Cindy,

You can look at the tax records to see the pice that the seller paid, that will give you an idea about whether they are in a position to reduce their asking price. You will have to dig a little deeper to find out if they may have taken out a home equity loan or other type of 2nd mortgage that may mean they have additional debt to repay. Have you been in the property? If they have remodeled the kitchen or added a screen porch, they may well have added to the debt they owe.

Are the comparables you are looking at very similiar? Is it the same builder? Is it a neighborhood that has a variety of house styles? Is it a custom built home? Those things can affect the range of pricing. But if there are several very similiar sales, and they are 20% below the seller's price, I would make that offer. Your agent should bring all the evidence with the offer to the seller. Remember, a bank will appraise the property for the next mortgage, and they will use the comparable sales to establish the value. If the house is 20% over recent sales, it will probably not appraise.

Have your agent pull the MLS archives on the property. It will show all the price changes that have been made on the listing since it was actived in July of 08.

Good Luck!

Catherine Brunsell
Allen Tate - Steele Creek / Palisades

Cindy,

What the seller is willing to accept for their home is a function of its market value and their motivation. You can test their motivation by making the offer. Be sure to include any documentation you have supporting your estimation of the home's value. Historical data for homes in the Tega Cay area shows that sellers are getting 95% of the list value. However, only homes that are reasonably priced tend to get offers. Also, that figure does not reflect the original list value and take into account price reductions.

If you would like more accurate figures, showing price reductions, list to sale ratios, absorption rate charts etc. I would be happy to assist you in preparing an offer for the home as your buyer agent representative.

Cindy,

You won't know what's on seller's mind untill you submit your offer. I would suggest to includ CMA with your offer to show where you're coming from in your pricing.

Yuriy
http://CarolinasMetro.com
704-293-3600

Really the only way to find out is either submit your offer of 20-25% below asking or keep watching it until it sells and then you might be able to find the sale amount in the public records at the courthouse.

The sellers may have already received an offer at 20-25% below asking months ago and are now regretting turning it down. You may be able to get the home at this price but will never really know until you try.