Low Prices, Lower Offers

By
Real Estate Agent with Comey & Shepherd Realtors

Just a word to the bargain hunters today--it is indeed the time to make your move and geat a great deal on the property of your dreams.  Never have the choices been greater or the prices more competitive than they are right now.  If you are among the fortunate few who have money to spend on a home, it will go farther now and make a much better investment for you in the long run.  HOWEVER, don't shoot yourselves in the foot!  Unless you are strictly an investor for whom price is the only consideration, it's likely that you'll fall in love with one house and set your heart on making it yours.  Remember that no matter how "bad" the market is, the nicest, best, prettiest houses with the most attractive amenities will likely go first.  If you love a property, chances are that another shopper will too.  Therefore, if you would be upset if you lost out to another buyer, don't go with the extreme lowball offer.  Of course, everyone wants a good deal.  Definately haggle.  Negotiate.  Strike your best deal, but keep in mind that asking prices are already lower than they were two years ago.  Be mindful that the final price you negotiate may be a greater value than the statistics would indicate. 

As a buyer's agent, I've seen a number of buyers want a house so badly they could taste it, then make an unreasonable offer "because the market is bad and sellers are probably desperate" only to lose out when they get in a multiple offer situation and someone else comes closer to asking price.   In my home market of northern Cincinnati, list prices are definately down, but the average list to sale price ratio is hanging right in there around 5%, the same as it was during the height of the boom years.  Always look at recent comparable sales and plan your offer with that in mind unless you have a high tolerance for disappointment.

 

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