YES! Low-Balling is not the best approach.
In this South Shore market... Low-Balling is submitting an offer way below market value. You and your Real Estate Door Agent have spending the last couple of weekends touring homes. You see a couple that you put on your like list. Then a property hits the market that you just got to have! This home has all the features that you've been looking for, plus it's in a perfect location.
Hold on, you can't claim it yet. You & your agent need to draft up the offer. And your offer amount will set the stage on how serious you are on getting an accepted offer. In this time, you could try and submit a Low Ball offer in an attempt to get a steal.
But that’s not the best idea in this active, low inventory, fast market. Remember that the Seller and his or her real estate agent knows the fair market value of the home... Plus your Low-Ball offer may alienate the owner and you run the chance that the Seller will reject your future offers.
You should also realize that in this market, other buyers are putting offers in on the same property. So the Seller is reviewing multiple offers... and your low ball offer is at the bottom of the pile. Our Real Estate Door Agents will guide you as your expert REALTOR® to help you present a serious fair market offer... And close on the home of your dreams.
- Peter Kenney, President of Real Estate Door - Serving the South Shore, MA