I’m looking to buy a home in the CT/NJ/NY area, specifically for homes priced around $750,000 that were built in the 1950s with oil heat. How much over asking price should I expect to offer? I want to know what to target for my pre-approval.
Expectations vary significantly by specific neighborhoods. There’s not enough info here for a helpful answer. It’s best to look at market trends in your desired area.
In competitive markets, offering 40-60% over asking can show seriousness, especially if you’re not making a cash offer.
The asking price is just a starting point. Each home’s value should be assessed based on comps and the specific market conditions. Your buyer’s agent can help with this.
You might need to offer $40k-$70k over asking, depending on your down payment and location. This has been my observation while searching in the tristate area.
Not all homes warrant over-list offers. Pricing strategies vary, and you shouldn’t feel obligated to offer more just because it’s expected.
It really depends on factors like neighborhood trends, days on market, and comparable sales. Each situation is unique.
I refuse to pay over asking. There are plenty of homes available, and this trend seems driven by greedy agents and sellers.