When I sit down to write an offer for the very first time with a buyer almost every single one of them wants to “throw out an offer.” This number isn’t based on comparables and market conditions, this number is usually random, a number pulled from mid air, a number they would “like” to pay for the house, a number they feel would be an incredible “deal or steal,” usually a number well below market value.
Yes, it’s true market values have declined, BUT a lot of homes in my market area are still selling in a day and multiple offer situations are not a thing of the past. Although I have yet to see the media report on this.
Over the past 18 months;
93% of my clients have been in a multiple offer situation.
79% of my clients have gone under contract on a home within 24-48 hours of it being placed on the market.
71% of my client wanted to “throw out an offer” and the ones that chose that method regrettable lost the home to another buyer.
In my entire career I have never had a buyer successfully “throw out an offer” and have it accepted. Although I’m just speaking from my experience over the past nine years.
Seller’s and buyer’s usually have access to the same market information. Some seller’s chose to ignore the information and over price their house, which usually ends up sitting on the market and some buyer’s chose to ignore the information and “throw out an offer,” which I’ve never seen work.
If you are a serious buyer looking to purchase a home I highly recommend reviewing the facts and discussing a strategy with your real estate agent before you regrettable lose a home by “throwing out an offer.”