North NJ House: How much would you offer?

[Bill Keegan]

Originally Posted by njguy

Being that IMO the average Property Tax will be about $25K in NJ, I would offer no more than 2 cents. One would already have more than $2K/month just in property tax to worry about without any other expenses.

You are a little out of sync with reality here. Or you didn't read his post fully. He says he's looking at a property that is now listed at $510. Do you have any idea how improbable it is that the taxes will be anywhere near $24k? I'm not sure where in North Jersey he is looking, but a far more accurate GUESSTIMATE of the annual real estate tax on a property valued at $500k would be $8k to $10k.

[clevedark]

I think the poster is assuming property taxes in NJ will be skyrocketing soon.

[midagegirl]

i would look into any work that the house would need ( siding, windows any repairs) then deduct that from the asking price.

[bluemask]

Originally Posted by davenj08

in any kinda market - good or bad - houses are almost never sold at 'fair value'; their future potential is always factored in knowingly or unknowingly.

Good that you mention this. I'll take it into consideration. I also think housing market in Northern NJ is going to down another 10-15% in 2009. That's why I am so not sure about the "right price". We propably will really low ball it as a way to begin.