Price Changes in Parsippany in today's market (sales, real estate)

[nrana]

I am looking for a house in parsippany. I am planning to place an offer on that house. How much % down should I go from the asking price. Is the market in NJ is going down and how much.

Thanks for the reply.

[BobKovacs]

It depends on where the listing price is relative to the comps- if it's priced realistically, you may be able to get nothing off the list price. If it's priced high and the sellers need to sell, you've got some room- if they don't need to sell, you may not be able to move them. There's no standard formula.

[proboscis]

Originally Posted by nrana

I am looking for a house in parsippany. I am planning to place an offer on that house. How much % down should I go from the asking price. Is the market in NJ is going down and how much.

Thanks for the reply.

I don't think prices are going down in Parsippany much at all. I still see houses asking (and selling) for $400,000 for 1-story homes that look like they haven't been updated in decades. This is in the Lake Hiawatha section too. In Parsippany proper the houses are even more expensive.

[mczabe]

Agreed. It's all about the comps and where the house is priced. I recently sold my NJ home, and we priced it very reasonably. It was much nicer than all the other houses at that price point in our town. Because of that, we actually wound up with a bidding war and took an offer significantly over our asking price.

Now that being said, I think most sellers for some reason have their heads firmly embedded in the sand and overprice their homes for this market...but again, what you should offer/expect to pay completely depends.

[Marc Paolella]

Hi Nrana,

The median home price in Parsippany has gone down from $425,000 to $406,000 in the past year. So it is dropping slowly. Days-on-market is also up, so prices are still likely to erode for awhile.

If the property you are interested in has been on the market longer than 90-100 days, a lower offer is in order, probaby 10% below list. What have you got to lose?

On the other hand, if it was just listed, you're probably not going to get a 90% offer accepted, it's just too soon for the owner to throw in the towel.

-Marc

[kalim2008]

Originally Posted by nrana

I am looking for a house in parsippany. I am planning to place an offer on that house. How much % down should I go from the asking price. Is the market in NJ is going down and how much.

Thanks for the reply.

In zillow at least, the prices in Parsippany have not gone down much - only 4.4% over the year....city-data does not have data on actual sales in that area:

Parsippany Affordability - Parsippany Real Estate Data - Zillow Real Estate

[Sergio M]

Zillow is not a reliable source!

[wileynj]

I have a friend selling in Parsippany - house was listed at almost 700K - now down to 550. She has had several interested parties since she dropped and I looked at homes in Parsippany in her price range...she has the best home in that range! So prices have come down but I have a feeling sellers aren't going to drop much less when offers come in...it is time to buy if you are looking as I feel people - sellers will give up if they don't get what they are looking for..their bottom line number.

[BobKovacs]

Originally Posted by wileynj

I have a friend selling in Parsippany - house was listed at almost 700K - now down to 550. She has had several interested parties since she dropped and I looked at homes in Parsippany in her price range...she has the best home in that range! So prices have come down but I have a feeling sellers aren't going to drop much less when offers come in...it is time to buy if you are looking as I feel people - sellers will give up if they don't get what they are looking for..their bottom line number.

But the question is, was $700k ever realistic? Her price "came down", but did it start in reality?

[nrana]

How do one know that the listing price is the right market price. Do i have to take it for granted what the real estate agent suggest or can i get some idea by myself. How much can i trust zillow.com?

Thanks