Charleston realty [reality] for buyers and sellers
It's kind of amusing to notice a Charleston MLS description that says the home appraised for $XXX in July of 2007 as if that might justify the seller's list price since everyone who hasn't been sleeping under a rock for the past 3 years knows that Charleston home prices have declined somewhat since the peak of the market in spring of 2007.
On the other hand, buyers probably shouldn't think that every seller will simply discount the value of their home by 20 to 50 percent and sell it to them just because they are writing an offer.
A real estate transaction requires both the buyer and seller to come to a "meeting of the mind" where each party is happy with the terms of the contract. And while the sales price is only one component of an offer, it generally is the first and most important item to be negotiated.
It helps when both parties are dealing with realty reality.
Photo courtesy of flickr by scoobymoo