How much under list price are homes selling for is going to depend on price range, location and a host of other variables such as whether the home is distressed, how long it’s been on the market, and how motivated the seller is. You can get a rough guide with Redfin’s list to price graph, but it’s a good idea to do your own comparative market analysis. Run all sales of similar homes, and check to see what they were listed for prior to being sold. But remember, just because they average say 95% doesn’t mean you can’t haggle more off. Look for weaknesses, don’t be too swayed by your broker, and support you offer with facts. Play one seller off against another, don’t be afraid to low-ball, or walk away from several homes before deciding. So try and avoid falling in love with a home, and make sure your spouse in on the same page. Be very aware of broker stories like they’ve had several other or higher offers, or that bidding wars are happening everywhere. Try and get as much information about the home before you start paying for inspections; electrical, plumbing, roof, HVAC, remodeling, motivations for sale, seller’s personal circumstances, corner lot’s, easements, road noise, hazard zones etc. Remember, it is a buyer’s market, but more so for those who have done their homework. And remember that a home is just a chunk of timber thrown together to form a big box to hide in.
