For motivated sellers, the asking price of a property is typically that - 'an asking price'.

For unmotivated sellers, is it a line in the sand, often based on their interpretation of the media reports, what their neighbor 'said' that his/her home sold for, and more of a fishing effort. You will be able to quickly identify these sellers by their approach to negotiation.

When working with buyers, I always prepare a market absorption analysis for the past 6 months, and review the current inventory and those sold, when determining an offer. This approach is invaluable when positioning a lower offer to the seller, as the market absorption analysis facts introduce reality, allowing the seller to quickly grasp the situation.

Sell now, or try to be the one in X to sell next month.

Currently, market prices for single family homes have dropped which is concurrent with what is happening around South Florida. Offering less than the listing price is recommended at this time. Many sellers are willing to negotiate price and some may add additional incentives to buyers such as paying a portion of the buyer's closing costs.