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.
Well, after a very disheartening experience with our recent buyers and their inability to continue to beat the price down any further, they decided to walk away, which quite honestly probably was a good thing. Now, we're back on the market as of this past friday with 3 showings so far and an upcoming open house this Sunday. My question is, do we price to sell or price to negotiate? I asked my realtor that same question yesterday but her response was a bit vague. We are eager, but of course do not want to appear that way, to get to NC as soon as possible, so do we price with no room, little room, or try and leave a good amount for bargaining? Just looking for some valuable opinions here on CD. My realtor tells me the first quarter of the year is the most productive, so I want to do this right. Jeannie
Last edited by jeannie216; 02-12-2008 at 08:03 AM..
I can't answer your question as I do not have any professional experience. But I do want to let you know I will keep you in my prayers that you can sell and move on with your life fast. What area of NJ are you in? I am from NJ too.. I just moved to NC 2 yrs ago.
It sounds to me like you have a definite idea of the net proceeds you are willing to accept for the sale of your home, thus the understandable question of how much wiggle put between that number and your asking price.
What you need or want to make from the sale of your home may or may not be what the market will bear for it, at this time.
I am going to assume you and your Realtor know your closest competition which may change day to day as new listings come to market and the asking prices on older listings adjust.
You have to decide if your want to sell your competition or let them sell you. It's primarily your price relationship to the competition that that determines becoming sold or not.
That makes sense, thank you. My only concern is after coming down 30K since August, we came down another 20K with our most recent transaction, which, we were okay with, until they began beating us up with credits and repair requests. I guess if there is a lesson learned, we need to leave some wiggle room for when we're under contract?
Quote:
Originally Posted by middle-aged mom
It sounds to me like you have a definite idea of the net proceeds you are willing to accept for the sale of your home, thus the understandable question of how much wiggle put between that number and your asking price.
What you need or want to make from the sale of your home may or may not be what the market will bear for it, at this time.
I am going to assume you and your Realtor know your closest competition which may change day to day as new listings come to market and the asking prices on older listings adjust.
You have to decide if your want to sell your competition or let them sell you. It's primarily your price relationship to the competition that that determines becoming sold or not.
I have no advice to give you but I do have a word from the wise:
Your first offer is always your best offer. Lots of Realtors will come on here with stories to tell about a seller refusing an offer and from that point on to a year later had no more action.
Good luck to you. There are far more exiters then enterers to NJ. Which leaves you with a smaller pool of buyers.
I know you came down $50K but that is little compared so what some people had to do.
It is real real bad out there and no one has any answers. Just wait it out !
Thank you. Well, we didn't refuse the offer, we went under contract, just couldn't afford to come down any more with credit requests, so we said "no more" and our "no money down" buyers walked away. We have a large mortgage to pay off so we also need to be realistic. Although, believe me, I wanted to stick it out until some close people got me back on track stating "I know you want to move, but is it worth giving your home away?" Just going to try and keep the faith and hope that things happen soon. I know its not pretty out there.
Quote:
Originally Posted by desertsun41
I have no advice to give you but I do have a word from the wise:
Your first offer is always your best offer. Lots of Realtors will come on here with stories to tell about a seller refusing an offer and from that point on to a year later had no more action.
Good luck to you. There are far more exiters then enterers to NJ. Which leaves you with a smaller pool of buyers.
I know you came down $50K but that is little compared so what some people had to do.
It is real real bad out there and no one has any answers. Just wait it out !
Well, after a very disheartening experience with our recent buyers and their inability to continue to beat the price down any further, they decided to walk away, which quite honestly probably was a good thing. Now, we're back on the market as of this past friday with 3 showings so far and an upcoming open house this Sunday. My question is, do we price to sell or price to negotiate? I asked my realtor that same question yesterday but her response was a bit vague. We are eager, but of course do not want to appear that way, to get to NC as soon as possible, so do we price with no room, little room, or try and leave a good amount for bargaining? Just looking for some valuable opinions here on CD. My realtor tells me the first quarter of the year is the most productive, so I want to do this right. Jeannie
That is what we are facing also. We came down almost $50,000 since Aug and we could come down another $20,000 but I am also afraid of the wiggle room and you know there will be low ballers.We had an estate sale this weekend since we are moving to our new home which happens to be in NC in two weeks. We had a lot of people through and several were realtors who said we were at a good price and it was priced to sell and our home was beautiful. We just need the right person. We even had one couple who sold their home in 4 days by themselves and the looked at our home and stayed awhile.She also looked at our flyier and said it was a great price. She asked when was our contract up or could we break it. They live a few miles from us and needed a bigger home. I so hate this market two would be sales a no because of our HOA and the should we go bottom line or stay where we are since it is lower then the comps anyway.
Good luck Jeannie
and you also lorrie. My husband believes that there is a buyer for every home, they just need to find us. I guess it will happen when it is meant to happen. Jeannie
Quote:
Originally Posted by lorriem
That is what we are facing also. We came down almost $50,000 since Aug and we could come down another $20,000 but I am also afraid of the wiggle room and you know there will be low ballers.We had an estate sale this weekend since we are moving to our new home which happens to be in NC in two weeks. We had a lot of people through and several were realtors who said we were at a good price and it was priced to sell and our home was beautiful. We just need the right person. We even had one couple who sold their home in 4 days by themselves and the looked at our home and stayed awhile.She also looked at our flyier and said it was a great price. She asked when was our contract up or could we break it. They live a few miles from us and needed a bigger home. I so hate this market two would be sales a no because of our HOA and the should we go bottom line or stay where we are since it is lower then the comps anyway.
Good luck Jeannie
My husband believes that there is a buyer for every home, they just need to find us.
This seems to be true, but when you want to move now, waiting for that right person can be agonizing! Hang in there.
If your market is stagnating, you might not want to list the house at your minimum acceptable price. Many people will automatically assume that you've already built some "wiggle room" into the list price.
<SNIP>My question is, do we price to sell or price to negotiate? I asked my realtor that same question yesterday but her response was a bit vague. We are eager, but of course do not want to appear that way, to get to NC as soon as possible, so do we price with no room, little room, or try and leave a good amount for bargaining? Just looking for some valuable opinions here on CD. My realtor tells me the first quarter of the year is the most productive, so I want to do this right. Jeannie
The purpose of a list price, especially in a market like this one, is to attract attention, and get people into the house. From there, they will either like it or not, and make an offer or not. Especially since you've been on the market for a while already, and are unlikely to have multiple people fighting for yourt property at this point, I say, price it pretty darned close to the price you are willing to accept. Leave no more than one or two percent as "negotiating room." Bring in the buyers by showing them a bargain they really need to see. If they make an offer you don't like, you can always say no.
By the way, even if you decide to leave a little more room than I suggest, make sure you stay within the proper price RANGE. For instance, if you think the right price is $488k, you will survive pricing it up to $495k, or even $500k, but do not attempt $515k. You'll be eliminating the pool of buyers most likely to want to buy your house.
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.
My only concern is after coming down 30K since August, we came down another 20K with our most recent transaction, which, we were okay with, until they began beating us up with credits and repair requests. I guess if there is a lesson learned, we need to leave some wiggle room for when we're under contract?
I guess it will happen when it is meant to happen. Jeannie
Hang in there. 
