We ended up purchasing our house for just under 20% under asking.

Offer was made in May 2022, we closed in December 2022. Lost price was $500k. House sat on the market for 2 weeks with no showings and no offers. We saw it and made an offer for $450k with the only contingency being an inspection for major structural issues. They countered at $475k, we accepted. Things went sideways from there. The house ended up having numerous undisclosed probate issues and was tied up in court, during this time we had to do septic engineering, during which we learned the house needed a fancy system that was going to cost $30k. We negotiated, and when we finally closed, we closed at $440k, but received $15k towards the septic and $3k for issues at the walk through. So all said and done, we paid $422k.

That said, the house is 250 years old and in need of a total gut. It’s not your average house, so our situation isn’t all that common, especially given how the market is in MA.