As the economy continues the way it has been going, and the housing market remains sluggish at best, we will be seeing more and more lowball offers and more potential buyers hoping to get a “good deal.” However, while some situations may be “desperate,” many of our sellers in the Lake Wallenpaupack region of Pike and Wayne County are not desperate, and many are in the position to wait for their price, if they have to.
Below is a fictitious response to a real offer on one of my properties:
Mr. & Mrs. Buyer, I am very pleased that you have picked my client’s home out of all the other choices available in Wayne and Pike County. It truly is a nice piece of property.
However, after speaking with my seller, they’ve asked me to tell you that we just can’t accept an offer that is more than $100,000 below asking price. Just can’t do it…this home is not listed at a grossly inflated price. The sellers are certainly willing to negotiate, but not like this.
I know the market is not the best right now, the economy is, well…it is what it is. But my clients aren’t that desperate.
They do want to sell, but not at any cost.
The housing market here in Wayne and Pike County is considerably slower than it was last year – all of the real estate offices in the Poconos have seen their sales volume go down. Some buyers see this as an opportunity to “lowball.”
But, there are lowball offers, and there are lowball offers. Wanting a good price is one thing…trying to get it for significantly less than it’s worth is another.
Sellers ARE willing to negotiate. Many sellers in northeastern PA may be more flexible now than they were in the past. But that doesn’t mean that buyers should expect to get homes for pennies on the dollar.
Here are a few tips for buyers:
- Research the market before making an offer. Ask your agent for recent sold comparables to help guage the value of the home you are going to buy against other recently sold properties.
- Check the tax records and look for the sale history. Chances are, unless there is a serious defect in the home, the seller probably isn’t going to sell his home for less than he paid for it. Of course there is always that possibility, but except for special circumstances, this is unlikely.
- Only look at houses you can seriously afford to buy. Don’t get your heart set on something that is waaaay out of your price range, with the hopes of making the deal of the century. If you only have $150,000 to spend, then don’t look at homes that are nearly twice that price.