If your home is overpriced and you’re wondering why buyers won’t even pitch you a lowball offer, pay attention to today’s video.
Occasionally, we’ll represent a seller who, despite having difficulty finding a buyer, chooses not to make a price reduction to their home. When no buyer comes along, they wonder, “Why won’t someone just make me an offer?”
I don’t know the exact science behind the answer to this question, but as someone who’s been in this business for a long time, I can tell you that buyers (and people, for that matter) don’t think or act that way. If your home has sat on the market for quite some time and you’ve yet to adjust its price, you can’t expect a buyer to come in with an aggressive, but lower, offer. That’s simply not how the U.S. consumer is wired.
Plus, how would you feel if a buyer was to make an offer between 10% and 20% below your asking price? You’d probably be so offended that you wouldn’t want to work or negotiate with them at all.
It’s important to understand that, as a rule, buyers won’t take a flier price on your home. They know that the more time your home spends on the market, the more likely it is that you’ll reduce your price, and when you do, that particular buyer will strike.
We want to avoid these types of scenarios if we can help it, and a major part of that is making sure your home is well-priced and well-prepared from the very beginning.
If you or someone you know would like help in the buying, selling, or investing process, please let us know. My team and I would be happy to help!