Monday, February 20, 2012
6 Mistakes Homebuyers Make With Lowball Offers
Before submitting an offer, your real-estate agent should do a full comparative market analysis of the property to determine what its fair market value is, Carlisle says.
For instance, it's still a buyers market in the Richmond, Va., area, where Susan Stynes works as a real-estate agent for Long & Foster. Stynes says she wouldn't hesitate to encourage a client to make an aggressive offer, after considering the time the property has been on the market and neighborhood comparables.
But in other markets, a low offer won't get you far, says Stephen G. Kliegerman, president of Halstead Property Development Marketing in New York. "In general, sellers today in Manhattan see that inventories are down, interest rates are historically low, and there is a pretty large appetite for purchase right now because of those factors. Sellers will hold closer to their asking prices," he says.