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:firstname.lastname@example.org if I may be of any help. Annie
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.
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.
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.