Last month I had a buyer fall in love with a two-bed in the Arkadia Tower on Washington. Listed at $415,000. Great unit, south-facing, the kind of place that doesn't sit. She wanted to offer $385,000 because "you always go low first."
That's the mistake I see over and over. First-time buyers treat the opening offer like a flea market negotiation. Go low, meet in the middle, everyone's happy. Except that's not how the West Loop works right now.
Here's what actually happened. Another buyer came in at $410,000, clean terms, and got it. My client lost the unit. She was frustrated, and I get it. But the listing had been priced right from the start. The comps backed it up. Going $30,000 below ask wasn't a strategy. It was a guess dressed up as one.
I'll be honest with you. I think the "always lowball" advice is one of the most damaging things floating around on social media. Some random TikTok coach says "never pay asking price" and suddenly buyers are torching deals on well-priced properties. There are absolutely times to come in under ask. Stale listings, motivated sellers, units with visible issues. But treating every offer like a discount hunt? That's how you lose three or four places before you realize the pattern.
What I tell my buyers is simple. Before we write a number, we look at three things:
- What comparable units actually closed for (not listed for, closed for) - How long the listing has been active - Whether the seller has already reduced the price
Those data points tell you where you have room and where you don't. A condo in the West Loop that's been sitting 60 days is a different conversation than one that just hit the market on a Friday and has four showings by Sunday.
For investors reading this, the math is even more straightforward. You're buying on cap rate and cash flow, not emotion. But even investors get caught up in the "I need to win the negotiation" mindset. Sometimes winning the negotiation means paying a fair price fast and closing before someone else does.
Sellers, pay attention too. If your agent priced your unit correctly and a lowball comes in, don't panic. A well-priced West Loop listing will find its buyer.
So before you write that first offer, ask yourself: is this number based on data, or just a feeling?