Huge Discounts on Homes Comming to an End

Real Estate Agent with Exit Realty Gulf Coast



According to Zillow, home buyers in the Sarasota-Bradenton Market had the most pricing leverage in the United States for October.

Zillow is reporting that the median discount for a home bought in October was 7.6% off the listing price. This was down from September when the median discount rate was 7.8% off the listing price. This is a good sign that buyers are working through the inventory and the selling environment is starting to improve slowly.


Zillow is reporting that Nationally buyers negotiated a median 2.7% off the listing price in October. That was down from the 2.7% in September.


This is all good news that the market is starting to normalize but we need to make sure that buyers are informed. If a property is listed correctly but buyers think that they can still get huge discounts this could create a problem that will make the market stall. The days when buyers could offer 20% less than the listing price is over. Homes that are priced accordingly are selling with more than one offer being submitted.


Just this week I have a couple that found a house that they loved but insisted that they put in a low offer to see what the seller's motivation was. I tried to encourage them to offer within the range of the CMA but they wanted to go in low. After we submited the offer I got a call from the listing agent that they received another offer. They ended up going with the other Buyers. The listing agent told me that the other offer was $20,000 more than our offer. Now we are back to going to their second choice.


Buyers need to realize that if a property is priced correctly it will sell quickly and they need to be competitive when submitting an offer.





VENICE, FL 34285





Comments (2)

Jeff Craig
Hang Me Up Photos - Jamestown, NC
Greensboro Area Real Estate Photography

It would be great if buyers stopped making ultra lowball offers and save evryone some time and hassle.

Dec 10, 2009 12:39 AM
Team Honeycutt
Allen Tate - Concord, NC

I hate to turn in lowball offers.  It usually wastes time and causes hard feelings.

Dec 10, 2009 12:45 AM