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I made an offer on a house 350 on a 399 listing. Sellers were so insulted they wouldn't counter the offer. Upped it to 370 and they wouldn't counter that either. Walked away and told them they could keep the house if they didn't want to play ball. If they wanted 399 they should have listed it higher!
Additionally I didn't think they would actually accept the lowball offer- I just wanted to get the negotiations going and their unwillingness to counter any offers left a bad vibe.
for houses in the 450k-500k range, in my experience last few months, low ball offers, 20k below asking price was not even countered, one house negotiated from that point.
It could be the type of houses we were looking at, as they were, newly renovated, no work needed, so obviously home owners, had alot of money allready invested in it.
It seems most nice houses, the owners are not hurtin to sell, and seem fine with holding on to the property longer, they must be secure.
the older looking houses, with people that must sell, probobly has alot more flexablilty.
case by case basis i guess.
for houses in the 450k-500k range, in my experience last few months, low ball offers, 20k below asking price was not even countered, one house negotiated from that point.
It could be the type of houses we were looking at, as they were, newly renovated, no work needed, so obviously home owners, had alot of money allready invested in it.
It seems most nice houses, the owners are not hurtin to sell, and seem fine with holding on to the property longer, they must be secure.
the older looking houses, with people that must sell, probobly has alot more flexablilty.
case by case basis i guess.
That is depressing lol. I was hoping that 10% off was a good reality! I am guessing it will depend on how you present it. Looking at the house, seeing what work needs to be done (i am looking for a somewhat fixer upper)... and then presenting the offer with the idea that I love the house, but it needs work, so lets work something out.... Hopefully that wouldnt insult the home owners?
doesnt hurt to lowball, is there really such a thing as a lowball offer in this market, banks appraise houses now at a % less than market value, for the downward trend.
i got it on my mortgage aproval, dont remember what % it was though, sorry
that only makes it harder for sellers, most buyers cant come up with more down to match apraisel value, nor would want to overpay for it.
Scroll down a bit to the House Appreciation Estimator.
Plug in the last year the house was sold and the selling price. Historically, homes have appreciated 3%-5% per year owned (unless there have been major upgrades to the home, in which case a higher yield). It's interesting to see how the houses you are looking at stack up. On LI, the sellers are really doing a number on the buyers for the most part, but more and more you will find homes in line with that basic economic principle (which has been tracked nationwide for several decades and shown homes to generally gain 3-5% in value per year of home ownership). Don't let sellers and their agents bully you and call you "spoiled and demanding." You're worried about insulting them? So they will make a little less of a killing on the house if you are smart. Boo hoo. Remember that the worn, dirty, unimproved starter home with 1 original bathroom and the original kitchen appliances they are trying to sell you at an price befitting at least two full-time incomes was very likely purchased new or nearly new by the current homeowner on ONE non-spectacular blue collar income.
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Use the House Appreciation Estimator
