How to calculate a reasonable offer
Knowing the market is essential, so you have to do your homework. Look at how long the apartment’s been on the market and how much comparable apartments in the building and area have sold for. Check StreetEasy for the number of saves by users. Attend open houses. Is there lots of foot traffic? Do people tend to linger?
“All these can give you a sense of interest in the place,” says Ari Harkov, an agent with Halstead Property.
You’ll also want to look for any price reductions. “The longer it’s been on the market without a price reduction, the lower you can go,” says Patrick Lilly of CORE. But if the price was just reduced, your bargaining power is lessened. There’s only so low a seller will usually go on an apartment that’s seen a couple of price reductions.
The condition of the apartment, exposures and light, and quality of renovation all factor into relative value. The higher the floor the higher the price too.
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