Home Buying in 02840>Question Details

Christina, Home Buyer in Brooklyn, NY

What can one reasonably expect to pay vs. asking price in Newport RI this winter?

Asked by Christina, Brooklyn, NY Tue Dec 18, 2007

...for a house that's been on the market about a year and has already adjusted the price twice. I have heard "10% off" and realize that it's a case by case matter--but are there any standards for the Newport market out there?

Help the community by answering this question:


There really isn't a standard, each property and property owner is unique and distinct. I'd like to find out exactly how long the property has been owned, on the market, what other offers have been presented, and as much information about the seller as possible. Being a local with lots of ties, I sometimes will get some information that can significantly help my clients. Conversely, I will never divulge any information that may hurt my client. I'd be happy to help further upon request. Arthur Chapman, Broker/Owner, William Raveis Chapman Enstone, 49 Bellevue Avenue, Newport, RI 401 846 3800
Web Reference: http://www.raveis.com
1 vote Thank Flag Link Fri Jan 11, 2008
As with any other location, it's a case by case scenario determined by condition of the property, the circumstance of the seller, but as a ballpark estimate, 10% is about right.
0 votes Thank Flag Link Tue Jun 4, 2013
Hello Louisa,

I've just run some numbers and find the answer rather surprising. For single family homes (of all price ranges) in Newport, the list price vs. sale price over the past couple of years is: 2008 93%, 2009 92%, YTD 2010 92%. I'm a bit suprised that the numbers are so consistant considering how the market has changed.

However, if you break it down a bit for 2009: sales under $750,000 averaged 93% of list price, while sales over $750,000 averaged 85% of list price.

You can use statistics to tell almost any story you'd like, but in answer to your question, yes "10% off" is a reasonable number for setting up an offer.

You can reach me at mailto:annie.becker@liladelman.com if I may be of any help. Annie
0 votes Thank Flag Link Sun Jul 25, 2010
Hi Louisa,

For a house that's been on the market for about a year, 10% is probably a good guess, but there are many factors that come into play such as condition of the house, how long the seller has owned the property, is a third party (lienholder) approval needed, and motivation of the seller. A market analysis should be done for any property you're considering making an offer on and this should be done for you by your Buyer's Broker. Good luck and if I can be of further assistance, please contact me at Amy@AmyHoag.com.
Web Reference: http://www.amyhoag.com
0 votes Thank Flag Link Fri May 14, 2010
My best advise is always the same. It's a buyer's market....get an Accredited Buyer's Representative (ABR) to work with you as your exclusive representative and realtor. This way you ensure that the information you give regarding your wants, needs and financial goals are all held confidential while also ensuring that your representative will do all of the research necessary to make sure you get the best price possible. When I am working as an ABR for my Buyer clients I always give them all of the statistical information available on the properties that interest them including preparing individual Comparative Market Analysis (CMAs) for each property and providing in depth financial analysis for each individual property too. This gives you the actual numbers, realistic percentages and realistic price ranges to begin meaningful negotiations with the seller for the property and location that you're interested in. Remember, neighborhoods can vary greatly in desirability and subsequently in the range of negotiations. Your Buyer's Representative who is familiar with Aquidneck Island and Newport County can easily walk you through this and educate you on the differences.

If I can help in any other way, please call or email me any time or feel free to visit the Investor tab at my web site and run your own reports. They are easy to do and can be downloaded to an excel spreadsheet.

Good luck!


0 votes Thank Flag Link Wed Mar 10, 2010
Simple answer is 10 to 20% off what the property would be listed for as of the summer of 2007.
However, as the others say many properties have already been adjusted - some adjustments already falling into that percentage range. Your best bet is simply to ask the Realtor about the particular house. Each seller is different and the Realtor can usually get you at least a "feel" for the sellers situation. Example, a property is listed at $750,000, doesn't sell and is now at $599k. Chances are that the buyer is not ready to go down very much!

At the same time, it's YOUR money, and if you have the cash or easy credit in this market, then you carry a big stick.
0 votes Thank Flag Link Thu Feb 14, 2008
The average in the properties that have closed in the last month is about 91% of asking price(per MLS records). But you have to keep in mind that all depends on whether or not the property is priced properly for the market. You should really have a market analysis done on any property you are thinking of putting in an offer on. I would be happy to help with this. Call or email me.
0 votes Thank Flag Link Tue Dec 18, 2007
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer