Almost every client of mine has asked me at some point, How much below asking price can we expect to get a home for. The public seems to have the perception that a good deal on a home is based on how much you get the seller to come down off their asking price. In reality, the difference between the two prices has NOTHING to do with what is a good value or not.
For example, I can take the same exact home, price it at $300,000 and let a buyer negotiate it down to $250,000. The buyer will feel like they got a great deal because the caused me to come down $50,000. However, if I list the exact same home with a $250,000 asking price, most buyers will refuse to pay full asking price because they hear that the market is bad.
The truth is that in order to determine what is good value, one needs to ignore the asking price and do the research to know what the home is really worth. Asking prices should be used merely to limit your search to an appropriate range. When it comes time to make an offer, you need to do some research to see what the home is really worth and make your offer based on that. I have come across several cases where a price more than $100,000 below asking is a fair price. I have also seen many where you'd be getting a bargain even at a full price offer. This is the point at which an experience Realtor(r) who knows your LOCAL market can really help you as I do for all of my clients in the Cobb County, Georgia Area.