Lowball Offers Don't Work & Why

[sleeknyc]

u dont know shit



[DavidMokonBond]

Wow, this is a great example of why I hate Realtors. FranklyRealty first needs to take a basic statistics class and then needs to go work at a fast food joint. Realtors are useless in 95% of circumstances.

[patelsanil]

lowballing works everywhere

[jvolstad]

Lets see now. Realtors make more money when the price is higher. OK. I understand.

[amonte732013]

when did you find the time to post a video on low balling? should 'nt you be out selling houses? If this is such a big Issue for you maybe you should run for the senate! and quit your realtor job!

[brnoamik]

u gonna get my black bals draped cross your eyes white boy HAHAHAHA

[shrfu31]

@ mastoro333333 Just be grateful that you are able to handle buying and/or selling properties personally. There are many individuals who still find real estate agents useful. My girlfriend is a non confrontational type. Without the use of a representative, people will try to take advantage of her personality. Yes information is more freely accessible, but ONLY because Realtors like Frank, take their time to put it out there. Be thankful.

[EJM1982]

My opinion is that agents and brokers should get with the program and start offering their services for what they are. No longer do wee need you to find us a house, no longer do we need you to understand the market trends and comps; all of this information is at our fingertips. If I was an agent or broker, I would simply sell my services as being a negotiator and a paper pusher. That's all we need an agent or broker for nowadays, just to represent us in paperwork and negotiations.

[mastoro333333]

Frank, Do you read the papers? You are living in 2005, its a new world. We do NOT listen to realtors on price, stop trying to convince yourself and the public what to pay. 2009 is a buyers market and we determine the prices, not you. You need to be reported and have your licence taken away. I just bought 3 properties you would not have "waisted your time on"

[shrfu31]

The funny thing is that, this person who you feel "need[s} to be reported and have [his] licence taken away" (I preserved the spelling error purposely) is the creator/maintainer of the website which, undoubtedly, you used to do your research (at least as a cross reference to any other site you may have used). Why would you attack an individual who truly has helped to empower home buyers such as yourself? That is looking a gift horse in the mouth.

[mastoro333333]

NO!!! You must know the comps and offer 10-20 percent less. Do not listen to this cheeseball. You are buying a depreciating asset right now

[whipsawfx]

Any offer you make should be based upon, comparables, and what ever's selling. If nothings selling, no comparables, and clearly any listings are over priced.

Looking at my local market, there is an inverse relationship between listing time, and discount to original list price.

[flreguy]

So if the listing time goes up (on the market longer) the discount to original list price goes down?? I would think the discount would go up.

[verystressedout]

Ok, is it a lowball offer if a house is 200K$ overpriced based on comps and you offer 200K$ less than the asking price. This home has been on the market for over 300 days.

[ejhonda]

What's with the audio sync'd up like a Hong Kong Kung Fu movie production?

[Boner1]

AMEN BROTHER!! PREACH IT!!!!

[wjohnsonw]

Thanks for the information.

You wrote that the avg is 8% below the highest list price. That implies that the homes list price in your area are pretty fairly market priced. If that is the case then are you saying that the inventory of homes on the market is about "normal"?

If the # of homes on the market is above norms, then wouldn't that imply that house prices are too high? If they are fairly priced, a lot of people would be buying them and there would be no glut of homes on the market.

[niceguy12]

You are wrong !!! and U look desperate !!! I have news for U, in this market, there is no such thing as "wasting my time". You realtors need work harder for commissions. Get used to it and stop nagging.

[FranklyRealty]

Hey niceguy, thanks for commenting. Can you help me understand where I am wrong? I might be, but I want to be more clear.

I know many people think that Realtors are poor now, and even my grandmother asked me the other day if i could still afford to eat. Believe it or not, there are people that are serious and are buying (I got 5 offers on 1 listing in Seven Corners).

So others might have time to waste on clients, I would rather focus on the buyers that are serious and understand the stats.

[jonjaylee]

2 weeks is an amazingly poor data pool to draw from.

[FranklyRealty]

Jonjaylee, Thanks for your comment.

I think you missed the point. Homes that are listed under 2 weeks sell for 1% below list on average.

If you want to know the average of ALL homes, it is 8% below the highest listed price. (including relistings).

The stats that I ran were an analysis on homes that sold quickly, ie 2 weeks. So if there is a home that is 10 days on the market, I wanted to see what the % chance of a low ball being

accepted. If 1 in 300 is accepted...

Hope that clears it up.

[whipsawfx]

What that demonstrates is that the properties which sell within one or two weeks are fairly priced is all. Its pretty self explanatory, otherwise they wouldn't sell in two weeks.