what % below list price would be reasonable to offer for a home in today's market in lancaster county pa?

Asked by Adamcarnahan, Lancaster County, PA Fri Apr 17, 2009

I understand it is a buyers market and list prices do not seem to reflect this as much in Lancaster PA as they do in the nation in general. My fiancee's brother who deal in large quanities of real estate in Florida told us it is not uncommon for potiental buyers to make offers well below list price. Our realitor tells us no less then 5%, but the brother in Florida comes up with a valid point that the price will drop 5% even if we dont make an offer. He say's 5% is common in a stable market and suggested our realitor is out of touch with todays market. What he is saying makes sense to me. What does everybody else think?

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Sherlyn Harr…, Agent, Lancaster, PA
Sat Apr 18, 2009
I think both parties are correct. Lancaster has pretty much held it's own in the overall market. Florida is a totally different ballgame. I have a little insight into their market with friends and relatives living there. I will say in specific answer to your question - it depends. I think this is a more accurate comment since some homes are overpriced, some are priced just right in "today's" market and some people are looking to move quicker, which constitutes a motivation. Please contact me is you would like more specific information.
Thank you,
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Howard Urbine, Agent, West Grove, PA
Fri Apr 17, 2009
Before I even saw the body of your question, 5% came to mind but really it depends on the property. Some forclosures are going above asking with several offers. I see homes frequently going just a few thousand less than asking or even at asking and others coming down 10's of thousands. It really depends on the individual property and how it is prices in relation to comparable properties that have sold. Our area really has not had the hard hit that other parts of the nation have had. The hardest hit always make the news and then buyers everywhere think they should be able to take part in the "bust" that has affected the headline areas. It just isn't so, but it is a benefit too. As a buyer you should feel more confident that your investment won't go south because of the stable area we are in.
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