http://mikecandoit.com/portland/low-ball-offers-it-can-hurt-to-ask/ A Portland Real Estate Blog Tue, 31 Aug 2010 05:11:00 +0000 hourly 1 http://wordpress.org/?v=3.0.1 http://mikecandoit.com/portland/low-ball-offers-it-can-hurt-to-ask/comment-page-1/#comment-726 LT Sat, 23 May 2009 04:09:53 +0000 http://mikecandoit.com/?p=1006#comment-726 This assumes that the seller's asking price is even remotely based on a current number. In the current market, a comp that is 3 or more months old can be quite far from the current price. I have been looking for the last year, and it has been my experience that many sellers will base their price not on the most current neighborhood average, but on the highest number in recent sales sometimes going back 6+ months it seems. Many of these homes have not sold and have been put on, pulled off, and put back on over the course of a year still trying for that number. Often by the time they lower it, the market has depreciated even farther ~ thay are still too high for the current reality. As a cash buyer I am thankful to these sellers in that this has caused a couple of my offers (5 - 10% under list) to fall through. Had I purchased at their price or even my number i would now be holding 10+% less in cash value. Overall I am more likely to purchase a home at or close to asking if its number is reflective of very recent comps. I have recently stopped looking at those that are not, as I feel an unrealistic price is reflective of an unrealistic seller. This assumes that the seller's asking price is even remotely based on a current number. In the current market, a comp that is 3 or more months old can be quite far from the current price. I have been looking for the last year, and it has been my experience that many sellers will base their price not on the most current neighborhood average, but on the highest number in recent sales sometimes going back 6+ months it seems. Many of these homes have not sold and have been put on, pulled off, and put back on over the course of a year still trying for that number. Often by the time they lower it, the market has depreciated even farther ~ thay are still too high for the current reality. As a cash buyer I am thankful to these sellers in that this has caused a couple of my offers (5 – 10% under list) to fall through. Had I purchased at their price or even my number i would now be holding 10+% less in cash value. Overall I am more likely to purchase a home at or close to asking if its number is reflective of very recent comps. I have recently stopped looking at those that are not, as I feel an unrealistic price is reflective of an unrealistic seller.

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