If you’re selling a home in the current Fort McMurray market you are most likely to experience this before you reach the finish line, before tearing up a low ball offer you’ve received on your home, here are some tips and considerations on how to handle low ball offers in our current market.
One of the first things to wrap your mind around is why buyers start with a low-ball offer: Just because buyers offer low doesn’t mean they’re trying to steal your property
Here are a couple things to keep in mind, before letting your frustration control your response.
- Buyers may not see the value as you see it, prior to drafting an offer buyers will have the opportunity to research any and all comparable recent sales to gather information to make an informed opinion of current market value
- Large reductions are common, in the current market a homes asking price can change overnight by 50K or even more
- They may be first-time buyers and everyone from family to co-workers is telling them to start low
- They want to see if you want to just get it over with, seller motivation is playing a very large role in our market right now and buyers are really testing the waters
Low offers are in my opinion the new normal. Expect them and don’t turn your back on them right away. Serious, well educated buyers have a way of moving up in price and the result can often be a deal acceptable to both parties.
How to handle receiving a low ball offer.. even though it may be tough
- Control your emotions. Which is easier said than done, but remember that the focus needs to be on where the offer ends up not where it started
- Remember your goal is to sell your home, and you need to direct your focus there
- You are in charge, at the end of the day you do not have to accept any offer that does not work for you and your bottom line. You are the boss!
- Have a real and realistic look at your price. A market analysis usually only has a “shelf-life” of a couple weeks, since our real estate market is changing daily. Depending on how long your home has been on the market, you may have to revisit the recent comparable property sale prices The Fort McMurray market is constantly changing, and it’s possible that the price your home is listed at is no longer competitive in the market
When we work together, I want to know about more than just your preferred square feet; I want to build a real relationship. It’s how I create the best real estate experience possible. – Kayla