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What agent would present an offer of 100,000 on a million dollar house?
No, I'm not sure that I do. Agents and clients need to be on the same page. If I had a client who wanted to present a ridiculous offer, I would attempt to dissuade them from doing so. If they were just out to waste people's time, I'd let them know that they need to find another agent. Likewise, if I were the client and wanted to present an offer at whatever price, if an agent refused to do so I would find another agent (if I wanted to work through an agent).
Sales might be down, but that might be because fewer people are selling. I know in my area, homes are still selling. Many are going into pending/contingent quickly if they are priced competitively, just like they were before. The main difference is that there is a lot less inventory than there would normally be in April.
If you see something that has been on the market a while, it might be worth it to offer less than asking, but someone who just put something on the market recently is fully aware of the market conditions and likely priced the home with that in mind. I wouldn’t assume you can lowball for that reason.
Thanks all. I have been looking (just online on realtor.com) at condos to buy for the last year or so, and it is very competitive here, and very high priced. Seems they were all going so fast ("contingent" and "in escrow" within one week, didn't matter how crummy or good they looked).
So when I saw on the local news that home sales were down 10% in the last month, and could go down to 40% in the coming months, I misunderstood that I could maybe get a good deal, say a few months down the road.
Thanks all. I have been looking (just online on realtor.com) at condos to buy for the last year or so, and it is very competitive here, and very high priced. Seems they were all going so fast ("contingent" and "in escrow" within one week, didn't matter how crummy or good they looked).
So when I saw on the local news that home sales were down 10% in the last month, and could go down to 40% in the coming months, I misunderstood that I could maybe get a good deal, say a few months down the road.
I believe you could get a good deal if you wait. Don’t let these people a) bully you into buying or b) make you feel bad for wanting a good deal. Obviously it’s on their interest for this machine to keep rolling
Thanks all. I have been looking (just online on realtor.com) at condos to buy for the last year or so, and it is very competitive here, and very high priced. Seems they were all going so fast ("contingent" and "in escrow" within one week, didn't matter how crummy or good they looked).
So when I saw on the local news that home sales were down 10% in the last month, and could go down to 40% in the coming months, I misunderstood that I could maybe get a good deal, say a few months down the road.
Well, you may be able to get a better deal in a few months. No one knows for sure how much of an impact this might have on housing prices in your area, if any. Just don't anticipate that prices, if they decline at all, will match the collapse of real estate prices after the housing crash of 2008. There is an end in sight for the COVID-19 virus: the creation of a vaccine. I would expect that most Sellers, unless forced to do so, would rather hold off on a sale than take a significant loss.
Let the unemployment numbers and all of the other economic damage that has been cause to our economy settle in first, and then take a look at how your local real estate market has been effected. It's too early to tell.
I have no crystal ball, but it appears with 30 to 35 million people perhaps being unemployed, not to mention how many small businesses will close up shop, we will be facing some tough times.
This sort of thing has never happened to the U.S. so I think there is a lot of uncertainty on how much damage this virus really has done, and for how long.
I think it's a big mistake to purchase (or sell a home if you don't have to) in this current market. If your a buyer, why would you not wait? Don't be rushed into a huge decision like purchasing a home.
Thanks all. I have been looking (just online on realtor.com) at condos to buy for the last year or so, and it is very competitive here, and very high priced. Seems they were all going so fast ("contingent" and "in escrow" within one week, didn't matter how crummy or good they looked).
So when I saw on the local news that home sales were down 10% in the last month, and could go down to 40% in the coming months, I misunderstood that I could maybe get a good deal, say a few months down the road.
SALES are down, not prices. There is a BIG difference between the two of these things.
Let the unemployment numbers and all of the other economic damage that has been cause to our economy settle in first, and then take a look at how your local real estate market has been effected. It's too early to tell.
I have no crystal ball, but it appears with 30 to 35 million people perhaps being unemployed, not to mention how many small businesses will close up shop, we will be facing some tough times.
This sort of thing has never happened to the U.S. so I think there is a lot of uncertainty on how much damage this virus really has done, and for how long.
I think it's a big mistake to purchase (or sell a home if you don't have to) in this current market. If your a buyer, why would you not wait? Don't be rushed into a huge decision like purchasing a home.
My apartment situation is awful. There is new management that has done a horrible job (construction nonstop for the past 6 months- management office is all but abandoned during the pandemic). I read a review that said there was toxic mold in the apartment down the hall, which explains why it has been under construction for months, and that is on top of the complex construction. I don’t want to spend money on moving to another apartment. My plan had already been to buy this year. I have a stable government job and it certainly isn’t *rushing* things when I had already planned to buy before the end of this lease.
My apartment situation is awful. There is new management that has done a horrible job (construction nonstop for the past 6 months- management office is all but abandoned during the pandemic). I read a review that said there was toxic mold in the apartment down the hall, which explains why it has been under construction for months, and that is on top of the complex construction. I don’t want to spend money on moving to another apartment. My plan had already been to buy this year. I have a stable government job and it certainly isn’t *rushing* things when I had already planned to buy before the end of this lease.
I'm likely buying in August as well. Why pay 30k in rent if you don't have to? That's what I pay in rent.
Thanks all. I have been looking (just online on realtor.com) at condos to buy for the last year or so, and it is very competitive here, and very high priced. Seems they were all going so fast ("contingent" and "in escrow" within one week, didn't matter how crummy or good they looked).
So when I saw on the local news that home sales were down 10% in the last month, and could go down to 40% in the coming months, I misunderstood that I could maybe get a good deal, say a few months down the road.
it all depends on your location most importantly, but also your price range.
An area with 100 sales/mo and averaging 7 days on the market .... going down to 90 sales a month aren't going to have enough affect on days on market make much difference in the price.
The 40% is pure speculation/prognostication. If they're right, and that 40% applies to your price range, then yes - you'll likely see a decrease in prices.
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