a. the seller is inflexible on the price
b the seller may have said he would be willing to negotiate if the agent brought an offer in,
c.the seller is not motivated enough or owes so much that they need the amount they are asking.
You should make an offer based on the market value and have your agent do the comps.
The fact that it has been on the market for so long may mean it is over priced.
You can offer any price you feel is fair and it is up to the seller to accept it.
As others have stated you need to know the value of the house, not list price. Your Realtor would be able to show you comparable sales in the neighborhood and help you analyze the best price to come in at. That being said 160 days is nothing if it is a short sale, therefore days on the market has little meaning. Short sales can at times be over a year. Not due to any other fact that the bank feels it needs to give molassess an edge up from it's current reputation.
Dan.... 78 trillions... laughing
Good Luck Katerine
A CMA should be done to see if the house is priced right for the area. If you are working with an agent this is a service they should be happy to provide for you. If you are not working with an agent, i would be happy to take a look.
Asking price and true value often have almost nothing on common.
To answer your direct question, you can make an offer of anything you like. Offer $32.78 Offer $78 trillion
What is acceptable is what you think it is worth and the seller accepts as payment. No one here can say what the number will be.
There is no one answer to that question. Many factors determine the homes value...location, age, condition and sometimes most importanly...supply and demand. Local home sale statistics can vary greatly from market to market and what is an average days on market will vary from region to region. More importantly, your question should be WHY has this home been on the market 160 days? What is the average days on market in your area? How does this home compare with others that have sold or are currently on the market? If you are working with a buyer's boker, they should be able to do a CMA - Comparitive Market Analysis for you to determine this homes fair market value.
If you are not working with a buyer's broker, you should seek one out, interview them, get references and sign up! There is no cost to you in most markets and it will save you thousands on your purchase.
Town & Country REALTORS Bangor, Maine