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If the buyers couldn't afford a house in the price range, why do they look? Because it is a buyers market, are sellers supposed to take a huge loss and just deal with it? Honestly, tell my your opinions.
Because they can and because they are encouraged to do so by the media, family, friends and even some Realtors®. I don't know your market but in markets like mine there are people who come here thinking the days of coming into town and offering $50-100K less than what the listing price and having that offer accepted is the norm. It no longer is. It used to be, but it's not at this point. Does it happen? Sure, but that always depends on the particular sellers situation and no where near as much as it used to. Try and tell them that and what I hear is... I read it in the newspaper, I saw it on CNN, my sister did it 8 months ago.
Hang in there. Perhaps they just came in low to get you off your price and see if they can get you under $200K. By the way...just because they came in low does not mean they can't afford more. Keep that in mind.
That fixer-upper that sold at $220K, set the new standard for the neighborhood market. The condition compared to yours makes no difference. The comps show $220, that is all that matters.
We just had a home in our neighborhood sell for $300k under market value. The owner passed away unexpectedly, and her out-of-state son inherited it. He got it for free, and didn't want to mess with it, so just cut it to the bone to dump it. I'm sure his deceased mother is spinning in her grave, as are the rest of the neighborhood, but he set a new standard. The realtors tell us because it was a distressed death sale, it would hurt our values too much. I hope that's correct.
This lowballing is just the mindset of people right now due to the media frenzy of doom and gloom. It is really frustrating to sellers and realtors both. People just think sellers are having to give their property away. If your house is overpriced then a lower offer would be understandable, but if not don't take the offer.
Is your house showing well? You said it needed painting. If you aren't able to lower the price, maybe you might want to consider investing in painting.
You mentioned carpet. Does the carpet neede replacing or cleaning or were you just saying that people prefer wood instead. I wouldn't put wood in - too expensive but if they carpet doesn't look good, you should change it.
Post some pictures for opinions if you would like.
Good luck!
They offered 180, you countered at 205...what is that, a difference of
25,000..Maybe you can come to meet in the middle of that, say 190 or 195...
We realize that when we get an offer it is going to be below what we are hoping for...hopefully when that happens we can meet our buyer in the middle. Yeah we are already way below what we paid here 2.5 years ago, but that's how the market is...and we don't want to hang onto it as every month we pay the mortgage, that is money out of our pocket.
It might be better than hanging onto it and making payments for the next 13 months. It's so stressful, a good reason to unload it...
I have to think of it as just business..that's all it is, a business transaction is all...
This lowballing is just the mindset of people right now due to the media frenzy of doom and gloom. It is really frustrating to sellers and realtors both. People just think sellers are having to give their property away. If your house is overpriced then a lower offer would be understandable, but if not don't take the offer.
So it was ok for builders to hold "lotteries" for people to bid on homes way back in 2005? Where were you when first time home buyers were shut out for years??
Your whining/complaining now but I bet you weren't complaining 3 years ago when you were rolling in the dough like every other realtor....now you have to work for your money.
Take the good w/the bad and deal with it...no one wants to hear realtors complain that its the "media's" fault.
So it was ok for builders to hold "lotteries" for people to bid on homes way back in 2005? Where were you when first time home buyers were shut out for years??
Your whining/complaining now but I bet you weren't complaining 3 years ago when you were rolling in the dough like every other realtor....now you have to work for your money.
Take the good w/the bad and deal with it...no one wants to hear realtors complain that its the "media's" fault.
Excuse me, but no one is whining, I am just explaining why people are lowballing even when a house priced right. My market, thank goodness, has remained stable, but because of the media some people don't understand they are not going to get a house here for 50,000 to 100,000 less. They waste my time, their time and the seller's time.
Talk to your realtor; maybe he/she will cut the commission a bit. We had an offer that was just off the mark for us. She agreed to take a 1% cut from her commission to help us close the deal.
Of course not all realtors will do this...but it is worth a try.
Excuse me, but no one is whining, I am just explaining why people are lowballing even when a house priced right. My market, thank goodness, has remained stable, but because of the media some people don't understand they are not going to get a house here for 50,000 to 100,000 less. They waste my time, their time and the seller's time.
The same thing happening now is the same thing happening in '05, just instead of the sellers in the drivers seat, its the buyers. Its no different. Your just trying to give a reason for supply demand / price to income ratios at work.
See, that's the problem. If no one will offer at a price you think is "priced right" then the house is OVERPRICED. This is the problem w/the mindset of certain sellers/realtors. They have a price "in mind" and if it doesn't sell at that price, its a 'lowball' or its the "medias fault"
A house is only worth what someone will offer for it.
Last edited by CouponJack; 05-24-2008 at 08:27 PM..
The same thing happening now is the same thing happening in '05, just instead of the sellers in the drivers seat, its the buyers. Its no different. Your just trying to give a reason for supply demand / price to income ratios at work.
See, that's the problem. If no one will offer at a price you think is "priced right" then the house is OVERPRICED. This is the problem w/the mindset of certain sellers/realtors. They have a price "in mind" and if it doesn't sell at that price, its a 'lowball' or its the "medias fault"
A house is only worth what someone will offer for it.
What is your problem? I know how to pull comps and price a house both for a seller and a buyer. I am not talking about an offer a few thousand less, but really just stupid offers that the seller couldn't, wouldn't, and shouldn't take. Of course it is a buyer's market right now and that is good if you are buying, but use some common sense if you really want to buy a house.
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