“Low-ball Offers” a Thing of the Past?

Last year, some of us complained about receiving really low offers on listed homes. Offers usually submitted by the buyer for 25 percent or more below the list price, according to a recent  National Association of REALTORS® survey of its members. That number has dropped by about the same percentage in our local market area.

According to a survey this March of 4,500 agents and brokers, no REALTORS® complained about low-ball offers. The main problem nowadays: The sudden drop in inventory of for-sale homes has led to fewer homes available to sell.

For home buyers who still think they have a chance of hitting it lucky with a low-ball offer, they’re finding in many markets that their offers are more often being rejected or countered closer to the original asking price, the Los Angeles Times reports. Please comment, is your local market reflecting similar changes?

Source: “Low-ball Offers Decline in Some Housing Markets,” Los Angeles Times (4/22/12)