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After looking for years, I found a home I want. I don't have to move. My husband doesn't want to. But he couldn't find one negative about this house and agreed if the price was around what I think it's worth to make an offer. Except that it is WAY overpriced. 20-25%. It has been on the market over 60 days. I think the realtor must be suffering from dementia to agree to list at this price. I see they are trying to get close to what they paid in 2004 but it just isn't worth it. I have a solid comp that supports my price and a few listings that further support it. Nothing much is selling in that price range here. I have been working with a realtor but since I have been looking for so long, I just called a local realtor who I knew would keep quiet. I don't know if she has a lot of experience negotiating. I think she is a part time realtor.
SOOOOO...do I wait until they drop the price or go in at market now and explain. My agent contacted seller's agent a few weeks ago to kind of feel out the situation and the agent is quoting 2 year old comps. Seriously?
Just put an offer and if it's not countered fairly or at the price you want to pay walk away and wait for a price reduction if you are not in a hurry or wait for the market to increase and buy when the comps match the price.
wait for the market to increase and buy when the comps match the price.
THIS could take years. I am going through a lot of the properties on the market and the sold properties and they have had hundreds of thousands of dollars in price drops. People really got greedy. There is a comp that sold down the street that has been on and off the market since 2014. They listed it at $2.3 in the beginning and finally sold it for $1.5 recently. I doubt they even broke even because I think it was a builder and it was a gut rehab.
We'll see. My realtor has been out of the country so when she gets back, I want her to pull that market activity report so I can see if they got any showings. It is only for the third party showings but it's still good information.
you're not going to "talk sense" to the Seller. You can produce all the reports, tell them how seasonal the market is, waive an appraisal, buy it as-is, and quite possibly even show them the comps ... and the chance none of that matters is 90%+.
Good market, bad market, fast or slow - there's always a measurable number of Sellers who put their house on the market "if they can get $$" rather than for the precise purpose of selling and moving.
you're not going to "talk sense" to the Seller. You can produce all the reports, tell them how seasonal the market is, waive an appraisal, buy it as-is, and quite possibly even show them the comps ... and the chance none of that matters is 90%+.
Good market, bad market, fast or slow - there's always a measurable number of Sellers who put their house on the market "if they can get $$" rather than for the precise purpose of selling and moving.
I do not believe this is a case of let's put it on the market to see how much we can get. They bought it at peak and are trying to recoup. Comps don't come close. But I know they built a home in an adjacent state so the costs of carrying this house in addition with the high property taxes here would be silly.
My agent is supposed to come back from a trip overseas and now I want to maybe go ahead with an offer. And I am not waiving anything or buying as is or any of that because where I live it's 100% a buyer's market.
So I had an older comp down the street that was a gut rehab of an older home that sold back in Sept. I know it's old but comps in the neighborhood are not plentiful. In one place, it showed the house as having 3100 sf and in another 4,200 which is much closer to my house size. So even though it was much older, it had been gutted and was actually MORE updated than my 2004 built house. Looking at the pictures and the floor plan, I had a hard time determining where an addition would have been placed. So I called the selling agent and he confirmed that yes, it was 4,200 sf. So while it doesn't have nearly the curb appeal and landscaping mine has, it is just down the street and not that much smaller. Further evidence that the seller's price is beyond crazy. Waiting for my agent to check in with me after returning from her overseas trip.
Just spoke with my agent. Says all the agents in her office are laughing at our seller's agents comments about not getting too caught up in square footage and at least one of them has been in the house and says they are out of their rocker (which is what I have been saying all along). This house is one of the smaller ones in this area. She is pricing it like it's much bigger and has solid gold fixtures. Agent say no activity at all in that price range except for a couple of listings that came on the market in my neighborhood that are much bigger. But they aren't getting much action either. Meanwhile, a land comp has come down in price again in the area.
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