Looking to buy a studio in NYC (~600k). How low should I go below asking price when making an offer (especially given that the price went down 5% two months ago)? I’m thinking 15% below asking. Location is okay, no view, and a month to month renter in place. Thoughts?

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You mean how high you should go above asking price ? You can’t offer below listing price in this market. You probably need to pay extra 5-10% above price to secure an offer.

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Based on the price history, they bought it in an overpriced market and are trying not to lose too much… agree that they might say no

How old are you and how long do you plan to live there? A studio is not a great purchase. Consider a 1br maybe in a less luxurious building (can even get 2 in parts of the outer boros)

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Mid twenties, will probably stay ~5 years then rent it out. Unfortunately had an incident in college that made a doorman / elevator building a must have for me :/

been living at home for over two years and ready to get out…

Definitely offer under ask. It’s been on the market for 2 months, they already dropped 5%.

Offer 10-15% under as a starting point but my guess is you’ll get 5% off max.

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I would deff do 15 percent if it’s been sitting that long. Might want to make sure with due diligence why it’s been sitting. Has the seller received any offers in the last year? Did the seller not accept or did the buyer walk away? All key points to know before making an offer.

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