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You are absolutely right. This is a business. There are times when you can take advantage of another's misfortune and get that GREAT deal on a distressed property. The distress may be relocation or foreclosure or overwhelming forclosures in the neighborhood or the sellers ARM coming due.
And may I add, If a person is working with a competent,experienced realtor, the home should be priced in line with the market.
To piggy back on Loves. 90K less thank asking is not insulting IF that's what the comps suggest and that's what the market is bearing now. It IS insulting and a waste of time for the buyer to see a property and come up with some arbitary figure to knock off because that signifies a good deal to them
I totally agree with you! I looked one buyer in the eye when I was selling my house back in the summer of '08 who offered me almost 90K below listing price and asked him to leave my property immediately. The nerve of some people. I feel bad for those who have to sell though.
I'm assuming you are from Westchester NY. I grew up there.
Can you blame someone for offering so much less? Your house price was probably over 400K, it's not like it was 150K and someone offered 90K off that.
House prices went outrageously high in that area. In my neighborhood in Yorktown, houses were selling around 220K (for 2000 sqft house) in 1998/1999 and then in 2003 houses were selling for 360K (for similar sized houses)! Income did not go up that much nor did the neighborhood change. It's not convenient to manhattan either since the train is far away! Here's the data for Westchester prices for the past 10 years.
You are lucky you sold your home and got out of there, I expect housing to continue to go down in that area and correct itself. As for that buyer, maybe that's all he had and could afford or maybe that's what he felt the house was worth. I don't think it warrants kicking someone off the property.
I'm curious, have you looked back at your old neighborhood, have the prices dropped? My old neighborhood is almost back to 2004 prices.
To piggy back on Loves. 90K less thank asking is not insulting IF that's what the comps suggest and that's what the market is bearing now. It IS insulting and a waste of time for the buyer to see a property and come up with some arbitary figure to knock off because that signifies a good deal to them
That would be true IF the comps backed it up However, westchestergal went on to sell for a price she was happy with, more in line with what the comps showed - so those particular buyers were just low balling her in hopes she was desparate enough to go along.
Keep the emotion out of it. It's a business transaction. Everybody is trying to maximize their end. It's no big deal.
That is a personal decision based on your values. It is OK that you are not willing to trade time in order to be informed enough to ensure you are getting a good deal. As long as you can afford to "pay too much", there's no problem. My wife and I are willing to trade time for money, so it makes sense to hunt for a "good deal." Maybe you make a lot more per hour than we do! However, in my book "a penny saved is a penny earned."
Why are you making the assumption that my decision was not an imformed one? I researched the area and visited a whole 2 years before buying. I am not a novice buyer. I invested the time and money up front to figure out most importantly if the area would be a good fit for our family then scoped out for school, stats, etc. My ability to be settled and spend time earning a living versus house shopping was very important to me. You are absolutely correct, it is values thing. So neither of us is 100% correct in our approach.
I'm assuming you are from Westchester NY. I grew up there.
Can you blame someone for offering so much less? Your house price was probably over 400K, it's not like it was 150K and someone offered 90K off that.
House prices went outrageously high in that area. In my neighborhood in Yorktown, houses were selling around 220K (for 2000 sqft house) in 1998/1999 and then in 2003 houses were selling for 360K (for similar sized houses)! Income did not go up that much nor did the neighborhood change. It's not convenient to manhattan either since the train is far away! Here's the data for Westchester prices for the past 10 years.
You are lucky you sold your home and got out of there, I expect housing to continue to go down in that area and correct itself. As for that buyer, maybe that's all he had and could afford or maybe that's what he felt the house was worth. I don't think it warrants kicking someone off the property.
I'm curious, have you looked back at your old neighborhood, have the prices dropped? My old neighborhood is almost back to 2004 prices.
I had an accepted offer and contract in 3 weeks within 4% of listing price. I paid attention to the market and actually priced the house to sell - just in the middle of what the two listing agents I consulted with suggested. There is nothing wrong with getting a good deal but it is interesting how people behave when the tables are turned. Whether prices have dropped in Westchester INMO is irrelevant, my price was based on what the market price was at that point in time not the speculated price. I would have stayed if the house was not sold for what I thought was the fair market price. That's why we should try our best to avoid desparation - if it's in our power to do so. With that said, I am happy to be out of Westchester because the real estate taxes are outrageous.
That would be true IF the comps backed it up However, westchestergal went on to sell for a price she was happy with, more in line with what the comps showed - so those particular buyers were just low balling her in hopes she was desparate enough to go along.
This chart shows that a home purchased in 1890 for $100K (inflation adjusted) was worth 200K in 2006. This is an average annual appreciation of 0.63% for 100 years. You make more money on a plain 'ole savings account. Of course, many Realtors insist that homeowners should expect an average of 2% to 6%. It's all about time horizon! I think it is time for realtors to make claims based on more than just the last few years. Over 100 years may be a bit excessive, but still...
This chart shows that a home purchased in 1890 for $100K (inflation adjusted) was worth 200K in 2006. This is an average annual appreciation of 0.63% for 100 years. You make more money on a plain 'ole savings account. Of course, many Realtors insist that homeowners should expect an average of 2% to 6%. It's all about time horizon! I think it is time for realtors to make claims based on more than just the last few years. Over 100 years may be a bit excessive, but still...
There was a 40 year study done by Harvard last year and found that housing appreciates approx right around the rate of inflation. So the claims by the NAR (homes double every 6 or 9 years) are a bunch of misleading hogwash.
A home should be looked at a place to LIVE, not as a financial investment. That's the problem w/too many baby boomers and people who tried to upsize...they got burned by not reverting back to fundamentals which is a house is a lousy financial investment.
There was a 40 year study done by Harvard last year and found that housing appreciates approx right around the rate of inflation. So the claims by the NAR (homes double every 6 or 9 years) are a bunch of misleading hogwash.
A home should be looked at a place to LIVE, not as a financial investment. That's the problem w/too many baby boomers and people who tried to upsize...they got burned by not reverting back to fundamentals which is a house is a lousy financial investment.
Yup agree! Housing usually does not appreciate in 'real terms.' People just seemingly think it increases in value because they say I bought it for 100K 5 years ago and sold it today for 140K. They think they made 40K, but they don't take into consideration interest, repairs, upgrades, property taxes, etc.
The thing is you can't put a price on a place that you make your own and make memories in.
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However, westchestergal went on to sell for a price she was happy with, more in line with what the comps showed - so those particular buyers were just low balling her in hopes she was desparate enough to go along.
Low rate of return!
You make more money on a plain 'ole savings account. Of course, many Realtors insist that homeowners should expect an average of 2% to 6%. It's all about time horizon! I think it is time for realtors to make claims based on more than just the last few years. Over 100 years may be a bit excessive, but still...
