This week's Ask the Expert...

                 

"There’s a house in Vernon that I’d like buy but its priced way over market value. Is there much use in making an offer?" 

 

When a house has been on the market for a long time it could mean there is something wrong with it but in our current market its not always due to the location or condition.

The reason a house is on the market for a long time is almost always because it’s overpriced. It is for this very reason that you should try an offer. Many buyers do not make offers on overpriced homes for the following reasons: 

1) They believe the seller must know its overpriced and would therefore have lowered it if they wanted to sell.

2) Sellers believe that if a buyer likes their home, they will make an offer, regardless of the asking price.

3) Buyers think that someone else must have already tried an offer and the seller turned them down, otherwise the home would have already sold.

4) Buyers do not want to offend a seller nor feel embarrassed for making a low-ball offer.

The reality is that if your offer is the only one that the seller has received, and they have a desire to sell (otherwise they wouldn’t be listed), they just may very well work with your offer and sell their home for less than their asking price allowing you at an opportunity to buy the home you want at a price that represents market value.

 

 

Paige Gregson

Paige Gregson

REALTORĀ®
CENTURY 21 Executives Realty Ltd.
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