Real Estate question

[TLH1977]

Everyone is telling me the market is starting to drop and people are no longer gonna get the high asking prices we have been seeing over the last few years. Ive been looking at condos in the connecticut area and have been comparing the asking price to the actual sold price. Is the asking price inflated and not the actual price the seller is hoping to get? Is there an average number you can go down without making your offer look ridiculous? I already put an offer on a place and a counter offer was no even accepted. But yet i look at other condos and and some places are selling at $12,000 cheaper then the asking price. Confused!! Looking for any input you guys may have!

 

[The Mystery Machine]

Depends on the area, really. If the market area you are looking at is "hot, hot, hot", then it will be sell quick.

If properties are still sitting, that is your indication. Look at how long the property sat at the asking price before being sold.

Some people will take a lower offer just to get out of the condo, esp. if they have a house waiting. Holding out may cost them in the long run.

It really is a gamble. Go to Realtor.com and educate yourself on prices, sq. footage, area, school districts, etc...

 

[NewJersey]

The market here in NJ is soooooo overpriced, but houses are sitting much longer on the market. I went to a few open houses today actually and all of them were reduced if not once, a few times. A townhouse I looked at was put on the market in March at 700,000 (3 BR/2.5 bath). The price is now down to 615,000. Still over priced but prices are trending lower in the NJ area.

 

[barkley]

def. talk to good realtor who is familar with those condos. they can tell you what the market trend for them are-and they may be aware of other contributing factors to one that is or may become listed. we sold our house recently and being original owners that paid several hundred thousand less than the bulk of our neighbors, while we would'nt have 'given' the place away we would have been much more able and willing to consider lower offers our competition could have never considered.