Zillow’s advice to Home buyers: low ball like hell!

Hey,you never know.

6 Comments

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6 responses to “Zillow’s advice to Home buyers: low ball like hell!

  1. Priapus

    Them numbers there ain’t no low ball bid numbers.

    But like we say in the markets, my first bid is my best bid.

    “When will they ever learn, when wil they eeeever learn?”

  2. Peg

    Frankly, sometimes I find all this “advice” more than a little silly.

    Some sellers actually listen to their Realtors, and price their homes very competitively from the outset. If a buyer is interested in one of these homes, it may well behoove them to actually make a decent offer, rather than a “low-ball”. (Assuming, of course, they’re really interested in purchasing it.) Of course, a home priced 10% higher than anyone – other than the sellers – think it should be is another story.

    At our sales meeting today, one of our top agents told us about a house he had just listed that sold over the asking price – after a ton of showings and loads of interest.

    It never hurts to keep your brain turned on and ignore platitudes.

  3. Retired IB'er

    Peg,

    What you say is true, but I will bet you for every seller that prices their house “right” in today’s marketplace, there are still 10 that price it wrong.

    So playing the odds, it is still better to “low ball” than not.

    But as you point out, there is always the exception that proves the rule.

    • christopherfountain

      Without blowing my horn too much (or Peg’s who is also a realtor out in Minnesota), may I suggest that this is where buyers’ brokers earn their keep? Advising clients on which houses among the hundreds, are priced right, saves them time and even money.

  4. Retired IB'er

    I could not agree more with you, Chris.

    The problem that I see, however, is that there are very few “buyer” brokers that speak the “truth” the way that you do, thus demonstrating their competence.

  5. Peg

    IB’er – no argument whatsoever from me that there are far more homes overpriced than priced well to sell quickly. Still – as Chris states, this is why it can be critical to have an agent who is knowledgeable and honest. (Yes, they really do exist!)

    When I’m working with a buyer, in addition to finding the “right” home for the buyer, I am diligent about getting as much information on values, too. I’m all for low balling – IF we like a house and it seems priced too high. On the other hand, I don’t want my client to lose a home that I recognize is a good value.

    This is the sort of market where you can “low-ball” successfully more than others. Still – assuming that “one size fits all” does not always apply. Some agents and their clients understand that accurate pricing works!