How hard are you going with your offers these days?

Question

Still offering over ask?

Still experiencing bidding wars?

Still getting little to no contingencies?

Sellers refusing to fix anything?

Where at?

How's your shopping experience in 2022!?

Nathan Gesner · Answer

My local market is still overpriced. A single-family home will rent for around in 0.5% - 0.6% of purchase price.

Looking in another market and properties are still bringing in 1% or close to it, and they are cheaper. That market is incredibly competitive with multiple offers, cash offers, waiving contingencies, etc.

I think people are making stupid decisions and we'll see a lot of these properties back on the market in the near future.

Scott E. · Answer

Inventory is ticking up FAST in my market. The bidding wars have stopped almost completely. We are seeing price reductions across the board in all price points.

The ball is in the buyers court now. We aren't in a place yet where big deals can be had yet, but we're getting close.

I just looked at a wholesale deal yesterday. Hit the market last week for $675k. Wholesaler put it under contract for $600k. That never would have been possible 3 months ago.

Bob E. · Answer

We are seeing more price drops in the East Valley area of Phoenix.

Dustin P. · Answer

I've never really paid too much attention to list price I just offer where it makes sense if it needs work

I am over asking a lot less often though

Some sellers are willing to drop prices but a lot seem to be holding onto this idea that they're still at the top of the market

I have had 3 under contract at least 80-100k off in the past couple weeks though

Julie Hartman · Answer

Seeing an uptick in inventory and offering over asking price is fading fast.

Steven Foster Wilson · Answer

The waves of RE are fun! With interest rates at the place they are, I have seen more of my clients be more hesitant to committing. I still think there are plenty of deals to be had though, you just have to be good at negotiating and persistent.

Bob Okenwa · Answer

@Rodney Sums

Not to turn this thread too Phoenix-centric, but from what I've seen, there are still a ton of sellers not understanding that the comps used to base their list prices on are no longer really valid, hence the rapid ascension in price cuts. The comps from the last 6 months were under different circumstances and very different interest rates, and therefore someone looking to sell for 500k having just reduced from 520k might still/already be overpriced by 5-10% based on reduced buyer demand, empty open houses, no bidding wars, increased DOM, etc.

Prices of RE go down in a slow manner as the new closed comps from July and August will influence listings in September and so on going forward.

How hard are you going with your offers these days?

How hard are you going with your offers these days?

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