Buyer's Market - What kind of negotiating room does this give?

Question

In Alberta, given the market the way it is, would appear to be to the advantage of the buyers. Given this, what kind of wiggle room do you think there can be? Are houses selling for 10, 20, or 30 thousand less than asking price?

Answer 1

Um, they may be selling for less than asking prices, but the selling prices are still ridiculously high. The place I rent was built in 1912, has plaster walls and the electricity blows if you plug more than 5 things in at once (about 600 square feet one OLD bathroom) and it would sell for something like $360,000.

Answer 2

I just sold my downtown condo for $5,000 above asking back in mid January of 2008. I purchased a suburban SW home for $10,000 below asking in late January, 2008.

From my experience, and what I have seen around me, I think you still have to pay close to asking or even above, in areas that are older, more established, more desireable.

In typical newer suburban areas, I am sure you can get the places for a good 3% below asking. It depends on what you are willing to lose when you make an offer. If nobody else wants the place, there is a lot of negotiating room. If it is an amazing deal that you are looking at, and you love the location, and so do 5 other people, be prepared to offer asking or even above.