A home buyer's recommendation
Wonk reader fronesis just shared a local home buying experience that should be of interest to all buyers -- and sellers:
We looked for our place for almost a year, and I'd say that on average, 70% of the Baltimore market is WAY overpriced.In terms of what things are actually selling for in Baltimore right now, I don't think the market has all that much further to fall. But for those people that still have their houses listed at or just a little below 2007 prices - they aren't even close to reality.
A lot of buyers are told not to make low offers, but in many cases that's the only way to get the market moving. We offered 100K LESS than the 300K asking price on our place and eventually closed at just a few thousand dollars above our offer.
Posted by Jamie Smith Hopkins at 1:07 PM | Permalink
| Comments (2)
Categories: Housing market experiences, Quote of the day
Categories: Housing market experiences, Quote of the day
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Comments
I agree! Sellers may have a price they either want or need to hit, but unless a buyer makes an offer, the negotiation process cannot start.
Posted by: Faith | December 22, 2009 2:49 PM
I wouldn't listen to anyone telling me not to make a low offer (and don't get me started on the buyers who are so "offended" that plain refuse to negotiate), but note that it took A YEAR for the reader to find a place.
Not all of us have such luxury and also, from my experience, house hunting looks nothing like in "House Hunters" on HGTV. Unless you have over $1 mil. budget, it is time-consuming and emotionally draining experience. We have to start looking again soon and, quite honestly, I'd rather go to a dentist.
Also, mind you, the paperwork for a real offer at least in AA county takes hours. It is possible to make a verbal offer, but it might not be taken seriously.
Posted by: Jelena | January 4, 2010 5:19 PM