-23-2011, 12:24 PM
 
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Moderator cut: link removed, linking to competitor sites is not allowed
Moderator cut: link removed, linking to competitor sites is not allowed

Montclair and Morristown totally different counties.

Last edited by Yac; 02-07-2012 at 07:53 AM..
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Old 04-23-2011, 12:33 PM
 
22 posts, read 26,600 times
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Quote:
Originally Posted by Ellwood View Post
Moderator cut: link removed, linking to competitor sites is not allowed
Moderator cut: link removed, linking to competitor sites is not allowed

Montclair and Morristown are in two totally different counties.
^ yes, of course I realize that.

Thanks for the links, will check 'em out.

Last edited by Yac; 02-07-2012 at 07:53 AM..
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Old 04-23-2011, 12:37 PM
 
22 posts, read 26,600 times
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Nope, doesn't really show what I'm looking for. The link shows median list price and their movements (# of price cuts) and inventory data.

I'm more interested in actual sales (and how the sales price compare to list price). When I bought in boston 3 yrs ago, I had my agent pull comps for the area and created a spreadsheet myself to show list vs. transaction price. At that time, most places were going for ~ 5% below ask.

I could do that again, but was hoping someone else had done something similar lately... (yeah.. I'm gettin' lazy!)
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Old 04-23-2011, 12:54 PM
 
1,528 posts, read 2,108,251 times
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Quote:
Originally Posted by LSB M View Post
Nope, doesn't really show what I'm looking for. The link shows median list price and their movements (# of price cuts) and inventory data.

I'm more interested in actual sales (and how the sales price compare to list price). When I bought in boston 3 yrs ago, I had my agent pull comps for the area and created a spreadsheet myself to show list vs. transaction price. At that time, most places were going for ~ 5% below ask.

I could do that again, but was hoping someone else had done something similar lately... (yeah.. I'm gettin' lazy!)
Why not just offer what it is worth to you?

From what I see in my town, people aren't getting their lowballs accepted. Sellers have to get there themselves.

I'm just guessing based on rough numbers I've been seeing, but a 5% lower than ask offer has a good shot, 10% could be a starting point but would be considered a lowball.
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Old 04-23-2011, 04:36 PM
 
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What its worth to me is irrelevant in a way. Whats more relevant is what it's worth to the market (now, and a few yrs down the road when I am renting or selling it).
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Old 04-24-2011, 09:54 AM
 
Location: Westwood, NJ
665 posts, read 1,180,947 times
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In the past 6 months, Montclair's listings are closing at 95% of the list price. In previous years, listings were selling very close to list price.

In Morristown, 96% of the list price. List to sold price varied in previous years from 93 to 97%.
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Old 04-24-2011, 10:33 AM
 
167 posts, read 198,484 times
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Unless it is urgent to sell, there is no reason sellers would accept a lowball offer, say less than 15%. Instead they can lower the asking price 10% and increase their chances for an offer. That's why the selling price is usually within 95% of asking-after one or more price cuts!

The person above was right. The best way to get a house for much less`is wait for them to lower their price. Prices are going down so just wait.
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Old 04-24-2011, 10:54 AM
 
Location: Westwood, NJ
665 posts, read 1,180,947 times
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True, the sold to list price ratio doesn't reflect any prior price reductions, only the last reduction.
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Old 04-24-2011, 12:25 PM
 
22 posts, read 26,600 times
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Quote:
Originally Posted by Kevin1975 View Post
True, the sold to list price ratio doesn't reflect any prior price reductions, only the last reduction.
that's why I am looking at both SP as % of LP and SP as a % of OLP. For the areas I'm lokking at, the SP as a % of OLP looks shocking.. quite a few are in the 80% range.

Thanks for the stats above, helpful to know.
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