Special offer

Do you *Lowball offers* that have a long DOM?

By
Real Estate Agent with Century 21

120-150-180 Days on the Market!! Wow, let's lowball this offer and see if the seller will take the bait. This is becoming commonplace as buyers think that those with longer DOM tend to garner lowball offers. Even when it is priced right, the offers coming has a tendency to be on the low side. For this matter, don't overprice your listing. I see it time and time again that this occurs. Why not price it properly so that the seller won't be in that predicament?

When showing properties to buyers, this is the feeling they usually have. I showed them the comps but they still insist that they want to make an offer at their agreed upon price they magically came up with. For example, on a $300,000 home they want to offer $200,000. That is just asinine. Let's face it, you cannot buy a Mercedes for a Honda price (by the way, this is not to denigrate Honda as they make great cars). This is to illustrate the point that buyers have to realize that they are buying the home in today's market NOT next year's.

In representating buyers, if I see that the property is priced right and the comps justify it, I would recommend an appropriate price to the buyers to put in. There are agents out there that don't do the comps and just say that since the home is on the market for so long, they have to reduce the price and putt in offers for 20-30% off the listed price.