I checked ZipRealty and according to them most transactions are going for 5% below asking right now. So, if a seller is really motivated to sell then 10% below asking shouldn’t be unrealistic I think…certainly not to the point of being insulting.
I have done my HW and I can see that the inventory is quite large in South OC and the DOMs for the listings seem quite high. Buyers are in a holding pattern right now which requires sellers to be more flexible in their prices. Just how the market works!
I am only talking about the South OC market, I have no clue about San Diego and other markets as I don’t monitor them 🙂
