Welcome to City-Data.com Forum!
U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Real Estate
 [Register]
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.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 04-16-2016, 02:00 PM
 
Location: Howaboutno?
181 posts, read 167,403 times
Reputation: 213

Advertisements

Quote:
Originally Posted by TimtheGuy View Post
My take on the OPs post is that maybe this house IS nicer than the rest and that's why he wants it so much.
This one. Comps mean nothing if someone is so in love they'll post on CD about it.
Reply With Quote Quick reply to this message

 
Old 04-16-2016, 04:34 PM
 
1,767 posts, read 1,734,546 times
Reputation: 1439
Quote:
Originally Posted by Ben theredundat View Post
This one. Comps mean nothing if someone is so in love they'll post on CD about it.
Valuation always important regardless of emotion.

I love Apple products doesn't mean I am going to pay $300 a share to own AAPL stock when I can have it for $109.
Reply With Quote Quick reply to this message
 
Old 04-16-2016, 04:37 PM
 
15,514 posts, read 15,505,139 times
Reputation: 21828
Write the seller a nice note saying how much you loved the house, and add that if he's thinking about dropping the price in the near future to be more in line with the neighborhood norms, to please give you a call.
Reply With Quote Quick reply to this message
 
Old 04-16-2016, 07:27 PM
 
4,399 posts, read 10,642,201 times
Reputation: 2383
Quote:
Originally Posted by oneslip View Post
Thanks for all the comments and feedback, it has been interesting and have learned a few things. I also find it interesting how some feel that I am "whining" which I am & others seems to completely understand the dilemma yet a few think I am trying to low ball the seller which they clearly have not truly read my posts.

I'm not ready to say the "bubble" word although prices have risen quite a bit in the past year mostly due to lack of supply but it is only April....much more supply could possibly appear hence causing pressure on prices.

In the end, either this house will not sell- the sellers will open a real discussion to reach a deal- I find another house in the meantime or someone with more money then sense will pay the price. When I made my original offer my agent felt it was on the high side & wanted to know what my plans were & I said to live there until old age as I know my agent was concerned that I would possibly take a loss if was wanting to move in a few years.

If the house does not sell I bet the listing agent will think twice about accepting unrealistic sellers as this agent spend some bucks on high end brochures, photo's etc. but then again I guess that's just part of the profession. Thanks again for all the informative posts and letting me vent (whine) etc.
There's no law that says the guy has to sell you his house for what the price the house down the street went for. If the guy can't find a buyer to pay his price then he'll just keep his house, and for all you know if given the choice between selling at your price(at the comps) and keeping house, he'd rather keep it. And there's nothing wrong with that. I don't know why you see yourself entitled to a different outcome. Just move on and find a different house.
Reply With Quote Quick reply to this message
 
Old 04-16-2016, 10:23 PM
 
Location: Denver CO
24,204 posts, read 19,082,638 times
Reputation: 38266
Quote:
Originally Posted by oneslip View Post
Just wanted to vent so please excuse my post. Finally found the perfect house for us & the seller is in clouds with his listing price. It sucks because I made a very realistic offer (well above comps) & the sellers refuse to budge or even discuss and found my offer offensive & yet their asking price is what is offensive. It's almost if their saying the buyers are stupid and will pay this crazy high price. Numerous showings and all the feedback is the same...OVERPRICED.....slap in the face!

Just stinks when a seller is not in reality and you kind of wonder why would an agent take such a listing as I would think it would harm their reputation as a knowledgeable agent and if the listing expires I would bet the sellers would not recommend that agent in the future. I'm sure agents feel when the market tells them what the property is worth then the sellers will come back down to earth & just want the listing. My issue is how long if ever will it take for the sellers to get real & can I wait it out without giving up on this property.

Just sucks when you want to buy the house and the sellers will not really communicate or try and work out a deal. Guess their just as frustrated wondering why someone will not pay their asking price..."but our house is so nice and we put so many upgrades the people should pay us whatever we ask".

Sorry gang just wanted to vent with folks that probably understand my frustration.....
how on earth would you know what feedback the seller is getting?

It would be interesting to hear the other side of the story - "We listed our house a few weeks ago. It's been frustrating getting all the looky loos and the lowball offers who think that despite the 100K in improvements, we should accept just a couple of thousand more than the non-upgraded comps that haven't been fixed up since the 1980s. Fortunately, we are in no rush and can wait until a realistic buyer comes along"

Of course I'm just making that up, but it could just as easily be the view from the other side.
Reply With Quote Quick reply to this message
 
Old 04-17-2016, 07:05 AM
 
1,767 posts, read 1,734,546 times
Reputation: 1439
Quote:
Originally Posted by jdm2008 View Post
There's no law that says the guy has to sell you his house for what the price the house down the street went for. If the guy can't find a buyer to pay his price then he'll just keep his house, and for all you know if given the choice between selling at your price(at the comps) and keeping house, he'd rather keep it. And there's nothing wrong with that. I don't know why you see yourself entitled to a different outcome. Just move on and find a different house.
Not sure where I ever gave an indication of entitlement although I guess using that logic then all the other buyers are saying they feel entitled to a realistic price as well since this "great" house is still not under contract.

The seller sets the asking price but ultimately if they truly are wanting to sell their house then the buyers/ market determines the price. Of course there is no law that says if no one offers the sellers asking that they must sell. When I sold my house, sure I could have asked for a lot more but I would still be sitting in my old house unsold as no one would pay an over market value unless there was oil or gold under my property I was unaware of.

