I think what is offered depends on the buyers. I have a few buyers who have exercised extreme patience. The offers that they have submitted in all cases are at least 10-15% below the asking price (low end) of the homes they are looking for. In each case thier offers have been summarily rejected. However in time they will get what they want and they will get a good deal. I have had other buyers who didn’t have the patience and paid a higher price.
The issue is that in a declining market what you think may be the right price may already be based on stale data.
The bottom line is that if you are a buyers agent, you owe that fiduciary obligation to the buyer. So if your buyer wants you to offer a price 100k below the asking price, then you should do so regardless of the comps. Of course I would call the listing agent and let them know I am not trying to offend them, and that I am simply following the wishes of my clients.
