I agree, raptor. Best to not be emotional and love the place you’re making an offer on. The way I see it, if a place has been on the market for quite a while and they’re asking a ridiculous price, then a lowball offer is what they need. If anything, the next guy’s low offer, but higher than yours, will look good and get accepted. Slowly chipping away at the market and bringing down the comps. Of course, if it is a place you really love, then that sucks. When you really love a place, you don’t want to make an offer too low and risk losing it.
I meant to add. Do you homework and don’t just go by the MLS #. Some of these people are relisting w/new MLS # to change the DOM. Some listings expire, but I’ve seen new listings as soon as a month. So when making an offer and checking how long it’s been on the market, make sure you somnehow go by the address not the MLS.
I actually don’t know how to do that, unless you are really familiar w/your area and know what’s been on the market and monitor it. But if you’re new to the area, how do people check if a place has been for sale before?
I know that when Dataquick gives information on how long a place has been on the market, they go by MLS. That’s so skewed and drives me crazy. I’ve seen places on the market for over 2 years. They just reduce slightly and change the MLS.
