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That is the idea behind the open house, hopefully the buyer accepts our new offer thinking someone may come through and bid on the property. I told the agent we should wait a week since we just had the last open house two weeks ago, but she is going to alert the buyer agent and thinks it may make them bite prior to the open house and be impulsive.
That is the idea behind the open house, hopefully the buyer accepts our new offer thinking someone may come through and bid on the property. I told the agent we should wait a week since we just had the last open house two weeks ago, but she is going to alert the buyer agent and thinks it may make them bite prior to the open house and be impulsive.
Definitely need a new agent. Every agent will tell you that open houses do not sell your house. Your house has been on the market for 300 + days and the first bite you have you chase away because you MAY get an offer? I hope you do, but never count chickens before they are hatched.
My guess is they are going after the other house and they want to see if they can get it before they "think about" your new price. I hope it works out for you but I would not be surprised if these buyers get the new place, you are left (again) thinking your place is worth more than it is, and you end up eventually taking what they offered or even less (which means that you lost all of that additional overhead cost in the meantime). I don't wish that for you, of course, but I've seen it happen so many times. The market will speak to you if you will only listen.
Had a meeting last night with our realtor where we discussed all the points brought up. Well we called their agent and offered it for 355k. We were told that they have found another house and are in the process of contemplating an offer to present this weekend. They would listen to our offer and their agent said they were still interested but needed some time. In response our agent has scheduled another open house for this weekend, figures new blood may walk through and make an offer with the nice weather expected. However, we decided not to do a price drop until after this open house.
First off, your agent, in what you've detailed in this thread, sounds horrible, with not a clue what they're doing, and providing you with some awful advice.
If you've been on the market with nary a nibble for almost a year, unless there are huge structural defects with the house or poor location (neither of which seem to be the case here), then you're overpriced for the market, end of story. The fact you've had almost no activity in all that time means you're massively overpriced; something close to market value should have had at least a lowball offer or two in all this time.
Your agent clearly didn't do a good job of accurately pricing the house when you listed, and has done a poor job of impressing how badly you need a price reduction.
As well, when you do finally get a potential buyer, you dither around with them with no sense of urgency whatsoever, and now it seems they've moved on, or at least have even more leverage on you than before. I'm curious why, considering the last open house, which was recent, had only two people attend that your agent feels another open house would somehow attract more traffic; what has changed in the interim? You're still the same stale listing that buyers have been bypassing over and over again as you were before (no offense, but that's how buyers are looking at your house). If you are serious about driving traffic to your house, then you need to reduce your price prior to the open house, not after. Offers generally do not arrive from buyers coming through an open house; they mostly arrive from private showings. You've had virtually none, so why would you expect offers to come flying now, from an open house? If someone else was interested in your house, you would have had a request for a showing by now.
The other buyers seemed like they've moved on and are only using your house as leverage for their offer on the other house; you dropped it almost their original asking price and didn't solicit even a counter. That tells you all you need to know, right there; unfortunately, when you're dealing with buyers, if you give them too long to think about things, they will almost always talk themselves out of a purchase.
I wish you the best of luck and hope these buyers return for you, or someone else comes along. If you keep your house on the market (if it doesn't sell soon), for pete's sake, please please please find another realtor! You might also want to think about pulling your house off the market and waiting until surrounding comps can support your price; this might take a few years and supposes that you can carry that burden financially. If not, then you need to get realistic with your pricing: get yourself several CMAs from other agents that have sold a lot of properties in your area; order an appraisal of your home so you can get a more objective view of pricing; and, start looking around at open houses of your competition so you can understand where you size up in the eyes of a buyer.
As a buyer, if you try to pressure them with "got an other offer", my response would be to tell you to take it. I had one seller try that with me and my response was to withdraw my offer. I walked. No big deal.
OP, I think you - and your realtor - are putting way too much stock into thinking there is only 1 property for every buyer or that your property is so much more special. In your eyes, but not to others'.
Good luck to you with this open house but your "bird in the hand" just flew away.
That is the idea behind the open house, hopefully the buyer accepts our new offer thinking someone may come through and bid on the property. I told the agent we should wait a week since we just had the last open house two weeks ago, but she is going to alert the buyer agent and thinks it may make them bite prior to the open house and be impulsive.
Oh, for goodness sake -- STOP PLAYING THESE SILLY GAMES. Trying to "psych out" someone who just wants to buy your house? WTF? They made what appears to be a reasonable offer. You and your wife continue this sublimely ineffective wringing of hands, wailing that people don't seem to want to throw tens of thousands of dollars at you. And then, to top it off, knowing very well that you are going to be coming down in price, you go into an open house with a price that is 10% higher than what you're willing to sell it for? Personally, i think your agent should stop trying to play mind games and CLOSE THE DEAL.
My guess is that the buyers are spooked by an unrealistic seller and have found something that seems to fit the bill just as nicely and with the promise of a LOT less drama in the transaction.
Oh, for goodness sake -- STOP PLAYING THESE SILLY GAMES. Trying to "psych out" someone who just wants to buy your house? WTF? They made what appears to be a reasonable offer. You and your wife continue this sublimely ineffective wringing of hands, wailing that people don't seem to want to throw tens of thousands of dollars at you. And then, to top it off, knowing very well that you are going to be coming down in price, you go into an open house with a price that is 10% higher than what you're willing to sell it for? Personally, i think your agent should stop trying to play mind games and CLOSE THE DEAL.
My guess is that the buyers are spooked by an unrealistic seller and have found something that seems to fit the bill just as nicely and with the promise of a LOT less drama in the transaction.
db is right, sometimes you just gotta say....wtf???!!
300 days and no activity, now lets play killer negotiator hard-ball on one buyer??
your agent has been watching too many r.e. shows on tv..
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