On very high end (>1 mil) sellers are more willing to accept lower ratio. Again that is your realtor's duty. You merely say yea or no.
As the other professionals have stated, there are certainly circumstances under which you might be able to negotiate a price of more than 8 percent less for a condominium. However, as Michael and CJ both pointed out, there are many different factors that will affect the price--school district, condition of property, geographical region, configuration of home, even ownership type (condo versus planned development). REOs that are already aggressively priced will seldom sell for much less than their listing price. And, of course, a motivated seller will be willing to take less for a home than a seller who can afford to wait until the right buyer and the right price come along.
Working with a qualified and experienced real estate professional will help you gauge prices and terms to ensure that you can get the best home and best price possible.
As a means to help you judge pricing, you can use Trulia's website and search through the "comparable" properties for homes in which you are interested. By using the comparables feature on this site, you can see the average selling price for like properties and, with a little price by square foot calculation, can find the "range" within which the home is likely to sell. The only question for you to answer, of course, is what price is comfortable for you and your financial situation.
Good luck in your home search. You've chosen an excellent time to look and to buy in these areas!
Grace Morioka, SRES, e-Pro
Area Pro Realty People's Choice
How much you can expect under list depends on several factors...
1.) The neighborhood demand (school scores are a big driver for demand)
2.) Price range of the home. Some areas have an abundance of certain price levels and competition can make a difference.
3.) How motivated is the seller? A seller that has two mortgages, relocating, etc...can make a difference in what they will accept. REOs do not always accept low-ball offers as some would want to believe.
4.) What does the property look like? It is the eye sore of the neighborhood and the sellers do not want to put money into it? Those are the homes that ended up making the decision between the work or accepting a lower price.
5.) Terms and conditions - sometimes a lower price is accepted because the terms are more favorable...cash...seller needs a longer close of escrow ...etc.
Hope that helps,
The best buys are in the $585K range because the inventory is enormous at that market. What market price are you comfortable with?
Thereare 232 listings of Condo/Townhomes between $375-$700K with garages in your desired areas today.