How much below asking price should you offer?

One of the most common questions I get when working with clients is "how much below asking price should we offer?" when writing on a house. Don't listen to everything on the internet because a lot of the advice out there isn't very good. You need to take it on a case by case basis. If you are going to be making an offer below asking price - you need to have done your homework and have the justification. Look at the other sales in then neighborhood and why certain homes sold for what they did (upgrades, finished basements, double garage, etc) and compare that the home you want to offer on. Time is everything too. If a home has just hit the market and you write an offer below asking, you are likely not going to get an accepted offer.

There is no standard percentage amount 'below asking' for making an offer. It should be based on several variables, such as current market conditions, the condition of the house, comparable sales, and also - how much do you love the house?!? Is it worth losing the house over a lower offer.