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10 days on MLS? You counter! People, the TIME ON MARKET is key! Early in the process you have HIGHER probability of getting your full list price even in the WORST declining market. This is basic stuff...
I would counter at $290k and see where they come up if any. If you HAVE to sell than take it and run. But if you can meet somewhere in between I assume that would be ideal. Good luck.
Counter at 290 plus closing costs. You need to get the highest price possible in case something turns up in the inspection and you have to negotiate it again
Appraiser's techniques / time frame are NOT helpful in the negotiation process!
I dis-agree. If the seller had an appraisal done BEFORE marketing his house he would not be having this issue. At least he would have known what the MV was and know how much to negotiate.
feel fortunate you're getting an offer from a qualified buyer in this market.
Take it and run....if you don't you'll end up like most and get less later on.
Funny you should say that... I had cash ready to buy on a piece of property that was "bought" by a bank for 180k... they listed it 220k... I made an offer of 160k (knowing what they paid for it originally three months ago)... they rejected it and asked for a higher offer... I told them I would go no higher than 175k and they came back with a "counter" of 220k and nothing less... today that property is at 190k... funny... too bad I have ZERO interest anymore... a lot of sellers think they have the upper hand as if they still are in the "housing boom" mindset... I had the money to buy it and now they lost an overqualified buyer and are probably going to have a substantial loss instead of a small one...
The most recent true comp is $295 in Dec of 08. In Baltimore, MD. Zillow showing $285 estimate, eappriasal $276 cyberhomes $316.
Split the difference. You want $300k, the buyer offered $260k, counter at $280k. Your "old comp" has set the price ceiling for your area for your type of house. You can debate this all you want but it won't change anything because that's what buyers in our area are thinking and being told. It's best you get rid of that property now while you still can break even. You won't be so lucky later this year or next year when the feds wind down their hiring and all the pick-a-payment ARM's recast locally causing another inventory boom. I would not go by what Zillow estimates since they are consistently high for the Baltimore region. You can just rent your place if you want, but I have a feeling you'd be playing with fire then. There are tons and tons of rentals you'd be competing with.
FSBO put it up 6 weeks ago, on mls 1.5 weeks ago. Have had maybe 50 people come by to see it. People seem to love the place-- lots of positive feedback. It shows well and is in great shape. On a gorgeous block. Listed it as $299K, offer came in at $260 + $5K closing fees, contingency on inspection, great financials putting $10K good faith. Nice people, too.
The most recent true comp is $295 in Dec of 08. In Baltimore, MD. Zillow showing $285 estimate, eappriasal $276 cyberhomes $316.
I know I'm competing with a house listed at $270K on a noisy road-- usually those homes sell for 15-20% less than our street.
I would love to sell them our home-- but given all of the interest how should I counter?
I would take it and run but at the most I would counter back at 260-265K with no closing assistance, first most people wont even touch a FSBO where I live because most FSBO homes are over priced because the owners are still dreaming of 2006 prices. Plus you are saving yourself about 15K already by not dealing with a real estate agent. So say you refuse this offer and you are forced to sit on your home for months on end without another offer, most people agree home prices are still dropping so in reality you home could be worth less in 3-6 months then what it is worth now. So you finally give in and list with an agent at 280K which is what you want....time you pay the fees you are pretty much right back where you are today.....So I guess the question is... do you want to move now, or maybe 6-12 months from now?
Funny you should say that... I had cash ready to buy on a piece of property that was "bought" by a bank for 180k... they listed it 220k... I made an offer of 160k (knowing what they paid for it originally three months ago)... they rejected it and asked for a higher offer... I told them I would go no higher than 175k and they came back with a "counter" of 220k and nothing less... today that property is at 190k... funny... too bad I have ZERO interest anymore... a lot of sellers think they have the upper hand as if they still are in the "housing boom" mindset... I had the money to buy it and now they lost an overqualified buyer and are probably going to have a substantial loss instead of a small one...
More times than not, many sellers try to get cute and squeeze as much out of the buyers as possible (and the reverse of course)....
Howver, w/the market w/the way it is, I wouldn't try to get cute and chance it like some are suggesting. You have a legit offer. However BE FIRM, don't go lower than where the offer is right now and RUN WITH IT.
A bird in the hand is better than 2 in the bush.....
I countered at $289 no closing costs and was told by the broker that "they will not be accepting my offer and good luck."
I guess they were looking for a desperate seller, which we are not. We have many renters lined-up and prefer that to selling it ridiculously low. Plus we have quite a few months to find another buyer. I'm surprised they didn't come up slightly but I'm happy saving myself the time/energy.
Good to know before the long weekend-- now I won't bother thinking about it!
I countered at $289 no closing costs and was told by the broker that "they will not be accepting my offer and good luck."
I guess they were looking for a desperate seller, which we are not. We have many renters lined-up and prefer that to selling it ridiculously low. Plus we have quite a few months to find another buyer. I'm surprised they didn't come up slightly but I'm happy saving myself the time/energy.
Good to know before the long weekend-- now I won't bother thinking about it!
It's become more and more of the norm for a buyer to "go fishing"....Make a dozen low ball-ish offers for different properties and hope one of many seller "bite"
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