If there are issues with the property or the price is too high, or both, you can usually underbid and negotiate with the sellers.
If the price has remained the same on a listing for more than two weeks, we feel it is okay for our buyers to offer a price that is somewhat less than asking, usually around 3 to 5%.
Should you offer less than the asking price?
In a sellers’ market, you would be foolish to offer less than the asking price (if that price reflects the current market value of the home). While in a buyers’ market, you have less to lose by offering below asking price. Even if the seller rejects your initial offer, they will likely come back with a counteroffer.
What is reasonable to offer below asking price?
When it’s reasonable to offer 1% to 4% or more below asking
Another instance where a buyer may offer 1% to 4% below asking is when there are multiple offers on the table, and sellers typically accept the highest offer.
What is considered a lowball offer?
By strict definition, a lowball offer is one that is significantly below market value. In practice, an offer is considered “lowball” if it is significantly below a seller’s asking price. At what prices are similar homes offered?
Should you offer list price?
If you like the home, and the price is attractive and acceptable to you, then buy it. Pay the list price. If you have offered list price, but it doesn’t appraise at list price, the seller just might be willing to lower the price for you. In most instances, you can’t go wrong by offering list price to the seller.