Spokane homes over-valued? (real estate, price, estate)

[tacomagreentea]

I heard there were 30% over-valued, if this is the case is any incentitives from builders, also i noticed homes are on the market on the average on 90 days. In other words, low balling a 500k home for 60k lower should not be an insult, is this correct? Thank you!

[RodFarlee]

(1) 60/500 = 12%, not 30%.
(2) No offer is an "insult". At worst, it might be judged "not serious" and meriting no counteroffer.
(3) By historical standards, if the average time on market is indeed only 90 days, then most homes are selling with little or no discount. (90 days is shorter than average over the last 20 years, my friend.)
(4) The asking price is typically not a professional appraisal. On any one particular home, asking price might be well above or below it's true market value.
(5) I pray you'd never make actual real estate decisions based on advice you'd find here from any anonymous yahoo like me!