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Hi, everybody. It's six AM, and I've been awake since five worrying that the seller will accept my offer!!!!
For anyone who thinks that someone like me is a greedy bottom feeder, you just have to realize how much I worry about money.
Because ... home prices might decline even further, and maybe much further. So , what if I pay 165 (Which is 42,000 below what they want) and housing prices decline next year so that I can't get 120 for this? And then stay that way for ten years? That might seem impossible, except that these houses sold for about 100,000 in 2000, and then, for all eternity before that, they sold for below 100,000!!
I can't really afford to lose 45,000 (can anybody?)
I can't guarantee that I will be in this house seven years--though I would like to be. I was laid off once, and I realize that, wow, sometimes it is impossible to find work, just impossible. People aren't kidding about that.
On the other hand: It is a beautiful house. The (finished) basement is big enough to accommodate everything I own in this world, and leave the rest of the house for me to enjoy. (It is an estate sale, so fully furnished with much nicer furniture than I have). I think at 160,000 it would be cheaper to buy then rent, or perhaps, it is the break even point (at the asking price, it would be cheaper to rent ...)
And also--they probably won't accept the offer ...
On the other hand, the bank offered me 4.8%. I thought I wasn't hearing correctly; I still think I must not have that right. Can that be right????? That can't be right ....
Let's flip the script here for a second.
And let's go back to when the market was rising week over week..
You're a seller.. and the house down the block sold for $100K last year.. and now you are selling it ofr $200K .. but you want to ask $300K because how do you know that you would be loosing out on the money you would make if you sold the house NEXT year for $300K!! So you asking next years estimated prices this year!!!
REal Estate does not work that way. The price COULD go down.. or it could stay where it is or may even tick up.
You have to sell/buy on what the prices are TODAY.. NOT what they will be tommorrow. If you're that worried about wether prices will go down a year from now.. then you can take that gamble and wait to see where the numbers are a year from now.. but to ask the seller to take the gamble for you.. ie: selling you the house at what you THINK it may be worth a year from now is not really quite fair..
Especially if they only are really looking to get what the house is worht TODAY.. nt what it was worth last year (when it was higher) or a year from now when things may or may not be lower, higher etc.
And let's go back to when the market was rising week over week..
You're a seller.. and the house down the block sold for $100K last year.. and now you are selling it ofr $200K .. but you want to ask $300K because how do you know that you would be loosing out on the money you would make if you sold the house NEXT year for $300K!! So you asking next years estimated prices this year!!!
REal Estate does not work that way. The price COULD go down.. or it could stay where it is or may even tick up.
You have to sell/buy on what the prices are TODAY.. NOT what they will be tommorrow. If you're that worried about wether prices will go down a year from now.. then you can take that gamble and wait to see where the numbers are a year from now.. but to ask the seller to take the gamble for you.. ie: selling you the house at what you THINK it may be worth a year from now is not really quite fair..
Especially if they only are really looking to get what the house is worht TODAY.. nt what it was worth last year (when it was higher) or a year from now when things may or may not be lower, higher etc.
This is so completely rational. Maybe the simple minded will finally understand this is what more sophisticated posters have been trying to say. Thanks. I wish we'd of sold in early '06, to one of the "mail box" notes we recieved and for a LOT more money than we sold for in sept. of '08. But that's the way it goes, and why many just don't seem to get that. The latest suggestion is that things will and should go down up to another 30%- based on what? Wishful thinking? It's just pointless to try and dispute these hopeful forcasters. But thanks for at least putting another spin on things. And you are correct, most if not all are asking what their homes are worth today, not last year or 2 years ago or even 5 in some cases. They have listned and known the market is down, how much in their areas, and are pricing them accordingly. But there is no rationalization when it comes to some minds. Really, you see it a lot on here.
And let's go back to when the market was rising week over week..
You're a seller.. and the house down the block sold for $100K last year.. and now you are selling it ofr $200K .. but you want to ask $300K because how do you know that you would be loosing out on the money you would make if you sold the house NEXT year for $300K!! So you asking next years estimated prices this year!!!
REal Estate does not work that way. The price COULD go down.. or it could stay where it is or may even tick up.
You have to sell/buy on what the prices are TODAY.. NOT what they will be tommorrow. If you're that worried about wether prices will go down a year from now.. then you can take that gamble and wait to see where the numbers are a year from now.. but to ask the seller to take the gamble for you.. ie: selling you the house at what you THINK it may be worth a year from now is not really quite fair..
