Silly low-ball offers on our Las Vegas home listing

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Unfamiliarity with the housing market reports result in extremely silly low-ball offers on Las Vegas home listing

In a Realtor’s forum, I saw a post from a Realtor complaining about a new home salesperson refusing to show her offer to her supervisor, saying that she did not doubt that her supervisor will reject it. She was distraught and wanted to know what to do.

I wanted to answer that this has happened because she is not paying attention to the housing market. Las Vegas housing market reports, including our own, have been stating that home prices have not decreased in Las Vegas in the past four months. Then she wouldn’t write an extreme low-ball offer that the new home salesperson would refuse to kick up to her supervisor. In this business, we have learned to hold our tongue, so I didn’t answer her.

Now you may ask why this kind of reaction to her post, read the story below.

About our home for sale listing

We listed a 2300 square foot, one-story home with four bedrooms, one den, and an office with new interior and exterior paint and brand new laminate wood flooring. We listed it just after Las Vegas got hit by the COVID-19 in March. You can find the link for the property panorama below.

Property Panorama for 2715 Armor North Las Vegas 89030

We initially priced it at $237,000, which was a little over $100 per square foot. Now, the price per square foot for Las Vegas one-story homes has been hovering about $192 for the last few months.

Price per square foot of Las Vegas one-story homes has been hovering around $192 per square foot

Our listing wasn’t perfect, so we listed at about half the price per square foot of one-story homes, and if it wasn’t for COVID-19, we didn’t have any doubts about selling it with multiple offers for around $240,000 very quickly.

But, soon after came COVID-19 and the stay at home command and the owner’s brother was staying in one room to keep it secure. We didn’t have any showings until four weeks ago, and I will go over the reason a little later.

We initially priced this house at $237,000, and then came price drops. After the last price drop to $221,000, we got two full price offers simultaneously. However, both wanted the seller to contribute toward the closing costs, which is common practice these days. We are currently under contract with one of them. So there is no doubt that this house was not overpriced.

The reason for price drops was that the target buyers for a home like this would be a married buyer with a few children who worked on the Strip or downtown. But then again, these guys have lost their job or have been furloughed. Both offers came from retired buyers with a guaranteed income.

Our listing wasn’t perfect, so we listed at about half the price per square foot of one-story homes, and if it wasn’t for COVID-19, we didn’t have any doubts about selling it with multiple offers for around $240,000 very quickly.

But, soon after came COVID-19 and the stay at home command and the owner’s brother was staying in one room to keep it secure. We didn’t have any showings until four weeks ago, and I will go over the reason a little later.

We initially priced this house at $237,000, and then came price drops. After the last price drop to $221,000, we got two full price offers simultaneously. However, both wanted the seller to contribute toward the closing costs, which is common practice these days. We are currently under contract with one of them. So there is no doubt that this house was not overpriced.

The reason for price drops was that the target buyers for a home like this would be a married buyer with a few children who worked on the Strip or downtown. But then again, these guys have lost their job or have been furloughed. Both offers came from retired buyers with a guaranteed income.

Silly low-ball offers on our home listing

The seller is a good friend and had gotten an offer for net $175,000 on this home in January. We told him that we could do much better, but he had to fix the house. So he spent more than $11,000 painting the interior and exterior, put in lovely laminate wood throughout the home, and upgraded stonework in the kitchen.

Our first low-ball offer was from a lady Realtor who was married to the buyer for $150,000, which we passed to the owner. He got upset and refused to sign the rejection. So we let the Realtor know, she wrote back that she knew that it was a severe low-ball offer, but it would pencil out for her husband. I wanted to write back, are you sure but didn’t.

And then came an e-mail from an unrepresented buyer offering $120,000 for this house. He wanted to know if he should write it. We called the seller, and his reply is for mature audiences only. So we answered NO, don’t send the offer. The reason he was unrepresented is probably due to failure in finding any self-respecting Realtor to write this SILLY low-ball offer. Now you know why I wanted to answer that Realtor post the way I wrote it.

Silly low-ball offers on our Las Vegas home listing was last modified: July 5th, 2020 by masouds

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