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FIRST ANSWER
Rita,
For homes that have been priced "right" they are selling at about 97% of list price. But, that being said, there are homes that are selling for less, especially if a seller has not been prudent in adjusting their price to the market conditions. It is extremely important that the agent continually monitors the market and informs the seller of what the comparable homes are asking, what has a pending offer, and what has sold. When I work with a Buyer, I do Buyer agency, and we do an analysis of what comparable homes have sold for, in order to make sure the offer price is justified. This also helps when an appraisal is done.
I had one home in Brookfield last year, that started at $539,900 - but through the listing period we kept adjusting the price, till we reached what was determined by Buyers to be a "fair price" of $479,000 It ultimately Sold for $477,000. Hope this helps. If you have any other questions, feel free to call or email me.
Thu Feb 7 2008, 08:18