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I want to make an offer for a house in New Jersey. I don't know within what % I should offer?

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April 30 2009 - Omaha
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Answers (4)

Your question depends on what the asking price is? If it's full market value and you're not asking for concessions and you don't mind not getting the property then start low and work up slowly to the max you want to pay. Good luck.
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June 28 2009
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Pre bubble prices (Year 2000 when Med was 250K) in the area plus inflation (30%). 

http://www.housingbubblebust.com/OFHEO/Major/MidAtlantic.html

You still have 150-200K to knock off from the current med at 450K to get back to supported prices around 300-350K.  

So your percentage may be larger if you want to avoid overpaying and seeing the "value" of your home dropping further. 

Over the long run, median prices can only be some 3-4x median incomes which is pretty close to inflation. 
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June 28 2009
Your offer should be based on the value of the home not by a percent of the asking price. If the home is priced well then your offer should be closer to the asking price. If the home is overpriced, then obviously your offer would be lower. Basing your offer on a percent of the list price is a good way to either pay too much or to write an offer that is ridiculously low.
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June 28 2009
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It all depends how motivated is the seller. I just bought my house for 10% less than the asking price not to mention that the price to start with was at least 10-15% lower that the tax value and appraisal.
As I said, I paid 10% less starting with my first offer around 15% less than the asking price.
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April 30 2009
 
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