How much to offer on new condo

[m3racer]

I'm thinking about purchasing a condo. I currently rent. They are asking $200k. What's a reasonable offer given the current real estate market? $150k-$160k-$170k? I have no clue as I've never owned.

[gamecock43]

i read somewhere that people can expect to get a final sale 5-8% off asking price. in todays market, you can expect to recieve up to 15% off asking price. 15% off 200k is about 170k

[Seeker]

I'm thinking about purchasing a condo. I currently rent. They are asking $200k. What's a reasonable offer given the current real estate market? $150k-$160k-$170k? I have no clue as I've never owned.

You need to find out about pricing in the area you are in. No number will be "reasonable" without knowledge of the specific information of the location. And you will need to compare apples to apples.... ie,. same number of bedrooms, bathrooms, garage? etc. the specs of similar units to get at current potential offer prices that this can go for.

Is this the condo that you have been renting? If yes, then find out how much people have paid for similar units within the area or even the complex if other similar units there have been selling. A realtor familiar with your location can help you find out how much other units have been selling for.

[billy1980]

There is nothing to stop a offer as much as 10% off asking orignally (if this is already a fiar price) and them comming back in 2% increments until accepted

[disneysteve]

I agree with Seeker. There is no simple answer. You need to know what comparable properties are selling for. It can also be helpful to know how motivated the seller is. How long has the property been on the market? Are the owners still living there or is it vacant? If it is vacant, the seller is living elsewhere and losing money every day it sits unsold.

Get that info and make your offer from there.

[tripods68]

i read somewhere that people can expect to get a final sale 5-8% off asking price. in todays market, you can expect to recieve up to 15% off asking price. 15% off 200k is about 170k

You should find a realtor that knows the area. Go from there!

[m3racer]

The units for sale are brand new. I'll have to check to see what condos are going for in the same area. How can I find out how long the property has been for sale?

[maat55]

Try to find out what the average price per square foot the condo's are selling for. Then consider your offer. If you have the patients for a good deal, you can offer less than the going rate. If you are dead set on one of these cond's, you will end up paying the going rate.

[Spud]

The units for sale are brand new. I'll have to check to see what condos are going for in the same area. How can I find out how long the property has been for sale?

Get the MLS number and look at ziprealty.com. That site will tell you how many days it has been on the market, and if they have already lowered the price.

[m3racer]

Get the MLS number and look at ziprealty.com. That site will tell you how many days it has been on the market, and if they have already lowered the price.

Thanks!