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agree with what motnclairnative said, 3 small bedrooms is much better than 2 larger bedrooms. if you can, convert back to 3 bedrooms and relist. the offer would be low if that buyer used assessment value, zillow estimate can be too high or too low - your realtor should review the comps near you and come up with a reasonable price/strategy (maybe do this again with a different realtor *after* you change it back to 3 bedroom)
Conversations don't set real estate prices. Wishes don't set real estate prices. Expectations don't set real estate prices. Fantasies don't set real estate prices. Needs don't set real estate prices. How much you paid for the house or anything in it doesn't set real estate prices. Realtors don't set prices. BUYERS SET REAL ESTATE PRICES.
The value is what buyers are willing to pay, whether you like it or not, and no matter what you were told, are told, or will be told. You received an offer! And it was perfectly acceptable statistically. So negotiate the damned thing and move on to the next chapter.
Your house has some serious defects. I wouldn't TOUCH a house with a shared driveway, and neither would most buyers. But you found a buyer who will put up with it. And you want to dump him because of your silly ego? Stop it! Exercise Reason, stop Feeling, get down to Business, and Sell your house.
You wondered why anyone would give you over $400,000 for a 2BR shared driveway busier road home, and guess what, you were correct! But some dopey agent TOLD YOU WHAT YOU WANTED TO HEAR and now you are making cascading errors. You were not deceived, you deceived yourself by latching on to an opinion that fed your greed, and contradicted reality and what you saw in the marketplace with your own eyes. Now, stop with this nonsense and take care of business. Get the $380,000 up to $395,000 and close the damned thing and move on.
Conversations don't set real estate prices. Wishes don't set real estate prices. Expectations don't set real estate prices. Fantasies don't set real estate prices. Needs don't set real estate prices. How much you paid for the house or anything in it doesn't set real estate prices. Realtors don't set prices. BUYERS SET REAL ESTATE PRICES.
The value is what buyers are willing to pay, whether you like it or not, and no matter what you were told, are told, or will be told. You received an offer! And it was perfectly acceptable statistically. So negotiate the damned thing and move on to the next chapter.
Your house has some serious defects. I wouldn't TOUCH a house with a shared driveway, and neither would most buyers. But you found a buyer who will put up with it. And you want to dump him because of your silly ego? Stop it! Exercise Reason, stop Feeling, get down to Business, and Sell your house.
You wondered why anyone would give you over $400,000 for a 2BR shared driveway busier road home, and guess what, you were correct! But some dopey agent TOLD YOU WHAT YOU WANTED TO HEAR and now you are making cascading errors. You were not deceived, you deceived yourself by latching on to an opinion that fed your greed, and contradicted reality and what you saw in the marketplace with your own eyes. Now, stop with this nonsense and take care of business. Get the $380,000 up to $395,000 and close the damned thing and move on.
^^^^^^ this, as much as I disagree with this poster on some topics, when it comes to RE he knows what he is talking about.
In order for any seller to get what he thinks their house is worth, he/she better have the absolute best house for sale in your area.
Just because you think your house is the Taj Mahal of the neighborhood some people probably think it's the
Fred Sanford residence.
it is funny how people's mentality works especially with selling their homes. at first, the OP couldnt believe that their house is worth more than $400k but someone told her it was and now she is offended by an offer of 385k. its not that hard to figure out what your home is worth by using stuff easily accessible online. but at the end of the day, your house is worth only what someone is willing to pay for it.
I wouldn't be upset at the offer. A buyer was telling you what the house was worth to him, or in that ballpark. OR it was someone trying to get a deal, and they'll only pay in that ballpark. No reason to get upset.
I'm looking in several markets. In one of them, the sellers have gone bonkers in trying to get grossly exaggerated prices for their houses (there's a housing shortage in the area, and it's a SELLER'S MARKET there). I can look up prices to see sale prices in some cases, and can see that some of the houses are selling for 10% or 16% or more less than the list price. To me, that means the house should have been priced better. For one reason, since the houses weren't worth the asking price, they lost out on potential buyers who wouldn't even look at the house, much less make an offer. They COULD have gotten more, because of more potential buyers, if they had priced their homes more reasonably.
I don't think many people will make an offer 15% lower than the list price, because of the seller's reaction, like yours was.
A three bedroom home with tiny bedrooms is not the same as two large bedrooms. A 3 BR is the standard, and increases the value of the home. To say they can re-convert it, that cost comes off the top of your asking price, plus maybe more for the hassle. It's also risky to plan on moving or adding walls; you never know what you'll run into or what it will look like in the end. I wouldn't re-convert bedrooms. I'd just buy a house with three bedrooms.
You sound too emotionally involved. This is why it helps sometimes to have a realtor involved to give objective advice. BUT remember that the agent is not concerned with trying to get you the absolute top dollar. The agent wants a sale as quickly as possible, for a reasonable amount (I use that term loosely). Agents will also list homes at any price a seller wants to, to get the listing, with the plan of trying to get the seller to lower the price later (if the agent thinks the list price is too high).
You can always sell next year. Although you think the market may be worse for you, it's also possible that in general home prices in the area will increase, so that you will get closer to what you want.
Remember that for every month you stay, you are paying homeowner's insurance and property taxes that may be higher than your new house (if you're downsizing). And prices for your new house will be higher next year, probably.
But don't take just anything and walk away feeling screwed. You should feel at least "okay" about the price you get. ALSO don't forget that closing costs are negotiable, so that may be a way to get a bit more.
Maybe you need to watch more sales in your area, start a list of sales and details of the homes, and watch for a year, so you have a good idea of what your house is worth. Then plan on selling for slightly below that, to get a quicker sale.
I was selling my house and buyer came with an offer well below what I wanted. Their offer amount was based solely on Zillow estimate and they would not move 1 penny above that. I felt insulted but being very motivated I took an offer. So many sellers are emotionally attached to their homes and this interferes with the sale. Buyers are not emotional, they are looking for the best deal they can get.
We made an offer below the asking. It's an offer, part of the negotiation. We came up, they came down and we ended in the middle. As a seller you can say no the same way the buyer can walk away, but there's probably something in the middle you can agree on, it's not like you're hundreds of thousands off from each other.
keep on negotiating until you get the price you comfortable with.
It's one of the reasons i don't like Realtors. they have conflict of interests, they will try to make you feel like it's the last offer on earth so they can get their commission and move to the next target. They don't have interest for you to get extra money, because the commission fees difference is small, their goal is "CLOSING" the deal.
I hate Agents. I wish there's a better process of buying and selling houses like selling cars, there's kbb.com give a good estimation. I think we should have a national housing valuation agency.
Because you can really get screwed for just a little bit of error, we are talking thousands and dollars.
Last edited by bbnetworking; 05-19-2016 at 10:06 AM..
keep on negotiating until you get the price you comfortable with.
It's one of the reasons i don't like Realtors. they have conflict of interests, they will try to make you feel like it's the last offer on earth so they can get their commission and move to the next target. They don't have interest for you to get extra money, because the commission fees difference is small, their goal is "CLOSING" the deal.
I hate Agents. I wish there's a better process of buying and selling houses like selling cars, there's kbb.com give a good estimation. I think we should have a national housing valuation agency.
Because you can really get screwed for just a little bit of error, we are talking thousands and dollars.
The only conversation I hate more than, "This is probably the best offer you'll get" is "You should have taken that offer that was higher than what you are getting now".
No one really wants to move into a house having to convert it to 3brs. They want it that way to begin with.
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