Comps for Offer

Absolutely try. You or your broker can gently explain the reasoning behind your offer, and you can always increase it if you feel the apt. is worth more than the initial offer.

I think your reasoning is sound, and the sellers listing price is probably aspirational. How they respond will depend on whether they are just fishing or if they are really serious about selling. Also, the amount of time it has been on the market may have some influence too. I would submit your bid with a letter explaining your reasoning. If they don't respond or turn it down, you could always move on to another property. Who knows - they may come back to you later if yours is the only bid they get.

That's what I'm thinking but right now I don't have a broker. Would it make sense for me to start working with a broker so that they can negotiate directly? I'm thinking that broker to broker discussions are better than a buyer with no representation.

Babsie, if you are stating that the market has turned, what is your rush to buy? Don´t you think this may just be the beginning, the first inning of the turn? Haven't you seen the depths of the turn everywhere else? Personally, I wouldn't buy anything in less than 1 year, unless it is offered at 2004 price or if interest rates shoot up to 10%. I suspect if you buy at 2007 prices you will be kicking yourself when 2010 arrives.

Good point. However, it's hard to predict what will go on with this market. I am only considering buying now b/c I may be expanding my family and will need more space. However, we are considering just sitting tight and squeezing in for a year or two.

babsie02, I think you have the right (flexible) approach. Some regular posters on this board would tell you that prices will soon fall below 3/07 prices on almost all properties, so it might not be unreasonable of you not to go higher than the psf price from then (assuming comparable units).

As you probably already know, if you've already seen the apartment without your own broker, you probably can't bring a broker into the mix at this point. But the brokers who often post on this board might tell you how best to approach it. Brokers . . .?

babsie02 - first rule of thumb - don't take advice as to whether or not you should buy from anyone but you, your family and maybe your accountant and lender. People on this board have absolutely no knowledge of where the market is definitively going (though many profess to) let alone your personal situation. If you have done your research, found the place that fits your life and would accommodate your family and make you happy, and you plan to stay there for a decent amount of time, don't try and time this market. Leave that to the speculators and investors - neither of which sounds like your situation. Just my .02.

for true comps look not only at comps that have sold recently in the building and near the building but also at whats currently on the market in the building and near the building.