What does your agent say, and why? Like others said below, your agent should have prepared a comparable market analysis for you and, I am sure, by looking for homes up till now, you have a pretty good idea of what is out there, for what price and the condition of the homes.
Days on Market does not necessary translate to an automatic % reduction on making an offer. How long has the house been offered for that price? Are there improvements made? What's the 'current' market condition - we are seeing a surge in Novato, Marin market at certain price range just recently. What's the motivation of the seller?
A good agent who understands the 'CURRENT" market and LOCAL situatioin with great negotiation skills will be able to get your the best deal. What does your agent say?
There is no set answer to this. Your agent needs to give you a market analysis of the area's activity so you can know what the proper pricing is. Let that be your guide, not how long you negotiate for. One property could be priced at the right level, and another one could be priced too high, so use the guidance from your agent to get the property you want at the right price.
Good Luck, Sharon Kozinn
I tell my sellers NEVER to be insulted by an offer. On the other hand, it's hard to take a low offer seriously and even if you continue negotiations, the seller may look at you as trouble from the git go. Get your agent to do a CMA, (he'll know) and then you will know comparitve values. Next, figure out what you want and need. Paying a premium for the "exact" right property is better than a bargain on something unsuitable. You're going to live there for gosh sakes! How come everyone will pay more for a Beemer than than a Yugo? Value is part of it but class is another. Worry more about value than bargain and you'll do much better. Trust me. - Sun Aug 10 2008, 06:35
My opinion is still the same>
Start the negotiation process where you feel comfortable. If the seller is truly motivated they will work with you.
Have your agent check the recently sold similar properties in this location. these numbers will also help you see where your top number should be .
The "Eckler Team"