Recent house hunters, how negotiable are sellers currently? (Chandler, Gilbert: home sales, neighborhood)

[Zippyman]

Originally Posted by Ponderosa

I've never seen a house that did not have at least a couple points of "pad" in the price. Even in a seller's market, a smart seller knows a buyer has to have the "perception" that they got a deal. 10% off is probably too much to expect and it might just result in no counter at all. I would try 5 myself and be willing to settle near 2% off or a deal on closing/accepting some of the problems that an inspector invents without a fuss.

Well, you can add one to your list. When I sold my last home in the Detroit burbs, (in a falling market), I went through the house with a fine-toothed comb, repairing & nit picking every minor detail. I researched the (sold) comps completely & set the price slightly below that level. Then, I offered to include the appliances (which wasnt common in that area), and offered an extra 1% to the buyer's agent, along with an allowance for closing costs.

We wanted out, right now, no games - I had already started working in Phoenix, and my wife remained at her job in Detroit. The plan was, if the house didnt sell, I would quit that job and move back. We got a full-price offer & after closing, the buyer's wife explained that she told her husband not to "dink around and lose this house!".

I still feel a little bad, because the buyers are about 50% underwater now. But we lost money on that house too.. and it *is* still a beautiful home in a great neighborhood.

[MN-Born-n-Raised]

Originally Posted by Ponderosa

I've never seen a house that did not have at least a couple points of "pad" in the price. Even in a seller's market, a smart seller knows a buyer has to have the "perception" that they got a deal. 10% off is probably too much to expect and it might just result in no counter at all. I would try 5 myself and be willing to settle near 2% off or a deal on closing/accepting some of the problems that an inspector invents without a fuss.

Of course, if you are in love with the house and must have it then in housing as in life you are finished and you better just ante up.

I hear what you are saying. I guess it depends on the price point, time on the market, how fair the home is to begin with etc. 3% off shouldn't upset anyone. But you might lose it in this market. As you say, it depends on how much you like it. I've offered asking at 20% off in a sellers market and gotten the home because they were over priced. I've offered 3% off and CASH and 20% down (non-refundable deposit) and lost deals even when it was the home had no chance of appraising at that price; that was in Surprise. Someone else took it for cash at more than what it could appraise for.

I bought a foreclosure in Surprise in Feb 0f 2011. My offer was at 2.5% below asking and I offered cash. An investor offered 15% off asking. What's the point? It was a government owned mortgage. Even if the bank wanted the deal, it would of HAD to appraise within 2.5% of the market. So 15% was a pipe dream. Obviously their agent had a bottom feeder. They wasted their ink. That's the home I bought. I'm up about $90K from what I paid. It was a "buyers market" in Feb of 2011 but I was smart enough to know a deal when I saw it. I didn't need to steal it to that level (actually I did because it went for $51 a square foot).

[Ponderosa]

Originally Posted by Zippyman

Well, you can add one to your list. When I sold my last home in the Detroit burbs, (in a falling market), I went through the house with a fine-toothed comb, repairing & nit picking every minor detail. I researched the (sold) comps completely & set the price slightly below that level. Then, I offered to include the appliances (which wasnt common in that area), and offered an extra 1% to the buyer's agent, along with an allowance for closing costs.

We wanted out, right now, no games - I had already started working in Phoenix, and my wife remained at her job in Detroit. The plan was, if the house didnt sell, I would quit that job and move back. We got a full-price offer & after closing, the buyer's wife explained that she told her husband not to "dink around and lose this house!".

I still feel a little bad, because the buyers are about 50% underwater now. But we lost money on that house too.. and it *is* still a beautiful home in a great neighborhood.

So would you have accepted a point or two off?

[youthinkso]

I paid cash and got 5% off, that was April 11. The house I bought sat empty for over a year and the records show the seller bought it for 8% more than I paid for it.

[DetroitN8V]

Originally Posted by Zippyman

Well, you can add one to your list. When I sold my last home in the Detroit burbs, (in a falling market), I went through the house with a fine-toothed comb, repairing & nit picking every minor detail. I researched the (sold) comps completely & set the price slightly below that level. Then, I offered to include the appliances (which wasnt common in that area), and offered an extra 1% to the buyer's agent, along with an allowance for closing costs.

We wanted out, right now, no games - I had already started working in Phoenix, and my wife remained at her job in Detroit. The plan was, if the house didnt sell, I would quit that job and move back. We got a full-price offer & after closing, the buyer's wife explained that she told her husband not to "dink around and lose this house!".

I still feel a little bad, because the buyers are about 50% underwater now. But we lost money on that house too.. and it *is* still a beautiful home in a great neighborhood.

Interesting. We sold our house in the Detroit burbs two weeks after listing it to a cash buyer at just 3% less than asking price. I couldn't believe how the market picked up. We got VERY lucky.

[bluegrey]

Detroit', don't confine yourself to one market, and possibly get another Realtor working for you across the Valley. I was simultaneously making offers on homes in LV and Phoenix. Both agents knew that, and it seemed to have added a competitive spirit to the process. Don't get stuck in a rut in Scottsdale. If they won't budge there, maybe they will at the Phoenix CC, or one of the Historic areas of Phoenix, or the Royal Palm Neighborhood, or between the 7s. 500k cam get you something pretty impressive there.

[DetroitN8V]

Originally Posted by bluegrey

Detroit', don't confine yourself to one market, and possibly get another Realtor working for you across the Valley. I was simultaneously making offers on homes in LV and Phoenix. Both agents knew that, and it seemed to have added a competitive spirit to the process. Don't get stuck in a rut in Scottsdale. If they won't budge there, maybe they will at the Phoenix CC, or one of the Historic areas of Phoenix, or the Royal Palm Neighborhood, or between the 7s. 500k cam get you something pretty impressive there.

Scottsdale is where we want to be due to proximity to work and friends. I think we'll be able to find what we want, in the area we're looking in. We may end up having to branch out but aren't ready to do so just yet

[bluegrey]

Have you looked in the that part of Scottsdale that is actually in Phoenix?

[DetroitN8V]

Originally Posted by bluegrey

Have you looked in the that part of Scottsdale that is actually in Phoenix?

Yeah, we've seen some decent houses in 85254. You do seem to get more for your money there. It's certainly an option.

[Uptacamp]

What really intrigues me is how quickly the turn around happened after such a long downturn. 6 months ago it seemed that properties took much longer to sell. Now it seams the good ones sell in a week or two with multiple offers.