Karen is right...there are agents who price to sell...and watch the market carefully to be sure that their listings are priced in tune with the market. Sellers who hang on the prices that they wish they could get and agents who list them that way drag out the time the listing is on the market and ultimately, the home or condo sells for less. Wish there were rules...or an easy answer. The best thing to do is work with a buyer's agent who knows the market and will do comps for you and explain them. Good buyers' agents services are free of charge and your loyalty to him/her is priceless. Every best wish for a happy housewarming !

Chris,
That is a hard question to answer. Alot of Sellers have made huge price reductions as their homes have been on the market. When they have lowered the price to a level that attracts Buyers, it has happened that offers have come in very close to asking. We refer to that as the "sweet spot" in pricing. When Buyers suddenly realize that the property is a "good buy". So, some homes will sell maybe 10% below asking, while others sell 1-2% below list price. The most important thing is to have your Real Estate agent do a recent market evaluation of comparable homes to the one you are interested in, that have SOLD in the last 3-4 months. Our local market is constantly changing, so monitoring it consistently is very important. I live in Wauwatosa, and have found that most homes have been assessed much higher than what they are selling for, since most of the assessed values were based on old Sales data that took place in 2005-2006. Now, with the market correction, prices are reflecting the current demand. If you don't have an agent that you are comfortable with, I'd be happy to answer any of your questions or concerns.