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As a side note, in the Detroit area our MLS shows that the we are selling homes within 5 to 8% of LIST price. What you do not see is the original list price. In other words, the current price of a home might have come down from some probably-never-realistic-three-years-ago price to what is currently the actual market value.
Consequently, you should base your offer, or your list price if you are a seller, on what you see on the market today or what you can determine has sold in the neighborhood very recently.
A good agent can give you that more complete information.
Wed Dec 24 2008, 11:38