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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?
The offer is 'about' 15% below asking price (factoring for the closing cost cash...). Only on MLS for 1.5 week I think you have to counter with about a 7 or 8 cut, and hope the potential buyer is going to be happy with about 9-10%.
Seems fair from here, but the subtle things like HOW the offer was presented, WHO brought the offer, WHY they are looking can tip me to ask for more or less.
This is sort of like playing a video game version of poker vs having live player across the green felt...
I think I'm with CouponJack on this..you are fortunate to have found a qualified buyer so quick.
Remember it is a buyer's market. Do you really need to counter ? Would you be happy with the offer as it stands ? What was the minimum you set for yourself that you would be happy with ?
I think I'm with CouponJack on this..you are fortunate to have found a qualified buyer so quick.
Remember it is a buyer's market. Do you really need to counter ? Would you be happy with the offer as it stands ? What was the minimum you set for yourself that you would be happy with ?
We bought it for $280 and put time/money into it for renovations. But, given the environment would sell for $280... less than that would rather rent it, I think.
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'm with the "don't let this one get away" crowd. In this market it's hard finding qualified buyers. Nice ones are even harder. You managed to find a buyer without a realtor, so consider the savings you're getting and the relative quick sale. If you hold out for more, you might end up not selling for a good while or with buyers who are not nice or have representation which will end up costing you more money or headaches.
With that said, depending on what your feelers are telling you, I may be tempted to counter with just a touch of an increase, say 1-2%. Just enough to get you a smidgen more, but not enough to kill the sale. That'll probably give you an extra day or so incase another offer comes in.
If you want to be more assured that you're not selling your home short, then your best bet is to get the home appraised, but that will cost you a bit of money and more importantly, time. You don't want to diddle daddle so much the buyers lose interest, or see something else they're interested in. If you can get a competent appraiser to come in pretty quickly, it might be worth it for your peace of mind.
I just saw your post about you not wanting to go below $280. If that's your bottom line and you don't mind renting it out, then that's where I would counter. You could get lucky or you could end up being a landlord. If you don't mind being a landlord, then I think you are more free to ask for more. Personally, I'd be more inclined to get the house sold in order to move on, but everyone is different.
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Total waste of money!!!!!!!
