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SD Realtor.
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February 20, 2008 at 1:19 PM #156724February 20, 2008 at 1:19 PM #156798
Anonymous
GuestDuring the run up of a few years ago, sellers didn’t have to offer logic or reasoning when pricing their houses astronomical during the bubble. They knew it was a madhouse out there and they took adavantage of it…not because they’re evil people but because its rational to maximize your profit if you can. Well, in today’s market the tables are turned and buyers will throw out brutal lowball offers because they can.
February 20, 2008 at 3:18 PM #156500donaldduckmoore
Participant7 same low-ballers, they must be a family.
February 20, 2008 at 3:18 PM #156784Participant7 same low-ballers, they must be a family.
February 20, 2008 at 3:18 PM #156786Participant7 same low-ballers, they must be a family.
February 20, 2008 at 3:18 PM #156802Participant7 same low-ballers, they must be a family.
February 20, 2008 at 3:18 PM #156878Participant7 same low-ballers, they must be a family.
February 20, 2008 at 4:47 PM #156565pemeliza
Participant“You have to think that with 7 offers all at the same price, the buyers know what they are talking about. That is, the true market value of the house is really $1.150,”
With 7 offers at 1.15, the current market value is indeed probably somewhat higher that the 1.15. Of course, I don’t see the problem–just counter them all and see who wants it the most.
Even if the “current” market value of your home is 1.3 it is not hard to see why people would want to bid 10% lower given that a 10% further decline from here is “in the bag” to quote a well known realtor from the OC. I’m actually rather surprised you see such a small discount as a “lowball”. To me a lowball would be about 950.
It does certainly appear that there is a large contingent of buyers waiting to pull the trigger even in the million plus price point. Reminds me of the house at 1453 Heritage in Encinitas Ranch. I was 1 of 11 offers. Three of them including the highest was all cash. Of course that property was priced 100k below the 2003 builder price so I wasn’t surprised by the activity level.
If I was a seller I would be damn sure I had a very well qualified buyer before I accepted any offers. The rates are jumping all over the place. Maybe some of these 7 buyers locked in a rate and need to act fast.
February 20, 2008 at 4:47 PM #156849Participant“You have to think that with 7 offers all at the same price, the buyers know what they are talking about. That is, the true market value of the house is really $1.150,”
With 7 offers at 1.15, the current market value is indeed probably somewhat higher that the 1.15. Of course, I don’t see the problem–just counter them all and see who wants it the most.
Even if the “current” market value of your home is 1.3 it is not hard to see why people would want to bid 10% lower given that a 10% further decline from here is “in the bag” to quote a well known realtor from the OC. I’m actually rather surprised you see such a small discount as a “lowball”. To me a lowball would be about 950.
It does certainly appear that there is a large contingent of buyers waiting to pull the trigger even in the million plus price point. Reminds me of the house at 1453 Heritage in Encinitas Ranch. I was 1 of 11 offers. Three of them including the highest was all cash. Of course that property was priced 100k below the 2003 builder price so I wasn’t surprised by the activity level.
If I was a seller I would be damn sure I had a very well qualified buyer before I accepted any offers. The rates are jumping all over the place. Maybe some of these 7 buyers locked in a rate and need to act fast.
February 20, 2008 at 4:47 PM #156851Participant“You have to think that with 7 offers all at the same price, the buyers know what they are talking about. That is, the true market value of the house is really $1.150,”
With 7 offers at 1.15, the current market value is indeed probably somewhat higher that the 1.15. Of course, I don’t see the problem–just counter them all and see who wants it the most.
Even if the “current” market value of your home is 1.3 it is not hard to see why people would want to bid 10% lower given that a 10% further decline from here is “in the bag” to quote a well known realtor from the OC. I’m actually rather surprised you see such a small discount as a “lowball”. To me a lowball would be about 950.
It does certainly appear that there is a large contingent of buyers waiting to pull the trigger even in the million plus price point. Reminds me of the house at 1453 Heritage in Encinitas Ranch. I was 1 of 11 offers. Three of them including the highest was all cash. Of course that property was priced 100k below the 2003 builder price so I wasn’t surprised by the activity level.
If I was a seller I would be damn sure I had a very well qualified buyer before I accepted any offers. The rates are jumping all over the place. Maybe some of these 7 buyers locked in a rate and need to act fast.
February 20, 2008 at 4:47 PM #156868Participant“You have to think that with 7 offers all at the same price, the buyers know what they are talking about. That is, the true market value of the house is really $1.150,”
With 7 offers at 1.15, the current market value is indeed probably somewhat higher that the 1.15. Of course, I don’t see the problem–just counter them all and see who wants it the most.
