This seems to be the number-one question. It is a terrible question based on terrible assumptions: How much over asking price should I offer, on average? Don’t assume that asking prices are based on Fair Market Value. In reality, asking prices are a made-up number intended to get the highest number of offers, so that
Our clients are considerate people. They often say things like, “I don’t want you to spend a lot of time doing a market study, just tell me if you think the condo is worth what they are asking.” That's nice, but: We can’t give a professional opinion without doing the math! It is that simple.
In every market, I run into buyers who do not look at Fair Market Value (FMV) when they decide what a property is worth. That's a mistake. To negotiate the lowest possible price for a property, a buyer needs a Comparative Market Analysis (CMA) to determine the Fair Market Value (FMV). Properties sell for what