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Shifting to buyers market, but realtor is skeptical about low(ish) offer

I’ve been keeping an eye on the market all year and I’ve noticed that the market has shifted in the past 1-2 months in my city (Columbus, OH). Inventory which would typically sell in a matter of days is now sitting for weeks and seeing price cuts all over the city from 3-15%.

Given that summer is coming to a close and school is about to start up, we decided to jump in as first-time home buyers and try to get in while things have been softening up a bit.

We found a house that has been on the market for nearly 3 weeks with no offers and they did a 1% price cut already (3.5k). The house is also in a desirable area close to the city. I’m assuming they did the 1% price cut because they were listed for the same price as another property one street away and this was their attempt to gain a very slight edge in the neighborhood.

After touring the house yesterday morning and visiting again during their open house later in the day, we were interested. Funny enough, we ran into the seller’s agent who was hosting another open house in the neighborhood yesterday and he mentioned the seller was moving out of state and starting to get in a time crunch.

With all that said, I told my realtor we want to put in an offer at about 8% below asking (325k) and she advised that it was way too low. She let us know that she would support our decision and write up the offer, but had very little confidence. So we did anyway and put the offer in last night and waiting to hear back.

I just want to ask if we’re being completely off base or insulting? Is 8% really that drastic of a price drop? Seller would still be making a decent return on their house since buying in 2019 and we know they are moving to a state with a much lower COL, so it’s not like they’d be upside down.

Just trying to figure out if we’re in the right vein of thinking, especially if this house falls through and we go to make another offer on a different house this month.

submitted by /u/wallywest25
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/1mmfkwp/shifting_to_buyers_market_but_realtor_is/
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