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It depends on the market for your area. When you mention "sale prices" are you referring to what actually SOLD or an occasional property that's currently LISTED for sale that's lower than the others? What part of the country are you in?
If the normal, current "Asking Price" for your area is 330k for a normal house, for instance, don't be surprised if 3%-5% of similar homes are priced 20% lower or greater! That's because they're either (a) Bank-owned homes where the selling banks don't want to hold onto them and want sell quickly, or (b) they need a LOT of work and either the owner doesn't have the money to do it OR (if bank-owned), the selling bank WON'T do the work, or (c) the current owners could be in a "pre-foreclosure status" and trying to short sell their property.
OR, (d) the owners know it all and are undercutting their profit margins by trying to sell without an agent. Sometimes they succeed but will almost always walk away with less than if they would have just let a professional real estate agent list it at a proper price in the first place.
Have you seen the extremely low-priced property or properties you're talking about? I promise, there IS a reason they're asking so much less.
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For Sale: $269,900
For Sale: $290,000
For Sale: $238,900