As a buyer who has not purchased yet due to the uncertainty, my best recommendation to you is to sign up for listingbook.com and review days on market, and mostly area sales link in which you can study what it is that you are buying to make the most informed offer. Listingbook is available in FL and your realtor can provide you with an updated account to view all relevant kinds of information. It has certainly opened our eyes and also has saved us in making a huge mistake. We are very cautious and are daily monitoring the area(s) in which we wish to purchase. It has been a very difficult process, but I've found Listingbook.com to be the absolute best tool. Although you can average out price per sq foot yourself, its provided along with days on the market, and also another important factor is the public record link, unfortunately some folks who need to sell (and I'm very sorry for their situation) purchased the home at the bubble height and will be unwilling to accept a harsh offer, but given your research your realtor can discuss some options with their realtor and you can come to the best deal. Good luck and make sure you do your homework. Even the areas that are 'stable' are not so stable as we are seeing. If so many homes are in a downfall, will the community bounce back in the timeframe we need it to? No one knows the answer to that but you can use your information to make an intelligent guess.

Donna,

Three things come to mind when asnwering this question,
1. What are homes selling for that are like in the community? Your Realtor has access to these statistics and other Stats related to sales for the area.
2. How much will it appriase for and will a lender lend you what you offer?
3. What are you willing to pay for it?

These are all important quesitons that a Professional Realtor can help you with. If I can be of service, please call on my 540-6612.

Regards,

What you feel is right for your situation...

Every deal is different, every house is different.

Buying a house is not like buying a TV at the mall. 20% off "Labor Day" sale is a sign you do not see in front of houses for sale. The seller wants the best price they can get. You want the best price. Once a meeting of the minds occur it then becomes a contract with both your signatures.

Good Luck..

Great Question: All the answers below are great as well.

One Tip for making offers: Dont forget to check out how many days the home has been on the market.
The longer typically the better or lower the offer you can make.
Sellers are all in different situations, and you may find that desperate seller who has been waiting too long.

It surprises me that so many people believe there is a set number that every home is overpriced. Study comparable sales and base your offer on that, not on what someone is "asking". If they're asking 40% above market value, will you be happy if they accept an offer 20% less?

Recent MLS statistics on homes sold in Jacksonville, Florida during the period of January 1, 2008 through March 21,2008 indicates that the homes in our MLS are selling at 96% of the listed price. I see that the majority of homes that are selling are priced accurately to refect the market conditions. Please keep in mind I am saying SELLING. There are plenty of homes in the MLS that are priced higher and many short sales or REOs priced below the market. You shold secure the services of a good Buyer's Agent to represent your best interest. In Florida the real estate commission is paid by the Seller. There is no reason why you should settle for an agent that does not offer Buyer Representation. If you are considering the Jacksonville, Orange Park or St. Augustine market contact me Cathy 904-635-4766

Hi Donna,

Good answers so far and totally true. I can't speak for other agents but what I do when I look to price a home I look at the comparable sales...homes that have sold and I try to match the features of each home as closely as I can to the home in question. I do this because we want to sell the house in the end for the maximum it will appraise for. The number 1 rule of appraising is answering the question "What would a reasonably informed buyer pay for this property" If I am careful and dilligent in my work the house will sell for around 97 to 99% of the asking price every time. My methods work even in a buyer's market because I have priced it with buyers in mind.

That's why we always advise buyers to hire a BUYER'S AGENT. They can do the same for you as a buyer as we do for the seller and you know if you are getting a good deal. A deal is only good if both sides believe it was a fair deal

Foreclosed homes auctioned by the bank have been selling for as much as 95% of the asking price so and for as little as 43% of the asking price so you can there is a wide range and we consider banks to be MOTIVATED sellers!

Good Luck,

JD "Dan" Weisenburger, GRI
Broker-Associate, REALTOR(r)
Vanguard Realty, Inc. GMAC Real Estate

Donna,
As Marlene answered, there is really no "standard". Market conditions, eagerness of the seller, patience of the buyer, regional conditions all drive this. Most people typically are advised, in a health market, all things being fair( quality house, clean, good neighborhood, etc) to price the house over your expectation so you (1) have a little room to give and (2) in the right market conditions, sometimes you will receive the higher amount. In todays FL market, we believe that buyers have the upper hand. Give us a call if you would like help with your search.
The Schaffer Realty Group
marian@marianschaffer.com http://www.marianschafferrealty.com
877-886-8388

There is no standard answer to your question. Some sellers have accounted for your 20% discount before they priced their home. Others, depending on what their realtor has told them, might have in fact priced it right to begin with. Most realtors will do this comparative analysis for you at no cost. The way to determine what to offer is based on what comparable properties in the same community have SOLD for in the past 6 months. What someone has paid in the past 6 months is a pretty sure indicator of what the market price of another like property will be. Forget the standard % garbage, and base it on market VALUE!