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It is interesting to see how both sides are so sensitive to the dynamics of the real estate market. Clearly some people have a vested interest in it as sellers which makes them defend prices. (which I find funny since they will most likely soon become buyers and hence have to deal with sellers unwilling to price to current market conditions)
And you have buyers who just don't want to get ripped off or pay too much in todays market since prices are dropping daily.
Just interesting. I get when Real Estate Agents defend housing in general because that is their job but the sellers are the ones that really boggle my mind. And I was JUST a seller and never thought like that for a second. Lost some cash but them the breaks and moved on.
And as soon as buyers buy, then they want the market to go up and they become the same way.
I think the number of qualified buyers is relatively constant. Two things have changed:
The speculators ( those who bought with extreme leverage) have left the market.
Buyer perception of value changes based upon the amount of unsold inventory. High inventory= lower value perception. Low inventory= higher value perception.
Again, in some areas. In our area, speculators and investors are starting to jump back in the market.
I wasn't ignoring your question...just answered it prior to this post. I had to scurry around like mad to make beds and put laundry away for the almighty buyer that is showing up in 30 minutes.
Yes I am willing to adjust my price based on comps in answer to the above question.
Pittsburgh didn't get hit quite as hard as you are suggesting. Pittsburgh also did not experience the big BOOM in prices when it was a sellers market.
So my only suggestion to you is to list it lower. Not trying to be a jerk but if you had it listed over the fall or winter and it didn't sell and the market declined I am sure even if by a SMALL % out there then you should adjust accordingly. (Maybe you did)
And it is usually better to be a tad ahead of COMPS then within them if you want to sell. If you don't care then that is fine, I just hope you don't end up chasing the market more than you have to.
Question NJ: Why not? When you buy are you going to stay there forever? If so, then it shouldn't matter what it's "worth," cause you're not selling anyway. Secondly, if you're not going to stay there forever, then stable or flat is bad too. You could've rented and probably saved yourself a lot of money in maintenance and costs, no?
I don't understand why anyone would buy a house if they don't expect it to appreciate.
Location: Pittsburgh--Home of the 6 time Super Bowl Champions!
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It could be. Depends on your taste in tile and whether the buyer actually wants hardwood floors and tile. In some situations vinyl can be a great choice.
Tile/hardwood is a DEFINITE upgrade over vinyl.
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Nice. Maybe. What if they don't like hickory cabinets? What if they wanted maple? Or oak? Or cherry?
Then they should walk! It's that simple.
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So your appliances are 6 years old now...
Are you suggesting that sellers buy all new appliances for buyers now? Please tell me that is not what you are suggesting...because it sure seems like it.
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Was this also 6 years ago? What sort of carpet? What color? Pattern?
No pattern, cream colored, soft plush carpet. 5 years ago.
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Maybe I would really like what you did. Maybe I would hate it. That's sort of my point.
There were lots of things I didn't like when I bought my home...let's see...where should I start. Pink cabinets, cookie monster blue shag carpeting in LR and DR. Old ripped stained carpet remnants in bedrooms. Orange brown shag in sun room. Torn vinyl flooring in kitchen.
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Of course, I am sure that you have very good taste, and I'll assume for the sake of argument that most of your work was done in neutral tones with subtle patterns and whatnot. But if there are even one or two choices that an individual buyer doesn't like, they will loom large not as value, but as a future expense. Just something to consider.
They should not take money off my home when it is within comps just because they may or may not like something.
Location: Pittsburgh--Home of the 6 time Super Bowl Champions!
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Originally Posted by NatasNJ
So my only suggestion to you is to list it lower. Not trying to be a jerk but if you had it listed over the fall or winter and it didn't sell and the market declined I am sure even if by a SMALL % out there then you should adjust accordingly. (Maybe you did)
And it is usually better to be a tad ahead of COMPS then within them if you want to sell. If you don't care then that is fine, I just hope you don't end up chasing the market more than you have to.
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I did adjust... I dropped my price when I relisted.
What if what you call "upgrades" are nothing more than personalizations to the buyer - that they will have to pay to change?
Out of curiosity, how much of that 35K do you expect to get back?
Since the purchase price of 1998, the poster should expect ALL OF IT, and then some!! You people are crazy if you think this seller should not get more than the 98k she paid in 1998!
For instance, take granite countertops - Two houses that are equal, but one has granite countertops and the other doesn't. I wouldn't pay extra for that. My perspective...
Ahhh, where were you around the Chicago market? Here, in our suburbs, every and all buyer would see granite and instantly become stupid. They would choose the granite every time, even when the other home was bigger and had more updates, with the opinionated mistake to put corian instead of granite in the kitchen re-do. How do I know? It happened, too many times to count, when we were on the market last year! Smae neighborhood, same builder, some homes bigger than others, and yet the smaller ones with no den to boot, would sell befoe the bigger ones with no granite, for same or MORE money if the kitchen had "GRANITE"!
And as soon as buyers buy, then they want the market to go up and they become the same way.
A HOME RUN, folks, a home run!
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Pink cabinets, cookie monster blue shag carpeting in LR and DR. Old ripped stained carpet remnants in bedrooms. Orange brown shag in sun room. Torn vinyl flooring in kitchen. 
