But given the 2011 buyer's market and the National Headlines, it's completely fair. Frankly, not to ask would be akin to ignoring the Purple Elephant tap-dancing in the middle of the room.
So: Can you buy a single family home priced at 500k at more than 20% off list price on the upper Main Line? My gut reaction was No, but it'd be a damn shame to miss out on a great deal because my gut was incorrect.So I ran the numbers - for Radnor Township at least - and it turns out the gut was indeed correct this time.
Sellers of 500k-priced single homes in Radnor Twp. are definitely Not accepting low-ball offers which are greater than 20% off list price. In fact, in the past 18 months, nearly 60 Radnor Township singles have sold between 300-400k, and only 1 sold at a 20% discount. And that sale was a cash deal for an investment, fixer-upper property that was eventually flipped and sold for more than $550,000.
On average, nearly all the sales in this price range and class in Radnor Twp. were discounted only about 6-8%, which is in line with common historical averages for typical List Price to Sold Price ratio.
Bottom line, is that to pry a $500,000 single from a Radnor Twp seller of late, you would need to spend between $450-$475,000. We're very willing to write up a low-ball offer and couch it in terms that won't alienate a seller, but the odds of it coming to quick fruition are about one-in-a-hundred based on the figures indicated below.
What's a bargain hunter to do? Focus on a particular market, and begin watching homes that are significantly above (+20%) what you are willing or able to pay. Develop a relationship with a Realtor who monitors your target market daily, so he/she can alert you to price reduction as soon as they appear. By watching and waiting as Sellers come-down gradually in list price, you can be poised to strike once the price is within about 10% of your Final Buy Number.
Deep discounts happen, but they evolve over time and are not coming in one big low-ball bite.
Discount Off List Price: Radnor Twp Singles Homes Sold for 300-400k Past 18 Month
| Single Home | Town | Bed | Bath | Last Price | Sold For | diff | %off |
| 580 Sinkler Dr | Wayne | 4 | 2 | $415,000 | $335,000 | 80k | 20.0 |
| 9 Radnor Way | Wayne | 4 | 2.1 | $400,000 | $345,000 | 55k | 13.7 |
| 644 S Devon Ave | Wayne | 4 | 2.1 | $359,900 | $320,000 | 40k | 11.1 |
| 534 Sproul Rd | Villanova | 4 | 2.1 | $420,000 | $385,000 | 35k | 8.3 |
| 939 Glenbrook Ave | Bryn Mawr | 4 | 1.1 | $339,000 | $307,650 | 32k | 9.4 |
| 307 W Eagle Rd | Wayne | 3 | 1.1 | $360,000 | $330,000 | 30k | 8.3 |
| 117 Fairfax Rd | Rosemont | 3 | 1.1 | $389,000 | $360,000 | 29k | 7.4 |
| 343 Sugartown Rd | Wayne | 6 | 2 | $375,000 | $347,000 | 28k | 7.4 |
| 413 S Devon Ave | Wayne | 4 | 2.1 | $409,000 | $382,500 | 26k | 6.3 |
| 4 Harrow Cir | Wayne | 4 | 2.1 | $425,000 | $400,000 | 25k | 5.8 |
| 108 Barcladen Rd | Rosemont | 4 | 2 | $375,000 | $350,000 | 25k | 6.6 |
| 101 Quaker Ln | Villanova | 4 | 3 | $399,000 | $365,000 | 35k | 8.7 |
| 123 Lowrys Ln | Rosemont | 5 | 1 | $399,999 | $375,000 | 25k | 6.2 |
