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I just wanted to follow up since so many of you chimed in on this discussion, which I really appreciate. I wanted to add that I think our biggest problem is being a more unique property -- an antique with a barn and acreage -- they are not that uncommon here in New England but people either want that or they don't. The barn seems to be a big sticking point. We probably would have serious offers already without it. We need someone who wants the whole package.
I think our pricing is in the right range. Will we come down more? Probably. Everyone around here is inching down and DOM seem long. I know when I said we're listed at just under $500K that may sound wildly high but for our area it's not. I've been as diligent as possible doing my own research into the market and pricing, and I've tried to align our list price at 2003 pricing.
The house is updated -- kitchen, bathrooms, all major systems, windows, ext paint, etc.
I am convinced this guy was jerking us around. His story did not fit things we know about him.
Anyway, thanks for all the advice and the lively discussion. We did have 5 showings last week, which was encouraging. I am trying to stay realistic and optimistic... a hard combination in this market!
I'd think that sellers need to be realistic and to expect offers of 25% less than the asking price at best and only if the home is move in ready and completely updated with brand new appliances. I'd expect a lot less than that if nothing has been done to the home depending on how dated and how much work would be needed to bring it up to "like new" condition.
This is not rational. Some homes are priced to sell and do so rather quickly and close to the asking price and maybe even more. Other homes might be priced so far out there, that a 50% offer would probably be too much.
Just to clarify, he was not working with his own agent, had contacted mine directly and had her show him the property. The chasing was done after he said he was writing an offer, would have it the next day then proceeded to blow off scheduled phone meetings again and again. She wasn't cold calling him .. just trying to follow up on what he had initiated.
i think this is a moot discussion, without knowing the actual property. The seller could listed their $300 property for $500, which will make the offer seems ridiculus, while the experienced buyer might have made a very reasonable offer. On the flip side, the property could really be worth $500, and the buyer was just wasting everyone's time. If $500 is the true market value, then your agent didnt do anything wrong by verbally countering with $400 and not bother writing out the $275 offer.
And yes there are plenty sellers out there still in denial.
Three months on the market is nothing these days. I hope, in your case, the old adage "the first offer is the best offer" doesn't apply.
The fact that your agent had to chase him down shows he wasn't really interested anyway.
Hang in. There's a place in heaven for us patient hopefull sellers.
I think our pricing is in the right range. Will we come down more? Probably. Everyone around here is inching down and DOM seem long. I know when I said we're listed at just under $500K that may sound wildly high but for our area it's not. I've been as diligent as possible doing my own research into the market and pricing, and I've tried to align our list price at 2003 pricing.
How much is your agent guiding your pricing based on the current market? I just ask because I know you have one but yet you say you are doing your own research and pricing. 2003 pricing is irrelevant, you need to be priced for today's market.
There are a lot of people out there preying on desperate homeowners. That's why he played the cat and mouse game. Don't give in to them if you can possibly hold on.
But you might be holding on for YEARS...while the purchasing power of the dollar dwindles to nothing. It might be better to take a lowball offer.
How much is your agent guiding your pricing based on the current market? I just ask because I know you have one but yet you say you are doing your own research and pricing. 2003 pricing is irrelevant, you need to be priced for today's market.
I totally agree that comps should be pulled much more recently than from 6 1/2 years ago when it was a whole different ballgame. Even when I was practicing in the states, I never used 6 year old comps to advise a client on an appropriate list price (usually would only go back as far as 3 months max). One thing I would like to ask OP is "are you a motivated seller"? If you can afford to stay in your house while the market rebounds and if you have more recent comps that support your list price, then sit tight and be patient.
But if you need to sell quickly, I personally would encourage you to re-evaluate your list price. As NCyank said, since you're working with an agent they can pull more recent comps on your property than from 2003. I mean really - any agent familiar with your neighborhood, has personally seen your property and can use a computer can pull comps I only wish I still had an MLS, accurate sales data from assessor offices, etc. to utilize here in Panama.
But 'motivation' is a big key here - if you can wait, then wait, but if you really need to sell, then . . . . well, get your agent moving on realistic comps and be prepared to cut to the chase on your bottom line. As well, even if a 'low ball' offer is presented, your agent should be presenting it to you in a timely manner and offering you guidance based upon 'your particular situation'. I do realize that buying and selling a home is a very personal and emotional process - but it is very important to look at things from a more business standpoint than emotional, which is where your agent can assist.
Best of luck.
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to clarify
I only wish I still had an MLS, accurate sales data from assessor offices, etc. to utilize here in Panama.
