Categorized | Residential

Getting a Housing Market Steal No Longer Viable

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Following the housing market crash, many investors and homebuyers took advantage of the depressed market by making low ball offers to those desperate to sell their home. The practice made it possible for investors and buyers to secure residential real estate properties at bargain prices. Many sellers were desperate, and as such, were willing to basically give their property away in some cases.

 

In recent months, however, things have changed. In many markets, it is simply not possible to get a steal in the housing market. In many local markets, housing inventory has dropped, and competition has increased. As such, those making lowball offers are being outright rejected, or sent to the back of the line. Many of those making such offers miss out on buying the house due to their original offer.

 

Immediately following the housing crash, low-balling buyers had control over the market. The odds were in their favor, as there was an abundance of inventory that sellers were desperate to sell. As such, they could put in an offer of as much as twenty five percent below the asking price, and get the home they wanted.

 

As inventory has declined in many cities, those putting in lowball offers have seen their effectiveness drop. In fact, sellers have taken control of the housing market in those cities. Those putting in lowball offers are now being ignored in such cities, as sellers have multiple offers coming in on the properties that they are selling. While some sellers entirely ignore low-balling buyers, some counter with an amount close to their asking price, and ultimately sell their home at the counter price.

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About Josh Johnson

Josh is the main writer for the Residential category. He also helps out on other categories when needed, mainly the International section.

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