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In our minds, we were looking to take 5% off asking price thinking it was priced fairly to begin with and making it worth it for us- financially to sell.
No listing realtor was used so no one spent any money in marketing-
This price point is my wheelhouse as a Realtor, as more than 70% of my business is over $1m. First, I can tell you that while a lot of people will argue the Realtor v. no-Realtor thing, selling these types of homes is incredibly difficult and expensive, and a FSBO in my area in this price range would be real estate suicide. There's too much that goes into it that you can't do. You NEED a Realtor in this market. The majority of my sales in this market are via networking with my contacts. Contacts you don't have.
Second, $50k is NOTHING off this house. You'd be better off pricing it at $1.5m and "negotiating" down to $1.2 instead of starting just above and giving yourself no room. Buyers in this price range aren't stupid, and they're very savvy with their money. They're not looking for something they can pay near full price on. Most of them are holding their money, so to get them to write a check, they're going to need a deal and you're not offering one.
You're not ready to sell. When you're ready, get more flexible in the price and hire an expert in that price range in your area. It'll be the best money you can spend.
Second, $50k is NOTHING off this house. You'd be better off pricing it at $1.5m and "negotiating" down to $1.2 instead of starting just above and giving yourself no room. Buyers in this price range aren't stupid, and they're very savvy with their money. They're not looking for something they can pay near full price on. Most of them are holding their money, so to get them to write a check, they're going to need a deal and you're not offering one.
I disagree. Savvy buyers recognize a good price when they see it. They don't immediately assume that a house is priced at 80% of where it should sell, and they don't need to play the game of offering well below list price if the house is priced at what can be shown to be a good selling price. In fact, I've seen, and heard about from other agents, that many buyers see a house that is well overpriced and don't bother to make an offer, "knowing" that the seller isn't going to be ready to come down the 20% that will make it a good deal. Savy buyers see the house and they evaluate it. If it looks like a good deal can be made, they go ahead & try to make it. The OP demonstrates this by pointing out that they got an offer of $1.2m. (They probably should have TAKEN that offer, but that's a different discussion.) The fact they got such an offer suggests they ARE offering a deal. That may not be correct, but there certainly isn't any evidence yet to suggest that.
pricing aside, I don't see the point in taking it off the market for a few weeks. People will recognize it as the same place, different price and read (justified or not) desperation.
As suggested above, if you really want to sell, get in touch with the ones who made that offer and hope.
Also as suggested above, decide if you really want to sell. This is a buyers' market. People who want to sell can't play games.
This price point is my wheelhouse as a Realtor, as more than 70% of my business is over $1m. First, I can tell you that while a lot of people will argue the Realtor v. no-Realtor thing, selling these types of homes is incredibly difficult and expensive, and a FSBO in my area in this price range would be real estate suicide. There's too much that goes into it that you can't do. You NEED a Realtor in this market. The majority of my sales in this market are via networking with my contacts. Contacts you don't have.
Second, $50k is NOTHING off this house. You'd be better off pricing it at $1.5m and "negotiating" down to $1.2 instead of starting just above and giving yourself no room. Buyers in this price range aren't stupid, and they're very savvy with their money. They're not looking for something they can pay near full price on. Most of them are holding their money, so to get them to write a check, they're going to need a deal and you're not offering one.
You're not ready to sell. When you're ready, get more flexible in the price and hire an expert in that price range in your area. It'll be the best money you can spend.
I disagree about pricing it at $1.5-it is not 3-4 years ago where I would have gotten that or close-both families that made those offers are from around here/neighboring towns-they know the neighborhood-that seems more like a game-i am pricing it the fair range to sell-i think if it was listed higher they wouldnt have bothered-
Yes buyers are savvy and very computer literate-they will gather the info we did when considering our price-
I am not taking off the market for price changing alone-there are some other things going on that I will need not to show for a couple of weeks-
I disagree. Savvy buyers recognize a good price when they see it. They don't immediately assume that a house is priced at 80% of where it should sell, and they don't need to play the game of offering well below list price if the house is priced at what can be shown to be a good selling price. In fact, I've seen, and heard about from other agents, that many buyers see a house that is well overpriced and don't bother to make an offer, "knowing" that the seller isn't going to be ready to come down the 20% that will make it a good deal. Savy buyers see the house and they evaluate it. If it looks like a good deal can be made, they go ahead & try to make it. The OP demonstrates this by pointing out that they got an offer of $1.2m. (They probably should have TAKEN that offer, but that's a different discussion.) The fact they got such an offer suggests they ARE offering a deal. That may not be correct, but there certainly isn't any evidence yet to suggest that.
I think the point is that most of the buyers in this price point want a DEAL. Not a fair priced home. Most of the affluent are only buying if they see a great deal that'll net them a return at a later date. I've got plenty of fairly priced homes, but I've had better luck setting prices higher and having larger negotiations come contract time.
The whole point of this is that the seller really isn't in a place to sell right now. They don't have enough margin, won't market the property correctly and just aren't motivated.
To each their own and that's certainly their right.
Hi. We have been on the market for approx 60 days. Our asking price is $1,280,000. We got offers in the very beginning where we negotiated as high as 1,150,000 and 1,200,000 but taking less wasn't worth selling to us and there wasnt anything on the market that was worth going to. We are in the mid-low range priced of the other houses in the neighborhood although the others have an extra bedroom and about 15% more square footage. 3 years ago you could get my house for my listing price/maybe slightly less but everything would be 30 years old. We have done major renovations over the last few years.
Trying to give background info-question is-if we were to take the house off the market and relist it in a few weeks-what would be a conservative price drop but still enough to possibly spark interest in the house?
Thanks
You refused $1.2mil? Fool!
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