Buyers know that its a buyers market and they know that there are good deals out there. But having good deals in the market is not enough for some buyers. Some are still looking for an even better deal. Some buyers want to offer far less than list price, even when list price is far less than market value. This is the attitude of buyers when they know it’s buyers market, but sadly they don’t fully understand what it means if it’s a buyers market.
Many buyers want to offer $50,000 less than the list price, on $150,000 homes in Logan. They want to see how the sellers will respond. Is making a low ball offer like this an effective strategy?
But everything still depends on the who the seller is. If the property is a short sale or bank owned home, then this may be okay. However, banks are sensible enough not to buy this kind of offers. Buyers can make pretty low ball offers because anyway it’s just an offer and who know they might get it or they are more willing to pay more.
If the property is owned by a traditional seller, someone who has lived in the house and made it a home, then an offer like this is a bad idea. For a traditional seller, the home has is worth a lot more than what any buyer will pay. Their home has memories, it has emotional value, it has a monetary value attached to the costs and improvements they have made to the property.
When sellers get a low ball offers, they usually get offended. They develop emotional animosity towards the potential buyer and often will refuse to even counter the offer, because they don’t want to sell their home to someone who doesn’t see the value in it. So even if they are so eager to sell the property, they wouldn’t because of pride and disdain.
A good real estate agent gets in and counsels the client on the factors that determine the real value of the property which will enable them to make a realistic offer. Most sellers in today’s market can’t go any lower than their list price in order to avoid a short sale.
Today’s real estate is new-found, different from the good old age. Whether a buyer is looking for Atlanta GA Real Estate, or Real Estate in Logan, attitudes and behaviors are different than they have been in the past. More so, real estate agents must educate their buyers accordingly so that they really can offer the best service and expertise.
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