Especially if they only are really looking to get what the house is worht TODAY.. nt what it was worth last year (when it was higher) or a year from now when things may or may not be lower, higher etc.
The house for sale in your example is worth no more than $100K.....and probably less in 95% of the RE markets.
Karen59....if they don't take your offer, just wait and they'll be back. Be patient, wait it out for a while and when they do come back, offer even less since the market is going nowhere but down.....BIG TIME.
I've submitted lowball offers and exactly what I knew would happen before I submitted the offer happened: my client was beat out by better offers. When you're in a competitive market, lowball offers waste a lot of people's time.
How DARE those buyers waste your precious realtor time? Cheapskates & bottom-feeders ..that's all they are! Obviously they should all start making HIGH BALL offers immediately because it is -after all- all about your needs, right?
The latest suggestion is that things will and should go down up to another 30%- based on what? Wishful thinking?.
How about based on the fact that our entire national economy is collapsing as we speak, unemployment is surging to historic levels, home prices are dropping almost everywhere and every indicator points to worsening conditions.
Now let's flip that question; The latest suggestion is that things will NOT and should NOT go down up to another 30%- based on what? Wishful thinking?
How about based on the fact that our entire national economy is collapsing as we speak, unemployment is surging to historic levels, home prices are dropping almost everywhere and every indicator points to worsening conditions.
Now let's flip that question; The latest suggestion is that things will NOT and should NOT go down up to another 30%- based on what? Wishful thinking?
In Vegas I would observe that they are below replacement costs and are being driven down only by the low pricing the lenders are setting on REPOs...there are not enough REPOs left to drive down another 30% at present rates with the oncoming spring volume numbers.
If the economy gets bad enough of course all bets are off. But then again we might get hit by a gigantic meteorite or California might be swallowed in a Tsunami. All bets are off if those happen too.
If the economy gets bad enough of course all bets are off. But then again we might get hit by a gigantic meteorite or California might be swallowed in a Tsunami. All bets are off if those happen too.
Don't forget to mention the possibility of Alien Invaders from Mars ..just to keep it real ya know?
And let's go back to when the market was rising week over week..
You're a seller.. and the house down the block sold for $100K last year.. and now you are selling it ofr $200K .. but you want to ask $300K because how do you know that you would be loosing out on the money you would make if you sold the house NEXT year for $300K!! So you asking next years estimated prices this year!!!
REal Estate does not work that way. The price COULD go down.. or it could stay where it is or may even tick up.
You have to sell/buy on what the prices are TODAY.. NOT what they will be tommorrow. If you're that worried about wether prices will go down a year from now.. then you can take that gamble and wait to see where the numbers are a year from now.. but to ask the seller to take the gamble for you.. ie: selling you the house at what you THINK it may be worth a year from now is not really quite fair..
Especially if they only are really looking to get what the house is worht TODAY.. nt what it was worth last year (when it was higher) or a year from now when things may or may not be lower, higher etc.
Hi, Tristan'sMommy. Yes, I do see what you are saying. And--they'll likely turn down my offer. I found lowballing doesn't seem to work (except they called my realtor and asked me to low ball)
However, selling a house is like a mini business deal, and in business, it's always great to know your customer. It might be a business plan to say--hey real estate doesn't work that way. This is how it works, buddy--you pay today's prices today. It's not fair to ask me to listen to your worries about the economy--so pony up your cash, sister.
But no one is buying this seller's house, so his/her business plan doesn't work.
I'm just offering insight into how I feel--a savy person might listen and learn. When it comes time to sell my condo--I can also pull myself up haughtily and tell my potential buyers--hey, you play by my rules, or take a hike. But if I truly want to sell it--I might have to listen to how they feel. This is a forum I'm just posting how I feel. It's nice I can do in anonymously, by the way, because I sure would be annoying family and friends, otherwise.
Don't forget to mention the possibility of Alien Invaders from Mars ..just to keep it real ya know?
i wouldn't call it that, it's more like the manufacturers of real estate signs have conspired to get rid of their inventory of card! i can't believe how much stuff is for sale here in tampa. i then hear agents talk about falling inventory. not on this planet!
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That might seem impossible, except that these houses sold for about 100,000 in 2000, and then, for all eternity before that, they sold for below 100,000!! 