Even if the “current” market value of your home is 1.3 it is not hard to see why people would want to bid 10% lower given that a 10% further decline from here is “in the bag” to quote a well known realtor from the OC. I’m actually rather surprised you see such a small discount as a “lowball”. To me a lowball would be about 950.
It does certainly appear that there is a large contingent of buyers waiting to pull the trigger even in the million plus price point. Reminds me of the house at 1453 Heritage in Encinitas Ranch. I was 1 of 11 offers. Three of them including the highest was all cash. Of course that property was priced 100k below the 2003 builder price so I wasn’t surprised by the activity level.
If I was a seller I would be damn sure I had a very well qualified buyer before I accepted any offers. The rates are jumping all over the place. Maybe some of these 7 buyers locked in a rate and need to act fast.
February 20, 2008 at 4:47 PM #156943Participant“You have to think that with 7 offers all at the same price, the buyers know what they are talking about. That is, the true market value of the house is really $1.150,”
With 7 offers at 1.15, the current market value is indeed probably somewhat higher that the 1.15. Of course, I don’t see the problem–just counter them all and see who wants it the most.
Even if the “current” market value of your home is 1.3 it is not hard to see why people would want to bid 10% lower given that a 10% further decline from here is “in the bag” to quote a well known realtor from the OC. I’m actually rather surprised you see such a small discount as a “lowball”. To me a lowball would be about 950.
It does certainly appear that there is a large contingent of buyers waiting to pull the trigger even in the million plus price point. Reminds me of the house at 1453 Heritage in Encinitas Ranch. I was 1 of 11 offers. Three of them including the highest was all cash. Of course that property was priced 100k below the 2003 builder price so I wasn’t surprised by the activity level.
If I was a seller I would be damn sure I had a very well qualified buyer before I accepted any offers. The rates are jumping all over the place. Maybe some of these 7 buyers locked in a rate and need to act fast.
February 20, 2008 at 5:42 PM #156585GuestRealtors and sellers are in for great surprise if they think that homes are going to sell of those high listing prices that we’re all seeing. The housing market is BAD all over the country, no matter what sellers and realtors say. Most listings are tens of thousands to hundreds of thousands too high for this market.
Make an offer on the property for what it is worth to YOU. It is not uncommon for offers to come in $75K to $100K+ less than listing prices on $500K homes. In past markets a few thousand lower than list price was considered to be a low offer, but now that’s not even a place to start.
Many realtors try to say that the housing market has hit bottom. Unfortunately, that is not the case, as it won’t hit bottom for years. The longer properties linger on the market, the more the sellers will lose unless the sellers are willing to sit on those eggs for seveal years.
All of this is so hard for sellers to swallow, because they’re usually attached to their homes and have overinflated perceptions on what their property is worth. But make that offer anyway on what the property is worth to YOU.
In fact, many properties are now selling for substantially less than tax assessed value and/or mortgage value.
February 20, 2008 at 5:42 PM #156869GuestRealtors and sellers are in for great surprise if they think that homes are going to sell of those high listing prices that we’re all seeing. The housing market is BAD all over the country, no matter what sellers and realtors say. Most listings are tens of thousands to hundreds of thousands too high for this market.
Make an offer on the property for what it is worth to YOU. It is not uncommon for offers to come in $75K to $100K+ less than listing prices on $500K homes. In past markets a few thousand lower than list price was considered to be a low offer, but now that’s not even a place to start.
Many realtors try to say that the housing market has hit bottom. Unfortunately, that is not the case, as it won’t hit bottom for years. The longer properties linger on the market, the more the sellers will lose unless the sellers are willing to sit on those eggs for seveal years.
All of this is so hard for sellers to swallow, because they’re usually attached to their homes and have overinflated perceptions on what their property is worth. But make that offer anyway on what the property is worth to YOU.
In fact, many properties are now selling for substantially less than tax assessed value and/or mortgage value.
February 20, 2008 at 5:42 PM #156871GuestRealtors and sellers are in for great surprise if they think that homes are going to sell of those high listing prices that we’re all seeing. The housing market is BAD all over the country, no matter what sellers and realtors say. Most listings are tens of thousands to hundreds of thousands too high for this market.
Make an offer on the property for what it is worth to YOU. It is not uncommon for offers to come in $75K to $100K+ less than listing prices on $500K homes. In past markets a few thousand lower than list price was considered to be a low offer, but now that’s not even a place to start.
Many realtors try to say that the housing market has hit bottom. Unfortunately, that is not the case, as it won’t hit bottom for years. The longer properties linger on the market, the more the sellers will lose unless the sellers are willing to sit on those eggs for seveal years.
All of this is so hard for sellers to swallow, because they’re usually attached to their homes and have overinflated perceptions on what their property is worth. But make that offer anyway on what the property is worth to YOU.
In fact, many properties are now selling for substantially less than tax assessed value and/or mortgage value.
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