Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Hi,
My husband and I have had our home on the market for a little over a week. The first couple to look at it, after it was on the market for 3 days, placed a contract, but offered $12,500 off the asking price. We priced our home on the lower side to make a little, but to move it faster. We are hoping to sell the home by February 2009...after counter, counter offering they are sticking firm to an offer that is $1500 less than we paid and $3000 less then we ever wanted to take. We have decided to decline their final offer and hope that we will get another offer closer to what we're hoping for...we are being realistic in this market, but would like to sell w/o taking a huge hit. Do you think it's realistic that we'll get more offers if we already had one after the first showing? The home is listed at $1475000 just to give you an idea of what range we are in. Thanks!!
Unless you have a typo in your price ($1475000), I wouldnt try to squeeze out just $3000 more, just take it and move on. who knows where the market is going in the next few weeks/months.
I guess there are 2 questions-
How long are you willing to wait for the next offer, and is "$3000 less than we wanted to take" still a fair market price for the home in the current environment? What if the market worsens further, and 90 days down the road the offer that you passed on is $10,000 higher than the next one?
Oh yeah-I'm assuming the price is a typo with an extra zero because at $1,475,000 most people wouldn't be very concerned about taking $3000 less than they wanted in this market.
In this market, you take what you can get and be grateful for any offer that comes your way & jump on it! The sooner you sell the sooner you'll have the money for a new house.
Hi,
My husband and I have had our home on the market for a little over a week. The first couple to look at it, after it was on the market for 3 days, placed a contract, but offered $12,500 off the asking price. We priced our home on the lower side to make a little, but to move it faster. We are hoping to sell the home by February 2009...after counter, counter offering they are sticking firm to an offer that is $1500 less than we paid and $3000 less then we ever wanted to take. We have decided to decline their final offer and hope that we will get another offer closer to what we're hoping for...we are being realistic in this market, but would like to sell w/o taking a huge hit. Do you think it's realistic that we'll get more offers if we already had one after the first showing? The home is listed at $1475000 just to give you an idea of what range we are in. Thanks!!
My question is what did you base your list price off of? Instead of thinking about what you paid for it, what you want to sell it for, and what kind of profit you are looking to make, I am more curious about what the comps in your neighborhood say. Your potential buyers are likely looking at the comps too.
So what do the comps say? Is your house priced in line with them? If so I think you may get another offer at some point. However, it may not be as soon as you like and after a while your additional mortgage payments may become greater than the $3K shortfall in this offer. Just things to consider. If the costs to hold onto the house outwiegh the potential "profit" to wait for another higher offer, I would have to think long and hard about it. What does your agent have to say about the offer?
I look at it this way. How much is your mortgage payment, and how long can you afford to keep paying it. I had to make the same decision when I moved from MI to here. I went for about 4 monthly payments lower, but I knew it was sold and I was able to move on. ...and then the housing market crashed in MI. Not saying it's gonna happen here, but an offer is an offer... How many showings have you had since the offer?
Yep, I know so many people who would love even 1 offer right about now. If you need to sell your house, then take what you can get. It's not worth the gamble to be stuck later.
Yep, I know so many people who would love even 1 offer right about now. If you need to sell your house, then take what you can get. It's not worth the gamble to be stuck later.
I know it may seem intuitive that if you get an offer on the first showing, you should get loads, that is certainly a fair gut reaction.
I have sold two boats, not homes, but a fairly significant item. In both cases, I went with first offer, kicked myself for weeks, til I realized a never got another offer on either boat. Strange, but true.
I would have gone with the first reasonable offer. Price low and take less to get that sucka sold.
If your house is as listed, and not a typo, I could consider the $3k chump change. To get out from under a house that big, in the economy and what is forecast ahead, I would take $3K more off and hunt them down tonite for a signature.
LLN
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