| 1553 County Line Rd | Bryn Mawr | 3 | 2 | $359,900 | $335,000 | 24k | 9.4 |
| 412 Grange Rd | Wayne | 3 | 1.1 | $399,000 | $377,000 | 23k | 5.7 |
| 344 Rockland Rd | Wayne | 3 | 2.1 | $387,900 | $375,000 | 13k | 3.3 |
| 338 Overhill Rd | Wayne | 4 | 1.1 | $410,000 | $390,000 | 20k | 4.8 |
| 589 S Devon Ave | Wayne | 5 | 2 | $399,000 | $380,000 | 19k | 4.7 |
| 446 Upper Gulph Rd | Radnor | 4 | 2 | $399,000 | $380,000 | 19k | 4.8 |
| 162 Morningside Cir | Wayne | 4 | 1.1 | $384,000 | $365,000 | 20k | 5.2 |
| 347 Oak Ter | Wayne | 3 | 2.1 | $420,000 | $400,000 | 20k | 4.7 |
| 100 Morningside Cir | Wayne | 4 | 1.1 | $319,000 | $300,000 | 19k | 5.9 |
| 445 Iven Ave | Wayne | 4 | 2.1 | $399,000 | $380,000 | 19k | 4.7 |
| 119 Fairfax Rd | Bryn Mawr | 3 | 1.1 | $410,000 | $392,500 | 18k | 4.3 |
| 3 Rockland Cir | Wayne | 3 | 1.1 | $399,000 | $382,500 | 17k | 4.3 |
| 110 Petrie Ave | Bryn Mawr | 5 | 1 | $375,000 | $360,000 | 15k | 4.0 |
| 125 Fairfax Rd | Wayne | 3 | 2 | $415,000 | $400,000 | 15k | 3.6 |
| 614 Kirsch Ave | Wayne | 4 | 1.1 | $373,000 | $358,000 | 15k | 4.0 |
| 129 Fairfax Rd | Bryn Mawr | 3 | 2 | $364,900 | $350,000 | 15k | 4.1 |
| 149 Eaton Dr | Wayne | 4 | 2.1 | $349,900 | $334,900 | 15k | 4.2 |
| 121 Debaran Ln | Bryn Mawr | 3 | 2.1 | $410,000 | $395,000 | 15k | 3.6 |
| 170 Wentworth Ln | Rosemont | 2 | 2.1 | $349,900 | $335,000 | 15k | 4.3 |
| 241 Barcladen Cir | Bryn Mawr | 3 | 1.1 | $330,000 | $318,000 | 12k | 4.0 |
| 1565 County Line Rd | Bryn Mawr | 3 | 2 | $324,900 | $315,000 | 10k | 3.1 |
| 112 Locust Grove Rd | Bryn Mawr | 4 | 2 | $379,900 | $370,000 | 10k | 2.6 |
| 13 Devonwood Rd | Wayne | 3 | 2 | $399,999 | $387,500 | 11k | 2.7 |
| 2 Black Friar Rd | Bryn Mawr | 3 | 2.1 | $359,000 | $350,000 | 9k | 2.5 |
| 131 Conestoga Rd | Wayne | 4 | 1.1 | $379,000 | $370,000 | 9k | 2.4 |
| 2 Beatrice Dr | Radnor | 3 | 1.1 | $399,999 | $394,000 | 6k | 1.5 |
| 7 Devonwood Rd | Wayne | 4 | 2 | $373,000 | $370,000 | 3k | 0.8 |
| 127 Barcladen Rd | Bryn Mawr | 3 | 1 | $347,500 | $344,000 | 3k | 0.9 |
| 37 Devonwood Rd | Wayne | 4 | 2 | $349,000 | $349,000 | 0 | 0.0 |
| 236 Barcladen Cir | Rosemont | 3 | 1 | $380,000 | $390,000 | 0 | 0.0 |
| 172 Brooklea Rd | Radnor | 3 | 1.1 | $319,900 | $320,000 | 0 | 0.0 |
| 78 Oakford Rd | Wayne | 5 | 2.1 | $349,000 | $349,000 | 0 | 0.0 |
| 334 West Ave | Wayne | 3 | 2 | $372,000 | $372,000 | 0 | 0.0 |
| 304 Rockingham Rd | Rosemont | 3 | 2 | $360,000 | $360,000 | 0 | 0.0 |
| 201 N Wayne Ave | Wayne | 3 | 2 | $375,000 | $375,000 | 0 | 0.0 |
| 520 Crestview Rd | Wayne | 4 | 2 | $360,000 | $360,000 | 0 | 0.0 |
| 133 Fairfax Rd | Radnor | 3 | 1.2 | $374,500 | $378,000 | 0 | 0.0 |
| 101 Drakes Drum Dr | Bryn Mawr | 3 | 2.1 | $399,000 | $399,000 | 0 | 0.0 |
| 17 Longwood Dr | Wayne | 4 | 2 | $370,000 | $370,000 | 0 | 0.0 |
| 428 Saint Davids Ave | Wayne | 3 | 2 | $320,000 | $325,000 | 0 | 0.0 |
| 603 Kirsch Ave | Wayne | 4 | 2 | $339,900 | $339,900 | 0 | 0.0 |
| 207 Highland Ave | Wayne | 3 | 1 | $385,000 | $385,000 | 0 | 0.0 |
| 11 Rockland Cir | Wayne | 3 | 1.1 | $360,000 | $365,000 | 0 | 0.0 |
| 365 Sugartown Rd | Wayne | 3 | 2.1 | $325,000 | $326,000 | 0 | 0.0 |
