There is no set %. A home owner can list their house for whatever they want. If it is overpriced they will probably need to come down more than the owner who has it priced right. In many cases a house may sell for more than the list price because it is worth more than the list price. Get yourself a Buyer's agent and TRUST HIM OR HER. Full time, experienced agents know the market and can guide you. Pricing is not an exact science - a house is worth what a buyer is willing to pay for it. How much is this house worth to YOU? Listing a house high doesn't mean the seller will get more. Listing a house low doesn't mean the seller will give the house away. A buyer's agent 's job is to get you the house you want- that doesn't always mean get it for the lowest price - in trying to do so you may loose it.

If you are looking in Lackawana or Buffalo you can definitely open it up to more than 1/2 a mile. Your comparable search can include pretty much all of Lackawana and all of a similar neighborhood in Buffalo. You will also need to go back farther than 3 to 4 months. I would give it 6 months to a year. Our market has been very stable so prices will not vary much over the year. However, if you limit your search to only 3 months in one given neighborhood you may find no sales at all!

Good Luck!

Hi Sue,

There is no "standard" per se.

Each situation is uniquely different, and you will want your buyer's agent to research the comps in the area to see what the property should be priced at. Once you have that number, I would bid a bit lower than that as your opening offer.

That said, your agent should know how best to address that.

Sue,
You have 3 excellent answers, already!. Let me add a piece to Gail's answer about running comparable sales: 1/2 mile is a goog range if you are in a population center, but 5 or even 10 miles may be needed to show any 'comps' if you are in a more rural area. In some rural areas, the best comps may be on opposite sides of a town or small city (workplace and shopping hub) from the subject property but with similar neighborhoods and similar distance to that hub. A Realtor with experience in your area has accumulated years of market research and a feel for the curent market that can be invaluable. Call one up and make a link for your benefit!
Hope that helps. Blessings to you.

The answer truly depends on what market you are in and even in a given market, depends on that particular Seller. For instance, here in the Albq Area, we have a definite Buyer's Market. But that doesn't mean everything is ripe for major negotiation. Many, if not most, Sellers have priced their homes as low as they can to generate interest in the property. Many have no room left to negotiate so even though the market is highly competitive, sometimes there simply isn't any room for a Seller to accept a negotiated price! Use the MLS-based information provided by YOUR REALTOR and your Realtor's knowledge of the community. Your best guideline, in truth, is how you feel about the Property. Add your Realtor's data input and area knowledge and you can't go wrong!

The Realtor you have hired to represent you should run recent (3-4 months) comparable sales within 1/2 mile and that will give you an idea of how the house will appraise. Appraisal is the last piece of the puzzle to getting a commitment from a lender.

The market value of a property is what it is worth to the buyer...you, but not over what it will appraise for.

Hi Sue,

Do you have a Buyer's agent you can ask for guidance? There is no magical percentage. Offers in our area that are within 5% of list price have a good chance of being accepted. That's not to say offers within 10% of list price do not get accepted. It depends on how reasonably priced the house is to begin with. If the house is very over-priced for the market or has been sitting stagnant with no activity for a long time you with have more negotiating power and may want to offer an even lower percentage of list price. Conversely, if it is a fresh new listing with lots of showings, the sellers aren't likely to entertain an offer that is 10% or more below list.

Good Luck!