With our local Novi Michigan Real Estate Market improving so much over the past few years, we are experiencing so issues that basically went away for a spell during the real estate downturn. So with the market improving so much since 2012 we are now handling issues and concerns we have not really had to deal with much since prior to 2007. Just think about it (seems like it's becoming a distant memory now or maybe fresh for some) when the market was at it's worst any offer was a good offer--that by no means it would be accepted but we didn't get near as emotional when it was much lower than we were expecting. Email us anytime to set up a free real estate consultation at BobandTeena@Yahoo.com
The question really comes down to this: is there a such thing as a bad home offer?
Well by today's standards in 2015 the answer could very easily be YES there is a such thing as a bad offer. Let's back track for a minute: Agents typically run at least a quick comparable property search, maybe a Property Analysis, etc to come up with a value of the home. If on the home buying side of the transaction of course they want the best deal they can get. All these reports and numbers may come in different depending on who does them but if an offer is way below even the worst case scenario of reports the owner may not be able to help but feel a little offended. They know they shouldn't but may feel it is just a little bit of a personal attack on them. If they are just grossly overpriced then really there should be no offense as they are just trying a high price to see what happens. As an agent I do not offend on any offers (don't like to waste time--mine or my clients) so just present the offer and go over it and give a quick response--that's it, don't waste to much time or energy if it is a ridiculous offer and do your best to keep a level head without being offended.
Now we take our example: A $300,000 house that has been on the market for approximately 6 months (I was buying agent in this case). I ran a Market Analysis and came up with a value range of $250,000-$256,000 in an area I know like the back of my hand (also we caught wind they had to sell) . I have cash buyers who really want the house but don't want to overpay to much. So they bid $260,000 on a $300,000 list price. The owners were so offended they felt the need to drive to my real estate office to let me know this. It actually was a very pleasant telling me how they felt but all the while they were so offended they wanted to come and meet me in person. Low and behold 4 months pass and I see this home finally sold-- FOR $240,000!!!! I would say someone somewhere along the line dropped the ball on that one for the sellers. The home was vacant, took four months longer to sell and they received $20,000 less. The home buyers found a home they actually loved more and it worked out well for them--it did take a few months longer as well.
So if you are selling or buying a home in today's real estate market I would highly advise making an appointment and sitting down with a local real estate expert in your area. This will make the entire transaction go much smoother from start to finish.
If you are looking to buy or sell in Novi Michigan please feel free to call/text/email us and we would love to sit down and discuss your future plans during our initial consultation. This is at no cost, takes about an hour and I promise you will be glad you did.
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