a home has been on the market for 5 months 15 to 20 % below asking>

Asked by Stury24, Buffalo, NY Fri Aug 21, 2009

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Sandra Pond, Agent, Kenmore, NY
Sun Aug 23, 2009
I think I just answered this same question asked a different way also from you.
Just to throw out an answer without knowing where you are talking about I would say that offering 15 to 20% of the asking price on a well priced place would be an insult and would probably not even get you a counter offer!
Of course I don't know why it has been on the market 5 months, but that is not unusually long for some price ranges and some houses that are more unique. Some of the lower priced places right now are going fast and with multiple offers due to the first time home buyers program. These would be going at amounts over asking price.
This is a pretty basic question I wonder why you aren't discussing with your agent!
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Dallas Texas, Agent, Dallas, TN
Sun Aug 23, 2009
Ask your buyers agent review comp's in that area. IF homes is not distressed move in quality could be a GREAT purchase opportunity. Submit and sales offer you must have a pre-approval letter from your mortgage broker.

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Stury24, Home Buyer, Buffalo, NY
Sat Aug 22, 2009
The avg sale price for the area is about 20% less than the asking price
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Bill Eckler, Agent, Venice, FL
Sat Aug 22, 2009
If you are talking about offering 15-20% below the current asking price we would offer that taking a generalized approach such as this may not create the best approach for an accepted offer.

It is our recommendation to base your offer on the most recent sales information for "sold" property from this target area.

If the property is priced right, presenting an offer that is 15-20% below the asking price may not generate the response you are hoping for.

Good luck
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