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Today we received a second verbal offer on our house. We are currently listed at $254,900:
Just before Thanksgiving we got an offer of $235k with 3% closing help, so basically $27k off the listing price. Realtor told the agent to come back with a more realistic offer and they came back with $237k with 3% closing help. When my realtor asked the agent is they were seriously offering $2k more, the agent said, "Didn't you get the initial offer of $225k with 3%? They've actually gone up $12k." There was no such offer made. We told them to have a nice Thanksgiving.
Offer #2 - Don't know what they offered for a price, but they wanted a move out date of 3 weeks....1 week before Christmas. We told them we could do 45 days and have not heard back.
Is this what is meant by a buyers market? People can come in and make unrealistic offers like this and they are considered acceptable? UGH!
There is no way to realistically gauge whether these offers are "good' or not.
What are comparables? How long have you been on the market? Is the buyer qualified to do this deal?
The second offer is from a different buyer? If they want to close in a month, they seem to think they can pay and don't need a mortgage. That is worth a LOT in this market. IF the two offers are comparable (225 and 235), then the market is telling you what your property is worth to a buyer, NOT what you think it is worth. Where you have it listed, and what YOU think it is worth are irrelevant.
I would jump all over the second buyer and get a deal done. They are offering you 90% of your listing price. Again, we don't know the price history, or the details, but 90% is certainly in the ball park and a good place to BEGIN negotiations.
Just don't get too cute and let the fish get away. Then you really will find out what a buyers market is (As in you might not see another buyer for several months. Just because you have had two, doesn't mean you will ever see a third).
A "buyers market" means there are lots of houses for sale or few buyers so sellers are willing to drop prices or start low. A "sellers" market means there are few houses or many buyers and sellers can hold out for the best deal.
Around here, it is a sellers market with many houses going under contract quite quickly and for near asking price.
PS, cribbed from somewhere online: "A market which has more sellers than buyers. Low pricesresult from this excess of supply over demand. also called soft market. opposite of seller's market."
Your house is on the market, and you're not willing to close before the Holiday? Why do you have it on the market during this time of year?
This is not a description of a buyers' market. What you've described are two very motivated buyers who want your house and you're giving them the cold shoulder to go buy someone else's house. Not the best strategy...
Your house is on the market, and you're not willing to close before the Holiday? Why do you have it on the market during this time of year?
We would have been willing to move before the Holiday, no problem. The problem was moving in 3 weeks, (actually 2-3 weeks). I have a job and just can't pack and move myself, husband and 3 kids that quickly.
Sure you can be ready to move in 3 weeks...you just don't want to. Regardless, I don't know if those are good offers or not. What do recent sales support for a sales price?
I know I'd never tell a buyer to take a hike during negotiations but you've done it twice already...maybe you and your agent shouldn't work so hard to offend buyers and you'll get them up higher or willing to work with you on a move date.
We would have been willing to move before the Holiday, no problem. The problem was moving in 3 weeks, (actually 2-3 weeks). I have a job and just can't pack and move myself, husband and 3 kids that quickly.
That's fine, but understand that the other side of that is that you are telling scarce buyers "NO".
You might find another 'good' buyer tomorrow.
Or you might be there for a year and a half or two.
Pick your poison. It's a buyers market in many places.
Today we received a second verbal offer on our house. We are currently listed at $254,900:
Just before Thanksgiving we got an offer of $235k with 3% closing help, so basically $27k off the listing price. Realtor told the agent to come back with a more realistic offer and they came back with $237k with 3% closing help. When my realtor asked the agent is they were seriously offering $2k more, the agent said, "Didn't you get the initial offer of $225k with 3%? They've actually gone up $12k." There was no such offer made. We told them to have a nice Thanksgiving.
Offer #2 - Don't know what they offered for a price, but they wanted a move out date of 3 weeks....1 week before Christmas. We told them we could do 45 days and have not heard back.
Is this what is meant by a buyers market? People can come in and make unrealistic offers like this and they are considered acceptable? UGH!
A buyer's market is when buyers are in demand. A seller's market is when there are not enough properties on the market to meet the demand. Simple, supply and demand.
First of all, don't negotiate with anyone in response to a verbal offer. Legally, all offers must be in writing; your listing agent should counsel you on that aspect.
We have no way of knowing where in MD you are, whether or not it is a buyer's market in your location. Again, what type of market does your listing agent say it is currently ?
If you get a serious offer, negotiate the offer and the terms of the offer. If a buyer is taking a mortgage, normally the closing could be in 30 days; lots of hoops to jump through in this mortgage market. If the buyer is paying cash; cash is king as long as all other terms are acceptable to you.
We have no way of knowing where in MD you are, whether or not it is a buyer's market in your location or not.
Quote:
Originally Posted by Barli
...we have now lived here for a little over a year.
Our oldest son calls his school Ghetto High. I feel like the education... is "dumbed down".
I think a lot of the teachers need to go back to school...
I take the long way to everything because I can't stand driving in downtown, for many reasons.
We bought a new car in April and it already has 13k miles on it because nothing is close.
Our house is currently on the market, capital gains be damned.
I think it's reasonably safe to say the OP is in a buyers market.
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