Can we offer less?

By
Real Estate Agent with Atlanta Communities 303302

I have some clients I have been working with that cannot bring themselves to offer full price on a home. In normal times, remember those? Me neither...In normal times I am the first to tell clients I am allergic to full price offers. But these are not normal times.

An agent in my office just had a new listing generate 26 offers, many over list price. Now, 26 is more than most, but 4-6 offers on a home is becoming common place. When this happens, low offers will just not make the cut.

So, the short answer to the question, Can I offer less? Is a resounding YES, but you probably will not get the home. Until the balance between homes on the market and buyers looking for homes even out we will be making offers closer to if not over list. 

Posted by

Peter den Boer, Associate Broker, Realtor

Atlanta Communities Real estate Brokerage

 

Ph. 770.713.1545

www.denboerhomes.com

 

I write about daily life as a Realtor in the Towne Lake Community in Woodstock Georgia.

Comments (5)

Grant Schneider
Performance Development Strategies - Armonk, NY
Your Coach Helping You Create Successful Outcomes

Good morning Peter den Boer - forget about trying to go under today if you really want the house.

Aug 14, 2020 06:03 AM
Ron and Alexandra Seigel
Napa Consultants - Carpinteria, CA
Luxury Real Estate Branding, Marketing & Strategy

Peter,

What is normal?  I think normal is what the market will bear in each moment. A

Aug 14, 2020 06:09 AM
Tammy Lankford,

"normal" is 6 months of inventory.... not a buyers market, not a sellers market.  We'd had "normal" times in my market for 2.5 years before this spring when we swiftly swung to a seller's market with 15 minutes of inventory and multiple offers on every new listing in a matter of hours.

Aug 14, 2020 06:24 AM
Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

Well welcome to not buying a house in this market is what I have to say about their attitude.  In my office we're seeing over list offers regularly and lots of them.

Aug 14, 2020 06:25 AM
Sham Reddy CRS
H E R Realty, Dayton, OH - Dayton, OH
CRS

The key is looking for balanced market.  This market is out of balnace totally!

Until the balance between homes on the market and buyers looking for homes even out we will be making offers closer to if not over list. 

Aug 14, 2020 06:33 AM
Anne Corbin
Long and Foster - Lake Anna - Spotsylvania, VA
Serving Lake Anna & Central Virginia

The key is the appraisal. The appraisal will tell them what the house is worth. If they were the seller, wouldn't they want to sell for the true value of the house? If they offer full price, there is a better chance of having a negotiable seller willing to accommodate other requests like home repairs, etc. If that price is too high, the appraisal will adjust it!  

Obviously, you'll know if the asking price is too high and will council them as such. In that case, I wouldn't offer full price. Good luck with these buyers!

Aug 14, 2020 06:42 AM