Funny thing I was speaking with an in-law over the weekend that is a real estate agent & they were telling me about a property listing in which they informed the sellers of what the house should be listed at but at his insistence he listed $100K higher, had some showings and a few offers at guess what, the agents suggested listing price of $100K less. One of the offers was even an "as is" contract. Obviously, the seller was offended and did not offer a counter response. After two years and a few price drops the seller finally sold the house for guess what, the price the agent originally suggested only this time he had to offer a $15K credit to the sellers. The bad thing for my in-law was that they had spent quit a bit in marketing, staging etc. and lost the listing as the seller thought it was their fault the house didn't sell when in the end my in law was right. I also heard the statement that she would never again work with a seller that was unrealistic with their pricing.

I understand it is hard to sell or list your house at a price that is lower than what you had in your head. So many put a lot of sweat, money & tears into their house & most love their house so of course will feel it is worth much more. These sellers are in the same situation, obviously I do not know the their whole story & what the reasons are for wanting to sell but no doubt the thought is in their head of making a change. At this point they have lowered the price once and are in hopes of that magical buyer to appear but I suspect all the real buyers have already viewed so the showings will slow and they may get to point where there are no more showings as we have all seen the house and moved on to more realistic sellers. I just so happen to have the time and am not in a hurry so of course if I find something else then I will move on that instead of fooling around with these folks. I would think the sellers will get discouraged with the lack of showing and lower the price and may get a few more views but if they remain so over-valued then nothing will occur. I guess where if I have given any indication on entitlement is that it just seems to me we could spare all this process if the sellers would listen to their agent, look at the house from a buyers perspective, review the numbers and open a dialogue. I have not offered just a few thousand over the comps, I have offered a substantial amount over the comps, as mentioned before I have done my best to put together a very generous offer.

This situation reminds me of thread in here in which a buyer was frustrated because he made an offer for full list price and the sellers declined saying they wanted to wait to see if they had any higher offers. That's nuts in my opinion and sellers like that deserve to stay in their house unsold.
Reply With Quote Quick reply to this message
 
Old 04-17-2016, 07:23 AM
 
51,584 posts, read 25,589,248 times
Reputation: 37784
I haven't read anything about OP feeling entitled to the house, only feeling frustrated that the seller is not willing to be more realistic about the price.

Could be the sellers are delusional, or it could be they don't really want to sell the property, for whatever reason.

My husband insisted on the listing price of our last home based on what he thought we needed to get out of it. It was in a terrific location, but a down economy. He didn't want to move but finally agreed to list it, and reluctantly went along with repairs and staging.

Eventually, buyers came along who was willing to pay close to our price and fortunately the appraiser went along with it. But it was struggle the whole way and I'm sure potential buyers shook their heads at our asking price.

He's happy as a clam where we are now and agrees it was a good move for us but has declared that he will will never move again.

Fine by me because I have no intention of going through that again either. Next move, I'll pack up my stuff and let him settle matters on his own.
`
Reply With Quote Quick reply to this message
 
Old 04-17-2016, 09:01 AM
 
Location: Washington state
450 posts, read 546,309 times
Reputation: 643
Most people are busy and for most sellers/buyers/agents...well everyone's time is precious particularly in a hot market like ours. Time is money.

Playing games/being unrealistic that results in wasting other people's time is annoying and frustrating.

Makes me wonder how annoyed/frustrated the agent representing a guy down the street must be feeling right now. We are in a red-hot market with developers purchasing any build-able lot yet the guy's $2 million lot hasn't sold in something like 4 months. The price just got lowered by 1 million dollars. Somebody must've gotten through to the owner I suppose.
Reply With Quote Quick reply to this message
 
Old 04-17-2016, 09:40 AM
 
4,399 posts, read 10,642,201 times
Reputation: 2383
Quote:
Originally Posted by oneslip View Post
Not sure where I ever gave an indication of entitlement although I guess using that logic then all the other buyers are saying they feel entitled to a realistic price as well since this "great" house is still not under contract.
So you've already found a house that meets your requirements and for the price you want to pay?
Reply With Quote Quick reply to this message
 
Old 04-17-2016, 09:58 AM
 
9,868 posts, read 7,629,865 times
Reputation: 22123
Quote:
Originally Posted by Aura 524 View Post
A good post with sound advice. Whatever the asking price may be, chances are that there will be those prospective buyers who will feel that it is worth it to them. As the saying goes ... the price will be set by what the market will bear.
True, absolutely true, in the long run.

Long ago, I offered $120,000 for a house listed at $125,000. The seller was insulted, according to the broker. Other houses similar to it in that neighborhood were listed at $115-$-120. So I bought another house instead, at a realistic price. About a year and a half later, I saw public notice that the first house finally sold...for $100k.

More recently, my husband and I offered $340k for a house listed at $389. The owner had previously listed it at more than $400k. We figured he would counteroffer at $365ish, and we *might* have considered that, but the house needed some fairly big changes to make it what we wanted, so maybe not. Anyway, we declined his counteroffer. About two years later, a couple walking by mentioned the house they had bought. It was the same house. Purchase price: $340k.
Reply With Quote Quick reply to this message
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.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Real Estate
Similar Threads

All times are GMT -6.

© 2005-2024, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top