Don't offer on a house you don't love probably

60+ days listed in a hot market certainly makes it seem as though the listing price is too high. In this case a lowball offer would certainly be in order. No need to limit yourself to 12% though. Why not 25%. Really depends on what the house is actually worth. Especially if you aren't in love with the house and won't be too upset if the owner tells you to **** off.

LOL at realtor saying a house is overpriced, then in the same breath saying he didn't think the sellers would entertain an offer at 12% below listing. Get a new agent.

I would love a low ball offer. I won't accept it but it is at least a conversation starter. It wastes maybe 3 minutes of my day to counter.

We have gotten 9sets of feedback and one said we were way above mkt value while 3 others said slightly above mkt. I am still happy at our list price even though we've had two sellers get out of the contract.

As I said earlier ITT, my dad bought my brothers half of the house at 7.5k above what our realtor suggest we should list it at. If I could do the whole thing over again the first thing I'd do is buy his half at that price.

Edit: We have been on the market for 22 days not counting days we were pending. I am taking this thread and my agents prior advice and considering a lower asking price - looking at recent sales around me now.

I had someone offer me ~ 25% below ask. Didn't even bother to counter, just said no thanks. Got a full price offer less than a week later. I don't even think it was a deliberate lowball strategy, I think she was just raised cheap.

Personally, I'm going to offer what I think is a fair price for a property I want. It might be lower than ask, it might be higher. Any seller that is offended by a low offer is someone you probably don't want to deal with anyway - they can always just say no or counter, it's business. I listen to my realtor, but ultimately it's my call as to what I think something is worth.

You can offer whatever you want. If it's not a serious offer then you won't be taken seriously that's all. And buyer's agents will only waste so much of their time submitting hopeless offers before they dump you or adjust to your approach. There's no sense in showing you a well-priced new listing in the kind of neighborhood you've described, so maybe they take another client to that and show you something that's been on a while and is overpriced.

Whether 10-15% under asking is a serious offer is a different matter...people list all over the place, markets are different, so “X% under asking” isn’t useful. Asking price by itself has very little bearing in most cases at least as far as coming up with an offer.

right. you find a place you really like and decide to just straight up offer them a higher than list price because you think its priced too low. gtfo with that nonsense.

In some markets that's the only was to have a chance of your offer being accepted.

I know a person who bought in a town next to mine where they lost three consecutive houses when coming in above asking. This time of year can get crazy competitive in towns with good school systems.

In desirable neighbourhoods in Toronto, houses typically get up to a dozen offers over asking and sell for $50-$100k over asking.

It's true, but I've never understood it.

I would be heated at my real estate agent.

Why? Listing good houses just under market value can create a bidding war

As a seller or buyer? Houses are deliberately priced like 5% under market value, knowing there'll be a bidding war and they'll get 10% above asking within a week of listing it. Everyone looking at those houses know they have to come in over asking, and most have lost bidding wars multiple times already.

Plus they pull their inspection conditions to make their offers stronger and all these run down 70 year old homes sell basically "as-is" with all kinds of weird wiring and insulation.

i get that there are areas where things sell above asking. I was more loling about someone offering over asking price because they think the current owner just priced it too low on accident.

The showings on my house have definitely slowed down, but today we had 2 showings and tomorrow we have 2 scheduled. Wish me luck.

I think you misunderstood what i said but I am glad you enjoyed it.

Lost out on a place a few weeks ago coming in at a couple thousand over list, just offered on another nearly 10% over.

Of course I live in Detroit so it's still pocket change.

What area of Detroit did you lose with a bid a couple thousand over list?

Should a house be priced from the start taking into consideration what needs to be done or should it be priced like it had nothing wrong and expect the buyer to negotiate a lower price based on expected work?

Good Luck.

Obviously should be based on consideration of the condition of the house. That's not to say the buyer won't try to negotiate additional concessions based on the inspection etc., but the listing price should represent what is actually being sold.

I mean, you wouldn't list a house that needs a complete gut renovation at the same price as a house with a brand-new, updated interior, would you? That would be like listing a used car at the same price as new, and negotiating the difference afterwards.

Yeah, I kind of agree on not lowballing cos you don't love it. If you don't love it then don't buy it if the plan is to live in it long term, even if it's a good deal.

Obviously priced considering condition.

The house we sold a few years ago was an older house and for our first offer the buyer's agent insisted on meeting with us to present the offer. She gave us a really low price and handed us a hand written page of all of the things that were wrong with the house, but they were all things you'd expect in an older house.

We basically looked at it for a few seconds and told her that we felt that everything was already priced into our list price and to come back with a better offer. She looked kind of stunned that we didn't even bother to talk about her list.

Some friends, five of them to be exact and none homeowners, have inherited vacation property from their parents. As they know I recently bought a house, they asked my opinion on how to price the property. I told them I was on the other side of the equation, but I would ask around.

Have they considered a realtor?