Average offer on homes in Austin? (Canadian: how much, house, buyers)

[Taterhead]

We got and offer that was 60 thousand less then asking yesterday . Our home has only been on the market less then 2 weeks. Our home is in Q-tip condition and looks like a model home. The 3 realtors we interviewed ask me if I wanted a part time job in stageing even. They all love my decorating skills.

All the showings so far have been 10+ comments about our home. What is the average offer on a home there that is great condition. Are you guys getting low ball offers too. Is 10-15 % less then asking the norm?

Debbie

[llkltk]

Is it overpriced for the area? What area is it in and how much per square foot. Some out here in SW Austin aren't selling because they are overpriced. Not saying that yours is. That offer seems rather low if it is priced correctly, I wouldn't take it if you've been on the market only 2 weeks. But, it all depends on pricing.

[pbnj07]

There's really no way to answer that without seeing CMAs to see if your house is priced correctly.

[mark311]

I don't think you can say that anything is the norm. There are many reasons for a low offer. A couple reasons might have nothing to do with your house, but the amount that the buyer is pre-approved for or wants to spend. Our realtor had us look at homes that we knew we couldn't afford and we did put in a low-ball type offer one time just to see how desperate the seller was and to see if we could get this home into our price range.

I think the key is that you don't let this type of offer offend you. It's apparent that they liked your house enough to put in an offer so that's a good thing. You now have the opportunity to counter. As others have stated, you do also need to make sure you are priced correctly.

[Taterhead]

We are not over priced, the realtor tour had comments cards with that?, 13 realtors came through, 10 filled them out abd all said it was priced right and 7 out of the 10 gave us a prefect 10 down the list.

I still need my question answered about Austin norm on offers these days on right priced homes good condition. 10-15% less off asking????

Debbie

[Trainwreck20]

Don't think there is a norm at all, since realtors (and individuals) will have different approaches and strategies. Take the offer for what it is - 60k below what you are asking. I am assuming that the house is in the 400k - 600k range if 60k is 10 to 15% low. I would never make an offer on a house that low if it was in line with the comps in the area. It sounds like they are hoping you are desperate (you never know) and may just have to dump the house.

[llkltk]

You really can't determine that, it all depends on area, what's selling, what's not selling. Out here in SW Austin, people are getting pretty close to asking price if it is priced compared to comps in the area. 10-15% less seems to be really low. You need to provide more info, perhaps a link to your MLS listing.

[iceshots]

What the Realtors say and what the buyers feel can be two different things. When we were selling our home in Toronto last year we had four different agents say the house was properly priced, and could be seen as under priced. But we waited over 2 months for the first offer that came in even lower. We ended up negotiating to a price we could accept just before the bottom dropped out of the Canadian dollar.

We went full asking on the house we bought here, but that was within 2 days of coming on the market, it fit us perfectly and there was a lot of interest. We wanted to get an offer accepted before possible multiple offers came in.

Since your home is only on the market for a couple of weeks, it could be someone trying to see if you will go for a quick bargain price. Counter back with close to your asking price and see what happens. Opening offers are no indication of what they may end up agreeing to.

[Trainwreck20]

Oh, that is a good comparison point. We had three comps for our tax protest (fingers crossed).
- One went pending in 3 days and sold in 24 at full price - $104.5/sf.
- One was on the market just over 2 months and sold for 95% of asking price, $99.25/sf.
- One took just under 4 months and sold at 89% of the asking price, $98.50/sf.

These house are almost identical size (+/- 7'), age (+/- 1 year), and within about 200yards from each other. I can't tell you what offers were made, obviously, but I can show you what was accepted eventually.

[CptnRn]

Some buyers or house flippers are probably going around town looking for a steal.