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Pricing a house seems trickier than we may think. Should we not look at all circumstances such as the owner's position in this transaction? After all, you are/were buying HIS house. You aren't buying 'the market', you are buying "Mr. Jones' house. He set a price, went down in price, and didn't want to go down any more. I don't think there's anything wrong with that EXCEPT for him not responding to you. that is just rude, I would say.
Maybe he mentioned to his Realtor "If their next offer is not over $200k, tell them I won't respond..." but the realtor just didn't mention it. Who knows? It could have happened like that.
Either way, pricing is weird. Some posts above are saying houses there sit for a while and ultimately get their price. That may also be helping him stand his ground. He's been there a while, paying 100/month in property taxes... ehh, he'll keep living there. It may not be an area for people to take advantage of the buyers market.
Hi, I moved up here in a small town in a log cabin on a river that roars!!!! I love it, but I did make the seller come down to real life level. I think its good you did not go hirer I think you gave a fair offer . To me your price sounds fair, prices are coming down up here, I see it. I think the seller made a mistake and I think you will find a better deal. By the way, you are going to love it here!!!! Its great!
sorry it didn't work out for you. How did you come up with the $50K for the work? Did you get estimates for the necessary work? What type of work did you need to do to the house to make it habitable? Electrical, roof, plumbing or was it more like gut kitchen to bring up the modern standards, put in new floors type stuff? Just curious.
Hi all.
It is not a buyer's market everywhere.
Repeat, it is not a buyer's market everywhere.
One cannot apply generalities to a specific property.
For instance, there could be a "buyer's market" generally
for a neighborhood. However, one house in the neighborhood
has a spectacular view or a clearly better spectacular view.
That house goes on the market and everyone wants it.
There would be a seller's market for that house.
Generaltities cannot be applied to a specific property.
Pricing a house seems trickier than we may think. Should we not look at all circumstances such as the owner's position in this transaction? After all, you are/were buying HIS house. You aren't buying 'the market', you are buying "Mr. Jones' house. He set a price, went down in price, and didn't want to go down any more. I don't think there's anything wrong with that EXCEPT for him not responding to you. that is just rude, I would say.
Maybe he mentioned to his Realtor "If their next offer is not over $200k, tell them I won't respond..." but the realtor just didn't mention it. Who knows? It could have happened like that.
Either way, pricing is weird. Some posts above are saying houses there sit for a while and ultimately get their price. That may also be helping him stand his ground. He's been there a while, paying 100/month in property taxes... ehh, he'll keep living there. It may not be an area for people to take advantage of the buyers market.
New Jersey, I agree with your answer totally. I think its the psychology of these extremes in market, the ice cold market now, and the buying frenzy of 2 years ago that really affect people's attitudes. For example, during the buying "frenzy" 2 years ago, I came across such attitudes from the builders in many Florida developments where you had to stand in line to get on a waiting list to buy a house! Now I am selling and I get the feeling from some buyers that I should give my house away because of "the market."
These have been my first experiences with huge market swings. All through my life I've bought & sold in a level market. I think everyone is having a hard time dealing with this market, buyers and sellers alike it seems.
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Location: Cary, NC
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No answer?
I am required by NC Real Estate Law to follow legal instructions of my client.
If the client wigs out and says, "Don't even answer that jerk!" I am bound to follow that legal instruction.
Of course, when I have heard that, I have said, "I know the offer is low and this is a pain, but this is the offer we have today. They took the time to write it, and I suggest we find a way to keep them at the table. I need you to give me a little something more to work with if you want to get this property sold."
Usually that gets a response.
sorry it didn't work out for you. How did you come up with the $50K for the work? Did you get estimates for the necessary work? What type of work did you need to do to the house to make it habitable? Electrical, roof, plumbing or was it more like gut kitchen to bring up the modern standards, put in new floors type stuff? Just curious.
Hi Surfing, We brought a roofer and a general contractor along with us for our third viewing as well as a high detail digital camera ... the GC also does inspecting. The general estimate from them (which we always expected to be high) was approx $50,000 ... this was not including cosmetics or kitchens, baths etc. It was for the slate roof repair, furnace replacement, plumbing upgrades (to the 20th century) and electrical rewiring as well as refubishing the firepalces, which were falling and repairing all the water damage to the 2nd floor rooms due to the leaking roof. We are sure it was going to cost us more but we really liked the house
... but now we have several more just like it in line with their real prices (between $100,000-$180,000) ... oh and we have five realtors from the houses we passed up intially knocking down our door. It IS a buyers market in central and upstate NY ... just some buyers won't budge! We've learned allot on this offer.
Well we had two Realtors telling these people (begging really) that this WAS a realistic offer and maybe their last chance for an offer. There are two other homes for sale on that street ... one of the same size asking $169,000 and one smaller but refinished asking $199,000 ... the second one was immaculate and the seller's realtor wanted this home reduced to near that price ($199,900) before listing. The sellers would not go below what they wanted it listed for and thats where the bidding started. Remember it would take $50,000 just to bring it up to code and make it inhabitable!
Why did you even offer on the house if there were two others better priced? What was it that this house had that the other two did not?
Could also be family in fighting
you mentioned at the last offer kids were supposed to convince seller:
"Give us your last final price and my client's kids will get my client to accept the offer." Reluctantly we decided to play this game. We gave them a final firm price of $175,000 ... which with repairs would come out to their asking price or more.
Maybe seller really doesn't want to selll..it's the kids for whatever reason...early inheritence??
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