Q: How much below the asking price can an offer be made to seem reasonable for the seller? I hear people saying 7-8% on average, but if I believe that the true value of the property is closer to -30% off the asking price – will it look like I’m trying to low-ball?
A: That is never the issue … offer and acceptance are a matter of negotiation, market conditions, terms and urgency of the seller’s need to sell and buyers ability to pay … etc.
In the US properties have been sold for a number of years at 50% below asking price.
In Vancouver for many years, nothing sold over asking.
You never find out a vendor’s condition until you try.