How much do you think home sellers will drop prices?

Question

I wanted to know how much do you think home sellers here in miami florida will lower there selling prices. For example, someone is selling there house for $800,000 its a 5/3...its been on the market for quite sometime lets say like 4 months..since the market is pretty much stagnant how much do you think they would lower the price...( or how much can i negotiate off the selling price) i know there is certain circumstances but I wanted just to get an estimate...thanks so much

i know there is no written rule...i just wanted to know..its not like a realtor is going to tell you...the less they sell the house for the less commision they make

do you think they would go down $50,000 just because the market is bad and even if they dont have to sell?

Answer 1

There is no written rule, but realtor's might tell you to follow their guidelines . I would make my first offer $680,000 (15% off) if the realtor doesn't want to put in the offer, then find a new agent .

My uncle made a ridiculously low offer on a house that was on the market for a long time and his first offer was accepted .
Unfortunately, he was only testing the waters and never intended to buy the home so the dummy ended up losing his deposit for not completing the deal .

It doesn't matter what they owe because they may have bought the house for $400,000 3 years ago and later refinanced it for $800,000 and already took the profit from home .

Answer 2

If you want to and need to buy a house, just do it. The problem you will have is that many people that are selling their houses have ultra low interest rates. (One of my properties has a 5.75% mortgage rate.) They know this and will wait out the soft housing market. It is ok to low ball an offer, but you are not going to get some crazy fantatic our of this world deals. If you don't buy, someone else will.

I would suggest that you start making offers in January. Mainly because the housing market slows down in the winter and after spending tons of money in Christmas gifts, people are usually broke. Whatever you offer will look a little better than normal and may give you a small edge you wouldn't have had if you made your offer in the summer.

If you low ball your offer, the worst they can always say is no. Also remember, unless you are going to give that person the $800,000 your first offer will almost certainly be refused. Start low, (don't be rediculous and say something like $100,000) and go from there. Good luck with your negotiations.

Answer 3

It's not the seller who sets the price. It's the 'buyers'!

It depends on the market and personal circumstances as to whether the seller will be happy to part with the investment but it also depends on other buyers.

It's not unusual to offer 20% less than the asking price (although agents will try to discourage you). Typcially the more expensive and unusual the house, the more argument about its value.

Remember there are thousands of houses on the market at any time. Unless you desperately want a particular house (usually a mistake), offer, wait, resist, small improvement, wait, resist is the pattern you need to adopt.

Determine what you think the place is really worth first. Let's say you decide $750k is about it.

Offer them $650k, sit and wait (unless they accept of course), resist the agent's pushes that if you just offered $750 you'd 'be in the game'. Improve your offer to $670k a while later. Then fade off the map. Make them think about it!

If you miss that house .... buy another one. A bit of experimenting will soon tell you if the agents are right. Remember when they pressure you to increase your offer by $50,000 to ask yourself "how long did it take me last time I saved up $50,000?" (The answer is often - I never have!!)

Answer 4

Sellers will drop prices as much as they can afford to, to make the sale! Doesn't matter what state you're in, and if you like this place, make sure you have an aggressive Realtor who isn't afraid to put in an offer you are comfortable with. It's not like Sellers have buyers coming from all over to buy their homes, so take advantage of the situation! It is an awesome buyers' market. I am a Realtor in CA, so the market situation may be comparable to your state. I brought one home down 150k, was initially 1.5 mil, bought another for a client 110k lower than its original price, and another I sold as a short sale with a 160k+ reduction from 600k. So it's all about where the individual seller is regarding his finances and situation. Your Realtor can check out the property and pretty much determine "how low can they go", then it's all about putting in the offer. You won't lose a deposit on the offer once it's accepted if you pull out within your state's specified time frame for disclosures. Again, your Realtor will stay on top of that for you. Good luck, hope this helps :)

Answer 5

Is the house vacant? If so, for how long? If you don't know have your Realtor find out. If you dont have a Realtor, contact me and I will help you find one down there...
But if it is vancant, that means that they have either bought a smaller place or they are about to be foreclosed on... Make a low ball offer and see if the bite, if it gets turned down, wait a month then make another low offer, but raise it just a bit, but not too much.
If it's owner occupied, I'd still try to find out is it's being foreclosed on, if so follow the steps above, if not, offer $700K and see what they say. They're wanting out of the house for some reason.

Answer 6

The amount really depends on the seller and their circumstances. If it is a corporate move it is unlikely that you will see any reduction before 6 months. A lot depends on how fast the seller has to move. There is no rule for price reductions, it mainly depends on the motivation of the seller.pp

Answer 7

It depends on what they owe, how much they want to make and if they want a quick sale. Look at the comparables and check for square footage, upgrades, new roof, etc. That should give you a ballpark idea.

It sounds as if they are in no hurry or they are waiting for the listing to expire, but I wouldn't count on going low unless the comps state otherwise.

Answer 8

As expenses of pastime pass down your living house costs will start up going up. As human beings can borrow greater. And visa versa. i might start up finding and in case you hit upon one excelllent. Get it. on the 2d is proabably a stable customers marketplace. Proabably negotiate somewhat. and many desperate dealers. yet rememeber that's going to take you some weeks or months to locate a place besides. So i might start up finding and saving a huge deposit Now! no matter whcih way you pass. pass to each and all the particular property brokers you may now. you prefer to get on there books. So while a house comes accessible you're on proper of the record. in case you purchase out of the paper you paid too plenty. start up preping dude and shop an eye fixed on the marketplace.