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In the real world of today's market it is almost certain that this house will still be on the market a few months from now with a lower price. If it isn't, then there will be group of new listings to replace it. The worst thing a buyer can do is forget that they are in charge now, if the seller doesn't like your offer, then move on, look at some other properties and be patient. Do not fall in love with a particlular house or listen to some commission hungry agent that tells you that if you snooze you lose.
I totally agree SCO you are 100% correct if I hire a agent that works for my money then what every offer I put in should be fine and if he/she tells me I will lose the house then I will lose you as my agent. Like SCO said the worst thing I can think/buyer is your not in charge because when it all boils down your selling your house not me. I also have learned not to fall in love with one house because one thing I do know is it's tones of houses out there and if the seller doesn'tt want my money then someone else will there lost not mine. One thing about it is I'm not desperate I can wait forever until the right one come along yes I am in the market for buying a home but I am also in the market for saving as much money as possible.
Example!!!!!! One of my co-worker paid 280,000 for his house in warrenton back when warrenton wasn't nothing but a old town with no modern amenities when warrenton was so called too far out. Well when the market was rising and they where moving further out and warrenton start building things like target, coffee shops, etc,etc and the new homes started to pop up warrenton then wasn't so bad. Everyone wanted to get on the bandwagon like everyone else and sell for double the price . Well he cashed in on it selling his house in Warrenton for 410,000 making a profit of 110,00 using that money to buy a bigger better home. His new home was 625,000 because guess what like him the seller wanted a big profit too so he ended up paying to much for the house well now his trying to sell it for 700,000 and it was only appraised for 610,000, Six years ago when he paid for it, it was probably worth under 500,000 and he said that his not going to go lower what a fool he is his house been on the market now for 120days now no buyers but the story doesn't end this idiot went and bought another house in another state hoping that his house will sale within a month now he has two mortgages who will bend NOW!!!!!!!!!!!!!!!
P.S. my spelling and grammar is bad typing really fast a work!!!!! lol
I totally agree SCO you are 100% correct if I hire a agent that works for my money then what every offer I put in should be fine and if he/she tells me I will lose the house then I will lose you as my agent. Like SCO said the worst thing I can think/buyer is your not in charge because when it all boils down your selling your house not me. I also have learned not to fall in love with one house because one thing I do know is it's tones of houses out there and if the seller doesn'tt want my money then someone else will there lost not mine. One thing about it is I'm not desperate I can wait forever until the right one come along yes I am in the market for buying a home but I am also in the market for saving as much money as possible.
Example!!!!!! One of my co-worker paid 280,000 for his house in warrenton back when warrenton wasn't nothing but a old town with no modern amenities when warrenton was so called too far out. Well when the market was rising and they where moving further out and warrenton start building things like target, coffee shops, etc,etc and the new homes started to pop up warrenton then wasn't so bad. Everyone wanted to get on the bandwagon like everyone else and sell for double the price . Well he cashed in on it selling his house in Warrenton for 410,000 making a profit of 110,00 using that money to buy a bigger better home. His new home was 625,000 because guess what like him the seller wanted a big profit too so he ended up paying to much for the house well now his trying to sell it for 700,000 and it was only appraised for 610,000, Six years ago when he paid for it, it was probably worth under 500,000 and he said that his not going to go lower what a fool he is his house been on the market now for 120days now no buyers but the story doesn't end this idiot went and bought another house in another state hoping that his house will sale within a month now he has two mortgages who will bend NOW!!!!!!!!!!!!!!!
P.S. my spelling and grammar is bad typing really fast a work!!!!! lol
Problem is everyone thinks this housing crisis is happening somewhere else and not to their area.
Problem is everyone thinks this housing crisis is happening somewhere else and not to their area.
Yes and they also think that even if their local market is crashing, their house is somehow immune due to upgrades, superior condition or a magical aura. Listing agents and sellers rely on a potential buyer's emotions and fear of losing their one and only dream home. They do not want you to think logically when it comes time to submit an offer and negotiate. The truth is the vast majority of single family houses in any market are tract homes built on similar lots. You may find one that has been better maintained or upgraded compared to the rest of the neighborhood, but none of them are unique or rare. Unless you are looking at high end custom properties built on special pieces of land, there will always be a similar house on the market.
