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We have a similar situation. We have been looking for land and or a house in a certain area for about 6 years prior to my retirement which happened just this past week.
We bid on a house the other day in an HOA area where most of the homes in the area are more upscale than the home we chose.
Husband conferred with our realtor and picked a price 50K less than asking. The home is perfect - other than it has absolutely NO curb appeal. You can't even see the house from the street because of the unkempt brush/trees. The listing agent indicated to my spouse that because of deer and groundhogs no one can keep grass.... there is no back yard. IT drops off quickly over the side of the hill.
We have dogs and will have to figure out how and where they relieve themselves.
A house just up the street - LISTED AND SOLD by this same listing agent has a gorgeous landscaped front and back yard. Grass and Trees and beautiful vegetation.
I think we're being gaslighted.
Our offer was not accepted and he countered 24K lower. The owner is a widower who recently moved to Senior housing. After hearing our offer he exclaimed, "I'd rather rent the place than take that offer".
Well - to be honest - he could lose that 24K in the both the cost of hiring a property management company and they would not be responsible for any damages the renters cause. We smell desperation. Also - the HOA has an agreement with the OWNER not the renters nor any property management company. Idoubt he wants to deal with that and finding responsible renters. Rent for homes in this area is about $3K a month.
We came up 5K and are holding firm. OUR realtor will be telling them what we said about the landscaping and the comparables. We are VERY much in the right ballpark. I wonder if the listing agent would level with the owner.
Prices are dropping quickly in the area...... fall and winter season means less activity.
you offered 50K less than asking.
the seller countered at 24K off asking (amazingly, that happens to be $1K under 1/2 way!)
everything else is noise, except your willingness to come up 5K.
have your Realtor right now tell them "we'll come up 5K and if that's not enough, then we'll just keep looking. Here comes winter"
We are looking right now in a rural area. We found a house that ticks all of our boxes, except it's overpriced by $60K or so based on its condition and the selling price of the homes in the area (that are not lake front). It just came on the market a month ago and it's not highly desirable to many because it's on some acreage in a rural area. Plus the house needs work that is obvious to even my untrained eye. So I am waiting to see if they drop the price. While we do like the house and location, if someone else buys it at the price they are asking, more power to them. It's not worth that much to me. Fortunately, we aren't in a huge rush to buy, I'd like to be moved by the end of next summer at the latest, but could move much sooner if the right house at the right price comes up.
This gentleman/owner most likely was not prepared for the slow-down in people looking over the winter months. I am grateful he saw the light or his realtor convinced him this was the best deal he was going to get.
There HAVE been lots of sales in the area recently - but of much lower priced properties - some which needed significant upgrading. And we did consider getting a fixer-upper. We still feel like this property will need tweaking - like take out the carpeting and put in wood floors, do some major landscaping so the house looks appealing from the streetside.
I just love the area. Again - we could stay here forever - or stay here and build if we find a parcel we like and can build to our specifications (smaller). In the meantime we'll be much closer - than two states away if we decide to go that route.
We are looking right now in a rural area. We found a house that ticks all of our boxes, except it's overpriced by $60K or so based on its condition and the selling price of the homes in the area (that are not lake front). It just came on the market a month ago and it's not highly desirable to many because it's on some acreage in a rural area. Plus the house needs work that is obvious to even my untrained eye. So I am waiting to see if they drop the price. While we do like the house and location, if someone else buys it at the price they are asking, more power to them. It's not worth that much to me. Fortunately, we aren't in a huge rush to buy, I'd like to be moved by the end of next summer at the latest, but could move much sooner if the right house at the right price comes up.
Good luck. It's really hard to wait and be patient for a price drop.
I've been watching a house online in preparation for a house-hunting trip in a few weeks. It was listed in March at about $289,000 and when I started watching it this summer the price had dropped to $269,000. It just sold for $210,000. I'm thinking sometimes it pays to make your offer and see what happens.
I've been watching a house online in preparation for a house-hunting trip in a few weeks. It was listed in March at about $289,000 and when I started watching it this summer the price had dropped to $269,000. It just sold for $210,000. I'm thinking sometimes it pays to make your offer and see what happens.
I agree. I was just waiting because my realtor told me to. I want to wait til after the election because taxes are going to skyrocket here if they elect who they are most likely to elect. I think prices will go down even further.
I've been watching a house online in preparation for a house-hunting trip in a few weeks. It was listed in March at about $289,000 and when I started watching it this summer the price had dropped to $269,000. It just sold for $210,000. I'm thinking sometimes it pays to make your offer and see what happens.
Make your offer and stand firm and be ready to walk.
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