My wife and I are putting our beatuiful house on the market March 1st. The house was built in 2007 and is 2953 square feet with a unique floor plan. It is located on the east side of town close to Cherry Valley and has county taxes which is around 8%. The house is located in a semi-private neighborhood and minutes from I90

No, however, on the average most sales are closing within 4% of list price, unless it is a foreclosure.

If asking 100,000, go ahead and offer 90,000. You will know by how they counter back just how far off you are.

Sandy Tower, Dickerson Nieman Realtors.

Hi Jeff,
We are Realtors in Rockford Illinois. We are also life long residence of this community. Rockford as stated is already (as previously stated) a good value.Our recommendation is utilize a local Realtor to do a market analysis.There is more to an offer than price. Feel free to call or email if we can be of assistance.

Jeff,

In our opinion, you could be in the ball park. However, the best means to gauge the relevence of your offer is to closly examine the comps for recently sold similar property in the target area. This should provide a better understanding of where the current real estate market is at this time.

Good luck

If you take into consideration that there is a financial incentive to the sale of a home and that the biggest tool the homeowner has to sell their home in a timely fashion is the asking price and then you couple that with the fact that the Rockford area is traditionally a very value oriented market, I think you can reasonably assume that at this juncture, prices market wide should have been reduced already. Offering 8-10% below asking in my opinion is going to only generate a protracted back and forth negotiation and if it is not already a foreclosure, potential bank involvement for the purposes of short sale. Historically in this market, homes have sold for at or above 95% of there current asking price. Do some research on the particular area and home and trust the opinion of your Real Estate Professional when it comes time to make an offer.

May or may not be a good strategy. Depends on how it is priced in comparison to competition. Is it a good deal, or overpriced? Does it need alot of work? What is the sellers motivation? These are all things to consider when deciding what to offer.