How much can I negotiate? How high should we search?

Real Estate Agent with Berkshire Hathaway HomeServices NJ Properties

I had a client ask how high over the top of their price range should they be looking when searching for a home.  If their range tops out in the $700,000s is it worth it to look into the mid-$800,000s?

My opinion is this: If you don’t want to go over $800 then looking up to $850 might be frustrating … Here in Basking Ridge most properties close between 94% and 96% of list price at time of sale. Many properties are not priced right and will sell for less than that – but not necessarily before the seller adjusts the price. As much as we want it to be, it is not a science… by knowing the inventory and using my network, I can help you determine a good offer that takes motivation and market value into account.

The other point that many people – buyers and sellers alike – lost sight of is that an offer should be relative to market value NOT list price.  This is a tough one and sometimes you have to test the market (as a seller) or test the seller (as a buyer).

It’s more art than science…


Basking Ridge Home ValueBasking Ridge Townhouses for SaleBasking Ridge Condos for SaleBasking Ridge Homes for SaleContact Jennifer BlanchardGet Basking Ridge Listing alerts in email
Monique Ting
INET Realty Honolulu, HI - Honolulu, HI
Your agent under the sun

Definitively more of an art than a science. It all depends on sellers motivation, specific location, how many comparable  also for sale...

When I work with buyers, I do try to keep in the price range my clients can afford, but once in a while, won't mind showing them properties in a slightly higher price range.  Doing a thourough market evaluation will tell me if the asking price is justified or if the house is overpriced.

Jan 05, 2012 08:51 AM