Now there are always those times when buyers make an offer so low - that sellers can't stop laughing.  Or - worse yet; the sellers are so mad they want to run over the buyer in their car.

So my buyer makes an offer on this property.  It was a string offer; by a well-qualified buyer.  A quick close; with a short time for an inspection.  Nothing crazy.  Of course we disagreed on price.

As what often happens; it was hard to find a comparable sale which justified this sales price.  We looked at comps from the past 90 days and didn't find anything to justify more than 92-93% of the listed price.

So we asked the sellers agent to provide the comps she and her sellers were using to justify their price.  Well she provided 4 comps.  All were from the April-May time frame and only 1 - was a property which was very similar and close to the Full Asking price.

So we offered 91% of asking price.  Crazy?  I sure don't think so.  

Now in this part of the DC area; homes are selling for 94.68% of list price.  This home has been on the market for 90 days.  Yes they have dropped the price; but it still hasn't sold.  Yet 1 mile away; 2 similar - and correctly priced homes; sold within 3 days of being listed!  Of course with multiple offers.

The sellers flat out rejected the offer.  No counter.  Nothing.

Now while the sellers may have been offended; I sure think they should have countered - SOMETHING.  Come down 5k or 10k and say 'Best & Final'; or SOMETHING.

A flat out rejection is a bit much.  The "recession may be over'; but the housing market isn't that hot - not even in DC.

Contact James Downing of the Downing Real Estate Group, if you are selling, buying or have questions!

Office: 202-362-5800   Cell: 703.244.3971

Licensed in Washington DC, Virginia & Maryland.

Coldwell Banker Residential Brokerage - Chevy Chase
5028 Wisconsin Ave NW  Suite 100 * Washington DC 20016