Putting a offer on a house below asking price

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amother

Mon, Mar 11 2024, 9:49 am

How low can one can when a house has been on the market for a while? (Let's say over a year)
How low can one go in general?

First time home buyer here

amother

Tangerine

Mon, Mar 11 2024, 9:58 am

Speak to your realtor to get a feel for how low the seller is willing to go.
Why is it on the market so long?? In this market that's rare unless there is an issue...

BatyaEsther

Mon, Mar 11 2024, 9:59 am

You can go as low as you want. The question is what will they accept.

amother

Mon, Mar 11 2024, 10:00 am

amother Tangerine wrote:

Speak to your realtor to get a feel for how low the seller is willing to go.
Why is it on the market so long?? In this market that's rare unless there is an issue...

One home is priced too high fsbo.

On another home there is an issue plus it was priced wayyyy too high.

So the question is how low?

Also depending on the neighborhood no the market isn't hot everywhere...

amother

Crystal

Mon, Mar 11 2024, 11:01 am

As low as you want. The owner never needs to take the offer (even if high).

We once saw a house online that was well out of our price range. It was a pre-foreclosure. One day the asking price dropped like $150k, which was still slightly out of our price range. I told my husband, they seem desperate to sell, let's check it out. The house needed some updates (outdated, etc), but nothing major. We made a very lowball offer (really the max we could afford) and said we'd see what happens. The owner actually accepted our offer, but since it was a pre-foreclosure, all offers also had to be approved by his bank. Unfortunately the bank wouldn't accept our offer. As the house was really out of our price range, we walked away.

Amarante

Mon, Mar 11 2024, 11:24 am

This is where a good realtor is helpful because she will be very familiar with pricing in the location including any factors tending to make pricing for this specific home higher or lower than what is typical.

When she makes the offer she will have a conversation with the seller's realtor which will explain objectively why they think the offer is appropriate.

Of course you can make any offer you want. However, if the offer is too low to be at all realistic what will probably happen is that the seller just won't counter offer because there is no point in negotiating against themselves by dropping the price at that point.

FWIW, some buyers aren't motivated to sell unless they get a specific price which seems high to you. They have no reason to sell and so the length of time on the market is irrelevant to them.

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