So, here is a trend that I’m seeing: Because of all the doom and gloom news regarding the economy, many Buyers are making the mistake of presenting LOW BALL offers to Sellers.
If you’re in Texas and particularly in Austin, I have news: the Austin Real Estate Market is about as strong as they come! As such, I’ll tell you the biggest issue I see with Low Ball Offers:
SELLERS GET TICKED OFF!!!
No seriously! You have to remember real estate is EXTREMELY emotionally charged, and when you have a Seller who feels that you don’t appreciate his property and are insulting it with your offer, guess what, his willingness to negotiate significantly declines.
CAN I EVER THROW OUT A LOW BALL OFFER?
If the property is over-priced and/or has been SITTING ON THE MARKET FOREVER, then yes there might be more room for negotiation. If, however, the property is listed near the price at which similar homes have been selling, then there is less room.
HOW DO I KNOW IF A PROPERTY IS OVER PRICED OR IS SITTING?
Bottom line, please be sure that you consult your real estate agent who can perform a comparative market analysis on the property in question, in order to enable you to place an offer that will ultimately get you that home!
I’d love to be that person! Please contact me!