"So, How Much Will Sellers Usually Take Off of the Price?"
Never as much as the buyers would like them to. I had a friend show me a contract yesterday (on a sale I am not involved in). Aaking price was $99,000, not a short sale or foreclosure. Nice little house on a half an acre. Well worth the price.
The offer was for $70,000, plus assistance with closing costs, plus a home warranty! To say the least the sellers were not amused and will likely take off less money from the price (if they even bother to respond) than they would have if the offer had been more reasonable. It seems like most buyers feel that ALL property owners are in trouble and have to accept lowball offers. This is very far from the truth, especially in Zephyrhills with our retiree population.
What amazes me is that if the buyers can only pay 70K, why in the same hill are they being shown properties so much higher than that level. The agent should know the territory better and realize that this "dog won't hunt".
The question above is one that I have heard dozens of times over the years. Some home buyers hear about the deal that their friend or relative got when they bought a home, and they're curious to see if this is the norm.
In a nutshell, there is no standard formula for real estate prices. Just as there is no "national" real estate market (markets are local), there is no set percentage that can be negotiated off of a listing price.
My answer to the question in the title is as follows:
"I wish I could tell you that you can get 3% off, or 5%, or any specific amount, but this is something that has to be evaluated on a case-by-case basis once you find some places that interest you. We'll have to see how long it's been on the market, whether or not and when they reduced it, stuff like that.
A home that needs some work might be easier to negotiate than one that's in perfect condition, or a place that's vacant might mean they're making two payments already.
Truthfully, I can give you a better answer once you've found a place that you want to pursue."
A little long-winded? Perhaps, but it's also the best answer that I can offer.
If you are a home buyer reading this post, I hope this comes in handy. If you're an agent, feel free to steal this answer for your own purposes. :-)
I'm not typically one to advocate memorizing scripts for various situations, since it's more natural to put things in your own words, but if you're new to the business, this gives you an outline to start from.
Thanks for reading!
Photo credit: http://www.flickr.com/photos/drachmann/327122302/
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