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.

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

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.