Some Vancouver home sellers have been known to reject an offer without the courtesy of a response when they felt the offer was so low as to be insulting.
Some Vancouver home buyers have refrained from making an offer at what they considered to be fair market value because it was so far below the list price that they were afraid the sellers would be insulted.
In both cases, that's a shame, because an offer is nothing more than a starting point to negotiations.
Vancouver home sellers do need to realize that very few people will pay more than fair market value, so if offers are coming in low they need to take a hard look at their price and see if it is reasonable. Rather than be insulted by a low offer, they should realize that someone took the time and effort to say "I'd like to own this house," and give it a fair consideration.
Perhaps they won't be able to come to agreement with the buyers, but they'll never know if they don't try.
Vancouver home buyers should be prepared for rejection when the offer is low, but at the same time, they should go ahead and try. If their agent presents the offer armed with a current market analysis and shows the sellers the facts, they just might agree to sell at fair market value.
And what about those buyers who make low offers just to see if they can get a bargain?
If the sellers are at market value, they should counter back, just to see if the buyers might say "OK, I tried – but I want the house even if I do have to pay full price."
An offer is a complement, not an insult.
In today's real estate climate, an offer is an involved document, consisting of 5-8 pages with questions to be answered and blanks to be filled in. Any time someone takes the time and trouble to complete that document, it's a complement, not an insult.
So make the effort. If you get a low offer on your Vancouver home, ask your agent for advice on making a counter offer and at least give those buyers the courtesy of a reply.