Offering 5% below asking on a Chicago country home after 61 days

There’s also a negotiation risk in choosing a neat percentage. The seller may focus on “5% below” rather than $1,064,000. Base your number on what you can justify and afford, even if the result isn’t a round discount.
 
That said, I wouldn’t adjust the figure merely to make it look scientific. With thin completed-sale evidence, false precision adds nothing. The terms and your walk-away point matter more.
 
A practical sequence: ask about prior offers, reductions, preferred completion timing and any known work or applications; gather the best completed comparables available; set limits for price, appraisal cash and deposit exposure; then submit with financing proof, inspection and financing protection, and a clear response deadline. If they counter, compare the whole package rather than reacting only to the headline price.
 
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