Is it better to make a low offer, or wait to see if the price of a house drops?

Asked by Jackie, Red Hook, NY Sat Apr 25, 2009

Hi, I am interested in a house but think it is priced high. We are considering asking 10% below the asking price. Do you think it would be better to wait until they lower the price, which we believe they eventually will have to do, or just make the offer we think is fair now? Thanks.

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Leonard Klein…, Agent, Montclair, NJ
Tue Sep 15, 2009
There is no way to predict which approach will work better for you. What I can tell you is, if you are interested in a particular home and you think it's priced too high (and it's been on the market for at least 3 weeks), my best recommendation to you is to make an offer that you think makes sense to you. Get it in. If you wait for them to drop the price, someone else may make an offer and beat you to the punch. If you make YOUR offer, the seller can choose to negotiate with you or not but, if they stay on the market and get no other offers, they just migh come back to you down the road. Always make an offer if you wish to make a purchase. Just make the offer that YOU want...
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Debra (Debbi…, Agent, Livingston, NJ
Sat Apr 25, 2009
Hi Jackie
To give a simple answer to your question - "is it better to make a low offer now, or wait " - my advice is MAKE the offer now - if you wait for a price drop, you could be dealing with competiton from other buyers who were waiting for the price drop, too. If the home is newly listed, the seller might not be receptive to an offer 10% below the list price, BUT........go on record and make your offer - you have nothing to lose. If they don't accept it, or choose not to negotiate further with you at this time, you can always wait , and resubmit your offer at a later time. A listing of mine is closing this Monday at a price that the seller originally rejected when the house was first listed. The buyer waited, and resubmitted his same offer 3 months later. The owner finally accepted it (not happily, but accepted it nonetheless). The offer was 13% below original list price.

In this market, time is usually on the buyer's side. Some sellers may never reduce their list price - these are not motivated sellers. You can't predict what a seller will do, however - make that offer and find out.
As others have said, rely on your realtor for up to the minute advice on your area and comparable listings.
Good luck with your offer!
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Fajardo Dela…, , Flushing, NY
Sat Apr 25, 2009
Work with agent that knows the market in your area. What I tell my clients
both buyers and sellers is an offers is just the start of real talk. If you have additional
questions or need an agent feel free to call and direct them to me.
My Direct # 347-813-1290.
Here is my website
or my e-mail
Hope to hear from you soon.
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Lisa Dudzik, , Basking Ridge, NJ
Sat Apr 25, 2009
Work with an informed professional. Look at the comps. Make an offer - what do you have to lose??
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Gregory Schr…, Agent, Beacon, NY
Sat Apr 25, 2009
Are you working with a professional full time Realtor? That is the best person to give you advice on a specific situation such as yours. You can't really give a generic answer to a question like that.
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