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Old 12-14-2010, 01:15 PM
 
Location: Greenville, NC
2,078 posts, read 5,038,178 times
Reputation: 1160

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I have to ask this since this has happened to me twice now. The first time was 3 years ago when I was selling a lot here. I paid $24k for it and just wanted to get my money back on it. I priced it at $30k and my RE agent about went nuts. He said it was way too high and it would never sell. I told him to leave the price there and I would take my chances. Since he was hacking off a cool 10% for his services that meant I had to get about $27k to break even. 6 months later an offer can in at $27.5k and the lot was sold.

Now I'm selling my house. Again, I'd just like to break even. I'm trying a different RE agent this time. I'm going to sign the listing contract tomorrow. I spoke to her on the phone today and she asked me what I was thinking about for pricing. She wants 6% and I'd again just like to get what I paid. So I did the math real quick and told her. She said it was way too much money and it was way over tax value.

Since when did the government decide what the free market value of RE is? I don't care what the tax value is. It was significantly lower than what the lady before me paid and it was significantly lower than what I paid. I got an appraisal done on my house when I bought it and the appraisal was higher than what I paid.

And what is the aversion to making an offer for something around this area. I asked about buying a new truck at the local Ford dealer and I was told to expect to pay sticker. Huh? Since when?

I have my house on an FSBO right now and a RE agent showed it to one couple. I did agree to pay the RE agent a decent percentage if my house was sold. I asked the RE agent if they were prequalified before they wasted my time. She said they were. They came and looked at the house and liked it a whole lot. Then they left and the RE agent said she'd call me and let me know one way or the other. 2 weeks went by and no call so I called the RE agent. She said they liked the house but it was more than they wanted to spend. I said they were welcome to make an offer as the price wasn't written in stone. The RE agent said they felt funny not paying the asking price.... THAT IS CRAZY.

It's an asking price people. NOT WRITTEN IN STONE. This is how the rest of the country buys and sells cars, trucks, houses, even furniture.
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Old 12-14-2010, 06:23 PM
 
451 posts, read 1,687,204 times
Reputation: 104
I think you've just suffered from coincidence...I have purchased three vehicles in this area and did not pay sticker for any of them. As for the housing market, I am in shock at your experience. I'm not from this area so I guess my way of thinking may be a little different.

Of course, when I bought my vehicles, the salespeople acted like I was getting the deal of the century...
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Old 12-14-2010, 06:25 PM
 
451 posts, read 1,687,204 times
Reputation: 104
Also...you should be able to get a realtor to sell your house for 5% commission. I did, but that was a couple years ago.
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Old 12-15-2010, 08:03 AM
 
22,769 posts, read 26,201,775 times
Reputation: 14558
Quote:
Originally Posted by Richard Martin View Post
I have to ask this since this has happened to me twice now. The first time was 3 years ago when I was selling a lot here. I paid $24k for it and just wanted to get my money back on it. I priced it at $30k and my RE agent about went nuts. He said it was way too high and it would never sell. I told him to leave the price there and I would take my chances. Since he was hacking off a cool 10% for his services that meant I had to get about $27k to break even. 6 months later an offer can in at $27.5k and the lot was sold.

Now I'm selling my house. Again, I'd just like to break even. I'm trying a different RE agent this time. I'm going to sign the listing contract tomorrow. I spoke to her on the phone today and she asked me what I was thinking about for pricing. She wants 6% and I'd again just like to get what I paid. So I did the math real quick and told her. She said it was way too much money and it was way over tax value.

Since when did the government decide what the free market value of RE is? I don't care what the tax value is. It was significantly lower than what the lady before me paid and it was significantly lower than what I paid. I got an appraisal done on my house when I bought it and the appraisal was higher than what I paid.
i agree. get what you can. even good real estate agents aren't soothsayers, and if yours was using tax value as an argument for pricing a home, she probably wasn't a good one.

Quote:
And what is the aversion to making an offer for something around this area. I asked about buying a new truck at the local Ford dealer and I was told to expect to pay sticker. Huh? Since when?
usually if Ford is offering a huge rebate.. like right now i believe Ford is giving something like $8000 cash back on F150's, then yeah they expect you to pay sticker. With fewer rebates you have more negotiating power.

Quote:
I have my house on an FSBO right now and a RE agent showed it to one couple. I did agree to pay the RE agent a decent percentage if my house was sold. I asked the RE agent if they were prequalified before they wasted my time. She said they were. They came and looked at the house and liked it a whole lot. Then they left and the RE agent said she'd call me and let me know one way or the other. 2 weeks went by and no call so I called the RE agent. She said they liked the house but it was more than they wanted to spend. I said they were welcome to make an offer as the price wasn't written in stone. The RE agent said they felt funny not paying the asking price.... THAT IS CRAZY.

It's an asking price people. NOT WRITTEN IN STONE. This is how the rest of the country buys and sells cars, trucks, houses, even furniture.
well, ive been looking at houses on-and-off for the past 3 years. in my admittedly limited experience, i see plenty of asking prices where a 15% or 25% downward negotiation would be necessary to put the house in a range where it is comparable to the sellers who "need to sell."

My understanding is that negotiation downward might yield a buyer an insignificant price reduction of maybe 5 or 10%, off a listing that is priced high already to anticipate the lowball offers. That is a waste of time, compared to the distressed or motivated sellers who are slashing 15% - 20% from the get-go, which sell quickly and are harder to find.

So as a buyer it depends on whether you want to spend your time and effort convincing these sellers to sell for about 20% below asking prices (which is futile), or whether you want to hunt for bargains where sellers have already capitulated.

Last edited by le roi; 12-15-2010 at 08:24 AM..
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