2005 and 2006 and 2007 price levels are almost certainly too high.
In my market - (NW Burbs of Chicago) homes are selling at less than their high 2005-2007 prices. Smart sellers price their property accordingly. The best priced home in good to excellent condition sells fastest.
Getting good information on past sales is key to proper negotiations.
Not all areas are alike and some areas hold value far beter than others.
Enlist the help of a qualified RealtorÂ® who is well known in your area and you will do very well.
Remax Experts - Buffalo Grove Illinois
The market is picking up in Big Bear at the moment. Every single house that came on the market that I thought was a great deal has sold. Most with multiple offers. Of course, the ones that aren't priced to sell just sit there. Most times, the seller can't face reality and is content to sit until " The Right Buyer " comes along. Most times they don't, and the home has a good chance of becoming an REO.
Your question is one of the most commonly asked questions posted on Trulia. Unfortunately, it is very difficult to place a percentage on this and be accurate. Each situation is unique unto itself and really should be treated in this manner.
To generalize would not serve you well and certainly may not place you in an adventagious position for negotiation purposes.
It is our belief that the best way to deal with this experience is to treat each sinerio as an individual one. Have your agent provide you with the comps for recently sold homes in the same general location. These numbers should provide you with the capacity to create a price range that covers a reasonable offer price as well as your top number.
We do not feel it would serve your best interests to wait.....it would be best to not be impulsive but it is important to remain in the game by actively searching for the perfect opportunity. You'll know it when you see it. But if you're not in the game you stand no chance of scoring.
The Eckler Team