Huge Discounts on Homes Comming to an End

By
Real Estate Agent with Exit Realty Gulf Coast

IT'S A BEAUTIFUL DAY IN VENICE, FLORIDA

 

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.

 

STEVE FORBES

EXIT REALTY GULF COAST

1000 TAMIAMI TRAIL

VENICE, FL 34285

WWW.STEVEFORBESSELLSFLORIDA.COM

 

 

 

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