Researchers at the National Association of Realtors reported last year that one out of 10 members surveyed in a monthly poll complained about low-ball offers on houses listed for sale. The latest survey taken among agents and brokers across the country showed that there were hardly any. The new focus has shifted to the declining inventory level of home listings that are available to sell which has resulted in multiple home-buying offers on well-priced listings.
An offer presented by a potential buyer that is 25 percent or more below list price is considered a low-ball offer. These offers increase when there is an abundance of properties available and the listed price is out of “norm” with local market.
With tight inventories and competition rising, low-ball offers are rejected or countered close to the asking price. Buyers looking for a steal are finding themselves empty handed while those with more realistic offers are being rewarded with ratified contracts.
For those selling a home in Northern Virginia, well-priced houses in good locations are moving fast, sometimes pulling in multiple offers within a few days of listing. AJ Team’s listing agents are reporting that home sellers are telling them to not even consider the low-ball offers. The home-sellers feel confident that a better offer is on the way.
Looking to list or buy? Call AJ Team / Keller Williams Realty at 888-NOVA-BUY today!