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I know prices could very well be lower in the spring. If prices and demand are this low now with low interest rates, things could get a lot worse if rates start to climb.
If we sell now, we would be losing approx. $10k in sale price, then $10k commission, and finally $6,800 in improvements that we put in. That's a lot to lose in 1 year.
I would rather just stay in the house and wait it out (realizing that things could get a lot worse, but who can predict 1, 2, or 3+ years out?)
Yes, of course we should have "asked for the moon" when we bought, but we were in a hurry and our "buyer's agent" didn't help us AT ALL. (in fact, he only gave us a 5 day inspection period, and said that the use of an "as is" contract is standard business procedure these days. That from a buyer's agent!! I should have said heck no, but there were a lot of factors working against me that I won't get into here.
That's what we get for using one of those discount/ get a rebate back brokerages.
Listen here is the deal with contract offers and negotiations. 1) since 2010, in most places in U.S., the values have dropped, 3-5%, so your improvements may have been eaten up with the price drop.
2) if the price is within what the current market will bare, when taking into consideration all the other demands the buyer has made then accept the offer, however, if the offer falls short then, accept the demands you want and deny the ones you don't and make your counter offer.
3) the contract expiration makes no difference, you can still make the counter, just put in our response that you got the contract after the expiration, its only put there to make you act quickly And not drag your feet.
4) we have a sayings in this business that " the first offer is sometimes the best offer" however if it is too far below similar properties(ask your agent to show you comps) then don't accept, but be willing to loose the deal.
I think my agent has too many irons in the fire. His reponsiveness is not anything like the agent who we used to sell our other home when we moved down here. (agent here is #1 in listings recently)
The thing is based on my own research, our home won't even appraise for what we paid a year ago. It's probably about $10,000 less.
So my point is that any home that isn't a total mess could probably sell within 3 months IF the seller's are willing to get the list price in the "zone" of what the true market value is. So these homes we see lingering on the market are probably just seller's who refuse to accept what their place is really worth so they can move forward.
Our agent wants us to consider dropping the price $10,000 after only 1 month of listing. That puts us down to $159,000 list when we paid $164k. Again, the market turned out to be a lot worse than we imagined when we listed. So at this point, I would rather wait until we really need to move, but I'm not going to pay $1,500 (+marketing expenses!) to cancel this listing.
We have another showing today at 6:30. It seems like a waste of everyone's time.
So at this point, I would rather wait until we really need to move, but I'm not going to pay $1,500 (+marketing expenses!) to cancel this listing.
We have another showing today at 6:30. It seems like a waste of everyone's time.
So, out of curiosity, if you don't need to move, what led you to list the home for sale, having only bought it last year?
Did you decide you didn't like the area/neighborhood? Want to take advantage of the opportunity to get a bigger/better property at an even lower price and/or using increased purchasing power from even lower rates?
Consider your "losses" as rent, divide by the number of months you've lived there, and that's your rental. You cannot expect, in this market, to get back all you put in. First, kiss those "upgrades" good-bye in your head. Are you kidding me? If you hadn't done them, that would have lowered your house value by a whole lot more than it cost you. As for devaluing of your home, what did you expect? Seriously, if you only bought 1 year ago, you knew it was a declining market and you bet that it would rise. You lost your bet. <shrug> If you want a sure thing, you don't bet on gaining in a year in this economy.
I know he wants to make a sale, but the property has only been listed for 1 month. (not that this matters, but it's not like it's been sitting there for 3-6 months).
So then you'd rather your house sits and stagnates on the market for a half a year until the market goes down even further and you get a REAL lowball offer from a buyer? I've had offers made days after listing, that the seller accepted. Buyers do a lot of research, a lot more than sellers do. They are in and out of houses, they know prices. Sure there are people who throw out low numbers hoping something will stick, but this excuse above is just silly. The goal is to SELL your house, correct? (. . . "yeah but I'm not going to GIVE IT AWAY!")
I don't think we are going to be able to sell this house now. First, when we listed, he told us it was worth up to $172k, then we listed for $169,900. (we paid $164k a year ago)
Based on one recent comp, our home could be worth as low as $155k. (and even lower if you take into consideration the foreclosure that is now under contract)
So much for "inventory being at 5 months level" in our area or prices are rising. There is conflicting information out there. I guess the bottom is still dropping out.
I'd rather just wait until the spring selling season again and see if we get that bounce again.
Bounce? Do they have the internet where you are? I get hits on my listings in the dead of winter during blizzards because buyers are looking on the internet. It looks like what you're going to do is ride the market down at this point.
I think my agent has too many irons in the fire. His reponsiveness is not anything like the agent who we used to sell our other home when we moved down here. (agent here is #1 in listings recently)
The thing is based on my own research, our home won't even appraise for what we paid a year ago. It's probably about $10,000 less.
So my point is that any home that isn't a total mess could probably sell within 3 months IF the seller's are willing to get the list price in the "zone" of what the true market value is. So these homes we see lingering on the market are probably just seller's who refuse to accept what their place is really worth so they can move forward.
Our agent wants us to consider dropping the price $10,000 after only 1 month of listing. That puts us down to $159,000 list when we paid $164k. Again, the market turned out to be a lot worse than we imagined when we listed. So at this point, I would rather wait until we really need to move, but I'm not going to pay $1,500 (+marketing expenses!) to cancel this listing.
We have another showing today at 6:30. It seems like a waste of everyone's time.
So then what you're saying is that your house may not appraise. Did your agent explain to you what happens then?
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