Lowball Offer Caution When Buying Property During The Coronavirus Crisis

May 6, 2020

Dreamstime

Categories: 

It’s no secret that COVID-19 has totally upended the U.S. housing market. According to a recent survey by the National Association of Realtors, interest in buying a home has sharply declined. That’s to be expected, as the Labor Department reported that more than 26 million people have filed for unemployment benefits since the middle of March. That might lead you to rethink the price you are willing to pay for a property to score a better bargain. Not so fast, unless you are willing to strike out. In fact, when buyers start with an insultingly low number, the sellers may not respond at all—and if they do, the buyers have no negotiation leverage. Plus, with banks rolling out mortgage forbearance programs, most sellers are not in immediate danger of losing their home or desperate to accept a lowball offer. If you are patient, you may want to wait until the pandemic and mortgage forbearance period is over to make a lowball offer.  Realtors are expecting an influx of new listings coming on the market later this year and that’s when it’ll become more of a buyer’s market.

SOURCE: Apartment Therapy

See and hear more from the 98.5 KTK Morning Show

98.5 KTK Morning Show Podcast