The Pandemic Housing Market: Return of the Lowball Offer??

Alternative for Would-Be Sellers: Taking a Break

“The recipe is cash and balls: Throw in a very low offer and see what sticks. No guts. No glory.”

–“As Coronavirus Cases Grew, Some Wealthy Buyers Still Bought Multimillion Dollar Homes”; The Wall Street Journal (3/26/2020).

[Note to Readers: The views expressed here are solely those of Ross Kaplan, and do not represent Edina Realty, Berkshire Hathaway (“Berkshire”), or any other entity referenced. Edina Realty is a subsidiary of Berkshire.]

Anyone who’d list their house in a pandemic must be desperate, right?

That’s the inescapable conclusion at least a few Buyers (and their agents) may be making right now.

And, acting accordingly.

Which is why prospective home sellers who aren’t desperate (and don’t have an especially thick skin), might be wise to reconsider listing their home at the moment, and accruing damaging market time.

My two cents . . . 

P.S.: Sellers who need cash and have equity in their homes should instead consider a home equity line of credit (“HELOC”), at today’s very low rates.

See also, “Real Estate Sales During a Pandemic: Hand Sanitizer, $75 Drone Shoots, and “Covid-19 Clauses”; “The Corollary to Buying a Home in a Pandemic: Selling One“; and “Buying a Home During a Pandemic”: The NYT Interviews 2 Minneapolis Couples.“

Plus: “Coronavirus and the Housing Market”; “Which Homes Can Be Shown & Bought Most Easily Now? VACANT Ones“; and “How to Absolutely, Positively Tell If It’s a Lowball Offer.”



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