If you are actively searching the South Lake Tahoe real estate market looking for a property to purchase, you may be wondering how negotiable those listing prices are. After all….everything is negotiable….right? While everything is negotiable, low balling is not the best way to achieve your South Lake Tahoe real estate goals. It is, however, a great way to offend a seller. If you were hoping for a counter offer in return, that can backfire as well as they may not want to work with you at all. Here are a few tips that can help guide you on whether or not you should come in low.
- Work with a qualified South Lake Tahoe realtor. A qualified, experienced and respected realtor is going to be able to not only guide you from start to finish and beyond, they can also clue you in on the local conditions. Additionally, they will help you craft a competitive offer based on the market comps and the sellers needs. Anyone who advises you to come in low when it is not appropriate is probably not the person who should be representing you in your South Lake Tahoe real estate transaction. Choose someone who is backed by experience so you can feel confident about every move you make.
- Determine what kind of market you are in. A South Lake Tahoe realtor is your best resource for all things South Lake Tahoe real estate. They can tell you whether you are in a buyer’s market or a seller’s market which can dictate your offer price. In a buyer’s market? You have some wiggle room. Demand is low, inventory is high so sellers are more motivated than ever to work with you. Don’t be rude and basically ask for the house for free, but know you have options. In a seller’s market? Don’t even think about it. With homes for sale in South Lake Tahoe at a low level of inventory with high buyer interest, the best way to count yourself out of the running is by coming in low. Once again, your realtor in South Lake Tahoe is the best person to advise you on this.
- How long the property in question has been sitting active is a helpful tool you can use to your benefit. However, it is important to note that every property is different, so a longer market time doesn’t necessarily mean the seller is at your mercy. If it is a luxury property, chances are it just hasn’t found the right buyer yet. After all, not everyone has millions sitting in the bank. If it is super custom home built specifically for the owner, it may not appeal to the masses. If the seller is motivated, which a realtor in South Lake Tahoe can tell you, you may have some wiggle room. Just don’t come in $100,000 under asking when it has only been listed 48 hours.
- Find out the comps for the area. The beauty of comps is that they are based on actual solds. So if the listing price for homes for sale in South Lake Tahoe are in line with the comps, we know it is listed at a price that buyers are willing to pay. Because they have recently for multiple other South Lake Tahoe homes for sale that are comparable. Which means, don’t offer $430,000 when it’s listed at $530,000. On the flipside, if the real estate in South Lake Tahoe in questions is listed OVER the comparable properties for no obvious reason, let your realtor guide you on your next move.
Here is the deal, if you really want the real estate in South Lake Tahoe and it is priced appropriately, offer asking or a little above. As we are in a seller’s market, this is a great way to get your dream home. If you aren’t serious and just want to try your luck, roll the dice, by all means. Just note that you could be wasting your time, your realtors time and the buyers time. Have questions on buying or selling in South Lake Tahoe? Give us a call!