What to Do About Those Low Ball Offers

So you put your home on the market, set it with what you know to be a fair and reasonable price, and then along comes an outrageous low ball offer that knocks you off your feet. Stumped on what to do? Don’t immediately discount low ball offers without considering the following points.

Low Offers Happen

Low and outrageously low offers happen in real estate. It’s a known fact among Realtors. Try not to get upset about it. There are two market conditions that may cause you to receive a low ball offer: A Buyer’s Market or a Seller’s Market.

Buyer’s Market

Like the title suggests, the Buyer is King/Queen when market conditions lean heavily in favor of the Buyer as they do from time to time. Today, parts of Brunswick County are still experiencing a Buyer’s Market. That can in part be traced to the meltdown of our economy in 2008. Yes, nine years later we continue to feel the effects of that devastating downturn.

Affects of Selling in a Buyer’s Market

Here are a few tips if you are considering selling a home, condo, homesite or townhome in a Buyer’s Market:

  • Keep up with the current market conditions where you live. We can help you with that.
  • If you have a homesite to sell and there are over 100 homesites on the market in your community, you might have to wait 3-4 years before you receive an offer based upon demand.
  • When your community is saturated with home sites it could mean 3-4 more years of HOA fees and taxes (carrying costs), which could easily equal $1,000 – $2,000 annually or, up to $8,000 over the next four years out of your pocket.
  • In these types of conditions it’s not unusual for a buyer to make a low ball offer. They are attempting to determine the urgency of a seller.
  • A Seller should never be offended by an offer they receive in a Buyer’s Market. Period.
  • Counter all offers because 75{273583cfc581702b9b29d53e7767e779614a2427f9fcf163ae51dfa4952ef47e} of low ball offers eventually become acceptable offers to both parties (at Carolina Plantations) – provided you have a Buyer’s Agent and Seller’s Agent that know how to properly negotiate transactions.

 

Affects of Selling in a Seller’s Market

  • Comparables or Comps are your #1 key to selling a home for a fair price in a Seller’s Market.
  • You must research the area for a solid, experienced and knowledgeable Realtor, like we have at Carolina Plantations, who can provide you with the latest current trends and uptodate selling prices in your immediate area.
  • If real estate is priced and marketed properly in a Seller’s market, you could receive an offer within a day or 2 weeks. If it is more than 3-4 months before you receive an offer, than there is a good chance your home is overpriced.
  • If you receive a low ball offer in a Seller’s Market, you should still consider making a counter offer, even if it is only $1,000 off your asking price.

Regardless of the type of market it is when you list your property, it’s important to keep your emotions in check when negotiating offers. Our Realtors will be by your side to assist you through all the steps involved in selling your real estate. Take our suggestions and recommendations seriously.

We know real estate well — our agents live and breathe it every day. We want you to get as much for your property as you possibly can and have a fast and smooth transition. So know that when you don’t take our advice it could result in a property staying on the market much longer than you’d hoped.

The relationship you forge with a Carolina Plantations Realtor is important. You can count on us to work on your behalf 24/7. Give us a call today and let’s discuss how to set your home price right, regardless of the market.

 

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