Yes and they also think that even if their local market is crashing, their house is somehow immune due to upgrades, superior condition or a magical aura. Listing agents and sellers rely on a potential buyer's emotions and fear of losing their one and only dream home. They do not want you to think logically when it comes time to submit an offer and negotiate. The truth is the vast majority of single family houses in any market are tract homes built on similar lots. You may find one that has been better maintained or upgraded compared to the rest of the neighborhood, but none of them are unique or rare. Unless you are looking at high end custom properties built on special pieces of land, there will always be a similar house on the market.
I had a peer at work telling me "he's building a house". I said no you're not..you bought a lot in a subdivision and the builder is building a home you picked out of a book with some upgrades you picked from the builder's list. He argued and then I said.."I had a house built. I bought some land and had to get permits, I had to get a water tap and electric put in. I had to find a builder and architect. I had to go to the county and schedule inspections. I had to meet countless contractors at the site to make sure everything got installed in the right order and in the right place."
Then I asked him "and what do you have to do while YOU are having your house built ?" and watched him walk away.
His house is just #X in his cookie cutter subdivision.
Boy these threads always turn into the same thing, one group says the market is crashing, go steal a house, offer 10 cents on the dollar whoopeee! The other group says it's regional and not all markets are diving and whether to accept a low ball or tell them to take a walk is dependent on your specific issues.
I've yet to see any reasonable person on here state that everythings fine everywhere so I don't get the gnashing back and forth unless it's just to have something to do.
Personally I think it's a little of both, there's deals to be had out there for sure but not EVERYONE is about to be forclosed on and can afford to sit on their properties as long as it takes. Not every market is in dire straights, yes there are some, take here for example, we've only dropped about 5% in price since this time last year and that's not in all parts of the market as some are holding pretty steady. DOM has about doubled but so what. Inventory is up about 30% which I guess explains the DOM increase, again I say so what?
I'll sit here until someone makes an offer I'll accept and if it takes a while then I guess that's the way it'll be, I for sure will not just accept any offer no matter what. If it's reasonable then we'll deal, if not then thanks for dropping by, have a nice day.
Just like buying a car, yes car dealers are having a hard time right now and will deal some but go ahead and try and offer them 10k for a 25k vehicle and see if you drive off in it or not.
Just my 2 cents....
Boy these threads always turn into the same thing, one group says the market is crashing, go steal a house, offer 10 cents on the dollar whoopeee! The other group says it's regional and not all markets are diving and whether to accept a low ball or tell them to take a walk is dependent on your specific issues.
I've yet to see any reasonable person on here state that everythings fine everywhere so I don't get the gnashing back and forth unless it's just to have something to do.
Personally I think it's a little of both, there's deals to be had out there for sure but not EVERYONE is about to be forclosed on and can afford to sit on their properties as long as it takes. Not every market is in dire straights, yes there are some, take here for example, we've only dropped about 5% in price since this time last year and that's not in all parts of the market as some are holding pretty steady. DOM has about doubled but so what. Inventory is up about 30% which I guess explains the DOM increase, again I say so what?
I'll sit here until someone makes an offer I'll accept and if it takes a while then I guess that's the way it'll be, I for sure will not just accept any offer no matter what. If it's reasonable then we'll deal, if not then thanks for dropping by, have a nice day.
Just like buying a car, yes car dealers are having a hard time right now and will deal some but go ahead and try and offer them 10k for a 25k vehicle and see if you drive off in it or not.
Just my 2 cents....
I totally agree. I would like to have a mercedes, but how far will I get telling a dealing I'll give him $20k. I would also like to buy a million dollar house, but it's not in my budget. Should I offer $700k and see what happens? Just a big waste of time. I'm certainly willing to negotiate, but not at 25-30% under list.
I totally agree. I would like to have a mercedes, but how far will I get telling a dealing I'll give him $20k. I would also like to buy a million dollar house, but it's not in my budget. Should I offer $700k and see what happens? Just a big waste of time. I'm certainly willing to negotiate, but not at 25-30% under list.
Moderator cut: personal attack I have a mercedes and guess what I got a very sweet deal on it and one day when I can get a million dollar home I will offer them 700k-750k max if they don't like my price price I will walk away and move to the next million dollar home option that's what it's called. My point is you will be a idiot to spend more than you have to if you can get a cow for free get it.
