How much below asking price

[Amber C.]

I came across a vacant land (raw land, seasonal access, no hydro, no well). We want to buy it and build a vacation home.

Listing price is $250,000. It has been ok market for 500 days.

Owner bought this land for $200,000 ten years ago. They definitely overpaid for the land.

A similar land nearby, better condition actually (all season road access, cleared land), is recently sold for $100,000.

We think the fair value of the land is $150,000. A land next to it is asking $320,000 but it has 5 building lot, they want to sell to developer.

Can someone with experience show me what’s the best way to negotiate?

[George W.]

Nort trying to sound pessimistic, but if its been on the market for 500 days and hasnt been lowered yet, they're probably not too intrested in selling it steeply discounted. Most likely someone has already offered 150k in the last 500days and they declined. It's still worth a shot to make an offer but I wouldn't be surprised if they decline.

Sometimes sellers arent reasonable to negotiating at all. I bid on a super run down duplex in my town years ago made a very realistic offer and they declined. they counter offered 5k off listing price even though the place needed 100k of repair work to get a c of o. Long story short 5 years later it's still on the market for the same price. I see people going to view it all the time and no one ever can come to an agreement. Some sellers you will never be able to negotiate with. It's still worth a shot just dont dwell on one property