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Old 02-02-2008, 08:12 PM
 
89 posts, read 293,310 times
Reputation: 40

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Hello. I have a question and need help. I live in Lake Worth, Fl. My house is on the market and I wanted to know if my asking price is where it should be or can it be listed a little higher. The reason why is I need a certain amount of money to move and I feel my realtor didn't give me any negotiating room. It was listed at first for $300 and now $285. I had the same amount of showings at both prices. Probably 1 or 2 a week. I have had 2 offers, but they were both low ball offers. Approximately $40,000 lower. I cannot do that and won't sell if that is all I am going to get. I just want to know if a realtor from my area can tell me what they would honestly list it for. I may terminate my contract sometime next week. The MLS No. is R2878513. Any help would be greatly appreciated.

Last edited by jorobda; 02-02-2008 at 08:18 PM.. Reason: Wanted to add location to title
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Old 02-02-2008, 08:45 PM
 
Location: Virginia Beach, VA
2,124 posts, read 8,823,596 times
Reputation: 818
I believe it would be malpractice for a realtor to answer that question online. A) they don't have enough information just with an online query and B) it is unethical to get between an agent and their client.

However, you do have the right to call an agent or two in your area, tell them you are currently listed but are considering making a change and would like to interview them. They can then choose to come and talk to you.

Shelly
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Old 02-03-2008, 06:22 AM
 
Location: Wouldn't you like to know?
9,116 posts, read 17,668,897 times
Reputation: 3722
I'm going to have to side w/the realtor on this one. If the realtor gave you a range and you accepted the asking price full well knowing you don't have any wiggle room, well who's fault is that?

Also, most importantly YOU don't decide what your house is "worth", the market does.

If you've only received an offer well below your asking price, well then that's what your house is worth.

Stop thinking your house is the taj mahal like most sellers do, and get into reality. If you can't get what you "want" to get then you can't force things right now and you must sit tight.
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Old 02-03-2008, 11:41 AM
 
69,368 posts, read 63,929,437 times
Reputation: 9383
Quote:
Originally Posted by jorobda View Post
Hello. I have a question and need help. I live in Lake Worth, Fl. My house is on the market and I wanted to know if my asking price is where it should be or can it be listed a little higher. The reason why is I need a certain amount of money to move and I feel my realtor didn't give me any negotiating room. It was listed at first for $300 and now $285. I had the same amount of showings at both prices. Probably 1 or 2 a week. I have had 2 offers, but they were both low ball offers. Approximately $40,000 lower. I cannot do that and won't sell if that is all I am going to get. I just want to know if a realtor from my area can tell me what they would honestly list it for. I may terminate my contract sometime next week. The MLS No. is R2878513. Any help would be greatly appreciated.
You need to understand that in todays economy, no matter what you list your price at, you are going to get low-ball offers. 85% of the asking price is not unusual, as most of my offers are starting at 75-80% of the estimated appraised values.

Lowering your price might not be the solution, because you could list it at $250K and still get offers at a discount, even if your property is worth $295K. To low of a price, and buyers will see signs of desperation.

What you might want to do when you get the next offer, is first, counter rather close to your original price, but offer some credit, like to offer to pay for the buyers closing costs. That will dictate that your pretty firm, but willing to budget on the numbers a little.

As the realtors here stated (and I'm not a realtor, just an investor), anything people here would offer as feedback would not be valid as none of us are local for you and we dont know what houses of similar sizes, with similar features, are selling in your neighborhood.
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Old 02-03-2008, 09:12 PM
 
89 posts, read 293,310 times
Reputation: 40
What I would like to do is take it off the market for two weeks and relist at $300 again. My realtor talked me into lowering the price even though there were a good amount of showings. This way, if I increase I can offer something towards closing costs. I also need some room to negotiate. $285 is my bottom and I will never get my asking price today. My home is also in very good condition compared to other homes that are approximtely the same square footage, ie upgrades. I need to come out with a certain amount so I can put a down payment on another home. Would this be a good idea to do?
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Old 02-03-2008, 09:59 PM
 
69,368 posts, read 63,929,437 times
Reputation: 9383
Quote:
Originally Posted by jorobda View Post
What I would like to do is take it off the market for two weeks and relist at $300 again. My realtor talked me into lowering the price even though there were a good amount of showings. This way, if I increase I can offer something towards closing costs. I also need some room to negotiate. $285 is my bottom and I will never get my asking price today. My home is also in very good condition compared to other homes that are approximtely the same square footage, ie upgrades. I need to come out with a certain amount so I can put a down payment on another home. Would this be a good idea to do?
If $285K is your bottom, then not a chance I'd list it at $285, or even $300, I'd be around $309K, and then maybe offer a small buyer incentive, such as paying closing costs, to seperate you from the other sellers.
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Old 02-03-2008, 10:05 PM
 
120 posts, read 127,247 times
Reputation: 15
Quote:
Originally Posted by CouponJack View Post
I'm going to have to side w/the realtor on this one. If the realtor gave you a range and you accepted the asking price full well knowing you don't have any wiggle room, well who's fault is that?

Also, most importantly YOU don't decide what your house is "worth", the market does.

If you've only received an offer well below your asking price, well then that's what your house is worth.

Stop thinking your house is the taj mahal like most sellers do, and get into reality. If you can't get what you "want" to get then you can't force things right now and you must sit tight.
Well like Jack said: It's only worth what someone will pay. I just sold my mint condition FL home for 35% less than 2 years ago...Lower the price or take it off the market>>A tough pill to swallow I know!
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