And yes offer 700k for your million dollar home and see what happens you might get lucky!!!!! you never know if you don't try.
Calm down! No need for name calling...everyone has their own opinion, the world would be so boring if we all thought the same..everyone's situation is different..I guess I am stupid too, I would not offer 700,000 on a million dollar house unless I knew the comps were right in there...no use wasting the seller nor my time..
I have a mercedes and guess what I got a very sweet deal on it and one day when I can get a million dollar home I will offer them 700k-750k max if they don't like my price price I will walk away and move to the next million dollar home option that's what it's called. My point is you will be a idiot to spend more than you have to if you can get a cow for free get it.
And yes offer 700k for your million dollar home and see what happens you might get lucky!!!!! you never know if you don't try.
You can run around and offer what ever you want but unless you take the time to run the comps and find out what the homes are really selling for you are most probably wasting your time.
Do you think many people are selling their home for $700,000 if similar homes in the neighborhood are selling for $1,000,000? Probably not and if you move on to the next one you will probably get the same answer.
Then again if you find an area where homes are selling for $700,000 then you might find someone that is looking to sell quickly that may move it for $600-$650.
You are throwing around the "stupids" and "idiot" quite a bit but you are not really providing anything except rhetoric in your posts. And I am using the term rhetoric in the modern sense not the classical sense.
Last edited by Marka; 04-26-2008 at 02:33 PM..
Reason: cut quote
i started looking for a place in north tampa around lutz, odessa, land o lakes 15 months ago. i currently live between london, uk and tampa and am looking to move fulltime to tampa around this time next year. i am looking for a lot of around 2+ acres buildable, it can have an existing building which i will either demolish or keep as guest accommodation.
i started out looking on realtor.com and the mls(which some agents offer on their websites). i opened 2 realtor.com accounts and monitored 100 homes for sale and 100 lots. of the original 100 homes, 36 have sold in 15 months. of the original 100 lots, 4 sold.
the frightening thing is to go onto the appraiser website(pasco, pinellas and hillsborough in my case) and to see what these places went for 2,3,5,7..10years ago. it is not uncommon to see lots go from $65k in 2000 to $220k in 2004 and see the owner asking $465k today. this kind of appreciation in lot prices is actually the norm. houses have had a slightly less meteoric rise but nevertheless still insane.
take lot A. sold in '95 for $85k, bought by the current owner for $250 in 2005 and listed this time last year for a staggering $550. the sobering fact is that in 15 months the price has come down to $400k and now to its resting place at $299k where it has sat for about 5 months. to think that some poor sod might have offered a LOWBALL of $519k when it first listed only to have his lame offer treated with contempt by the real estate community. this might look like an extreme example but i assure you that of the 100 lots i have looked at, this is the best deal available, hands down!
another of the interesting things to see is the discounts that have been accepted (ie list vs sale price) the highest margin was a 60% discount, followed by 3 50% discounts. there are about 10 whose discounts fall around the 25% mark. as for the rest, most 5%-15%.
many of the properties available are owned by people who don't need to sell, in which case they can ask what they want for the place regardless of how long it sits. the reality is that their perception has not been challenged by enough buyers who look at the fundamentals (rising unemployment, tightening credit, massive inventories, rising foreclosure numbers) and offer accordingly(ie lowball)!
fortunately i have been around long enough to remember what a real recession (70's-80's)does to real estate prices and when i lowball it's not because i want to offend a buyers ego, steal from them, take advantage of their position etc etc, it's because i want to protect my own BUTT.
if you don't need to sell, don't, i also don't need to buy! the reality however, is that more and more people do NEED to sell and the numbers of those looking to buy is shrinking daily. my advice is to look at what the place sold for at the start of the boom (2001) adjust for inflation and offer. you will probably be ridiculed more often than not but at the end of the day you will find something and you will have the last laugh
Last edited by 58robbo; 04-26-2008 at 03:48 AM..
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. Listing agents and sellers rely on a potential buyer's emotions and fear of losing their one and only dream home. They do not want you to think logically when it comes time to submit an offer and negotiate. The truth is the vast majority of single family houses in any market are tract homes built on similar lots. You may find one that has been better maintained or upgraded compared to the rest of the neighborhood, but none of them are unique or rare. Unless you are looking at high end custom properties built on special pieces of land, there will always be a similar house on the market.
good comparison
