Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
In North /East Brunswick area, will it be wise to make an offer asking for 15% less on the condo / townhouse published price tag? Whats the current rate in NJ?
You can ask for whatever you want- there's no guarantee you'll get it though. If the property is priced right and the people don't need to sell that badly, they'll tell you to get bent. If it's overpriced and they don't need to sell badly, they'll still tell you to get bent. If it's overpriced and they need to get out (and can afford to take the hit) they may take your offer. You've got nothing to lose, but don't get your hopes up.
Just remember - you can make more offers than you can buy homes.
Don't get too attached to any particular property unless you're willing to pay what they want - you may not get it at all.
If money is the driving factor, and you have the time, take your time and do your homework. 10-15% isn't such a dramatic difference considering the market that a reasonable seller would want to attack you, but they may feel that way anyway. If you're working with an agent, ask your agent for comparable *sold* properties from the past 3 months (preferably), 6 months if there aren't any.
Remember also that negotiations don't end until closing. Get a home inspection, even for a condo. If there is work that needs to be done that you weren't specifically made aware of, ask for it to be done, to be given to you as a seller's concession of closing costs, or whatever means your lawyer suggests.
Good advice you guys. When i bought my house i started at a LOW number and negotiated from there
We did as well; what we didn't realize was that the owner had just dropped the price for a second time right before we made an offer. (which is why this house wasn't showing up when we were doing searches! It was out of our price range until the second drop!) In any case, it's not like they told us to never bid again when we made an offer lower than their just recently dropped price; they simply said No. We came back with a better offer (still a bit below the asking), and they accepted it.
So there is no harm in starting low to see where it gets you...
You can throw out any percentage you'd like - after all, the seller can start with any price they'd like.
Which is why you need comps.
Look at what has sold (and for how much), whats on the market (and how much), how much whats on the market has changed in price over recent months, and you have a good indicator as to where your offer should be.
Of course, always start a little lower than what you'll find reasonable - the seller will come back with something higher than reasonable anyway (if they are aware enough of the market conditions to find it a good starting point for negotiations).
How much less you go is up to you. I could offer 99% under asking all day long - doesn't mean I'll get it.
You can throw out any percentage you'd like - after all, the seller can start with any price they'd like.
Which is why you need comps.
Look at what has sold (and for how much), whats on the market (and how much), how much whats on the market has changed in price over recent months, and you have a good indicator as to where your offer should be.
Of course, always start a little lower than what you'll find reasonable - the seller will come back with something higher than reasonable anyway (if they are aware enough of the market conditions to find it a good starting point for negotiations).
How much less you go is up to you. I could offer 99% under asking all day long - doesn't mean I'll get it.
True, in this market I would also advise looking for a short sale. That's where the really good deals are.
Go for it. Two years ago, I offered 13% below the already-reduced list price and eventually settled at 7% below. The sellers were getting divorced and were ready to move on. After living there 15 years, they still split a huge profit.
If your seller bought recently and overpaid, they may not have much wiggle room. In that case, make an offer and move on. I'm really happy now that I didn't get the first place I bid on.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
We came back with a better offer (still a bit below the asking), and they accepted it. 
