Ah, gotta love it. We're dialing back the clock, and it's 2004 part time again! Soon it'll be 2003. Then 2002. Then 2001. Then 2000. Then 1999....
House buyers driving discounts - Flood of inventory results in some offers below asking price
"With flooding inventory out there, it's not uncommon to see offers at 10 percent below asking price," said Greater Milwaukee Association of Realtors President Dave Schmidt Jr.
Double that price cut if the property is in danger of foreclosure, said Robert A. Jansen, president of the Milwaukee listing service ForeclosuresWI.com.
Post-boom conditions have put home buyers in the driver's seat, agents report, and they've flattened sales prices.
"We're seeing many people writing offers at 10 percent to 20 percent below asking price. Buyers are less afraid to insult sellers," said Roy Scholtka, broker-owner of HomeSale Realty in West Allis.
"Everybody I talk to is wondering, 'Why isn't my house selling?' It's because they're still thinking they should be getting 5 percent price appreciation a year," Moore said. "You should be happy if you can get '04 prices."