How much below asking price are properties selling for?
The average list to sale price in the Southern Maine Seacoast varies greatly between towns and even specific neighborhoods within the town. Until recently (early 2007), the average sales to list price in York, for example, was between 92-94%. Due to this years change in the economy and the buyers market we are in the midst of, many buyers are initially offering 75-80% of asking price, with eventual sales prices averaging in the 90% range. The bottom line with negotiations in todays market: Buyers, dont be intimidatedmake an offer! Sellers, be open-minded and not insulted if an initial offer is lower than you ever expected. Buyers are only following through with all the media advice out there. The time frame of 1st offer to final agreement seems to be taking longer than in the past as well, so a little patience can go a long way.
