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So "What is the best way to go about buying a home?" Whether you are a first time buyer, moving to a bigger home or even a smaller home here in New Hampshire, these steps can help make your buying process be less stressfull. As a Leading Agent here in the Manchester NH area I strive to make the Buying process a wonderful experience for my clients by working with them through ALL steps of the buying process.
If you need to sell your home and you owe more than your house is worth, i may be able to help. I specialize in working with home owners to get your home sold. There are many options such as a short sale whcih may be able to help you.
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43 Comments on CAN I OFFER 1/2 off the ASKING PRICE?
I guess there will always be unrealistic prospective buyers.
Have an outstanding weekend.
The market is heating up nicely here as well. Buyers are thinking the prices are going to stay low all the time. They are in for an awakening.
That seems to be true everywhere. The time for low ball offers may be behind us.
There is a time for low balling, not much around my new home.
Have made great purchases around the world and on the east coast.
There are distressed situations that may call for a low ball tactic if just to feel out the other side.
I know of two recent successful low balling tactics that had worked out very recently.
One an oceanfront condo in FL and the other a vacant lot in a high end area of Libertyville, IL on the border with Lake Forest.
Both where bought at way below current comps The IL property was bought by my sister (closed this month).
Hi,
Thanks for sharing.
It's good to know the market is on the upswing.
Have a wonderful weekend!
Scott, in the Orange County market these days, I can't think of a reason to offer 1/2 off. There are buyers everywhere and a good portion of homes have multiple offers.
I am glad this is still not the case in my market! Of course 1/2 off is still not realistic even with things in a devalued state. Good luck!
Dick I agree, there are some deals for home half of retail value however they often need too much work for anyone to get a mortgage, that lowers the amount of potential buyers who have cash and therefore lowers its value
ROY there are but most are not realistic becuase they were not informed or guided correctly.
ROBERT It is good to hear other areas stabilizing and improving as well. Many areas are seeing an increase in values with a decrease in listings and increase in buyers.
JILL the time for low ball offer on properties in good condition and priced right are over, you if you want to lowball, choose those that need alot of work and get ready to pay cash.
PETE there are some good deals, but for the average couple looking to owner occupy and that have to get a mortgage, their choices are limited in areas that are seeing a decrease in listings, they will need a house in good condition and will pay what market price is. they will still get a great deal as the price is way below that of 2005 and will have built inequity when the market rises.
The best deals are for those with cash and that purchase with no contingincies. They can buy the homes that are not habitable and need the most work.
As a listing agent here in Maryland I tend to list the property within the confines of the current market values. This gives very little lead way to the sellers and if it is distressed property it tends to be aggressively priced anyway again giving very little lead way to the sellers. In these scenarious half of the list price just simply does not make sense to anyone and are deemed unreasonable offers. Not sure that you are dealing with these same issues in terms of pricing in Manchester.
I have fired buyers for wanting to write ridiculous offers like this. It just doesn't work anymore. Well... it might if the home is listed for $10,000. I've seen that happen. :)
A good offer begs for acceptance. I think a lot of people hear stuff around their office, workplace, places of worship or from someone they know who just got a deal like that. I really do not like working with people like that, and unfortunately, most will miss the boat.
Scott,
Almost every home we have sold in the last 90 days has had multiple offers and sold within hours. If you are a buyer and your agent has not educated you to our market conditions, you will have no chance of winning a bid.
-Brent
There was a time when low ball offers made sense. That market is behind us. Too bad some buyers don’t realize that times have changed.
It's amazing to hear the different responses around the country.
I work in a unique second home resort market in the Blue Ridge Mountains of Western North Carolina. We certainly are also experiencing an upswing in the number of buyers from the past couple of years, but no where near back to a balanced market.
I recommend to almost every buyer that they start between 50-60% off of asking price, as properties here generally stay on the market awhile and don't experience multiple offers. Unless there is signs of ongoing activity, I recommend to low ball every initial offer, no matter the market conditions...as they say, you never know until you try and the stupidest question is the one you never ask. The listing agents job includes making the seller aware that an initial offer is a great sign of interest, and that it doesn't mean the buyer will not be willing to pay full price...It's just a method towards trying to find the seller's bottom. At this point in my career, every agent in my area knows that if I'm presenting an offer, it's going to be 60 cents on the dollar off asking price at most, and that really doesn't say anything as to what my buyer may be willing to pay. Since listing agents know this going in, they are able to make sure their seller's are not insulted, but that they negotiate according to their motivation level.
Thanks for the post! Interesting to see another perspective.
Happy Selling!
Scott, sound advise to buyers, the market is changing and you're absolutely correct when you talk about inventory levels are going down and demand is increasing.
Scott, perhaps they could offer 1/2 price on a property that's listed for twice what the last neighborhood comp sold for. Other than that...it probably wouldn't get them anywhere! :)
Leilani