Re: We finally got an offer after 10 months!!

I agree, this isn't so bad really, and it may be worth countering. The people may do nothing, but you never know.

We got a low offer, and we countered with our bottom figure. They never got back to us, but we thought it was worth trying.

Good luck to you--maybe more offers will come your way soon!

Re: We finally got an offer after 10 months!!

the potential buyer probably doesn't know that you have come down so much already & if they do & they've been "watching' how long you've been selling they may think you NEED to get out.
It is more of a buyers market than it has been in years & there are people that are trying to get great homes for too little. However, I think at this stage its always in your best interest to counter-this is how your agent earns their money, let them get the buyer excited about making a deal...maybe they LOVE your house & emotions will win them over.
If you don't counter I'm 100% sure they'll just walk away thinking you don't want to sell so badly.

With all the houses we've bid on as investments & our own home even in the hottest part of the market we never bid asking. Always less.
We bid 75k less on our house in 04 & the seller only countered once & we got it.
Try not to get insulted, treat it like a car or a used piece of furniture you're selling & just know your bottom line but being willing to consider all offers.

Re: We finally got an offer after 10 months!!

I agree with all of the other posters. For a first offer I think their offer was very fair in this market. We have been shopping for a home and all of our initial offers were 10-15% below asking price as a starting point. I too recommend you counter and play the game.

Re: We finally got an offer after 10 months!!

In this market, as someone who is looking, I would have made a similar offer, especially if I knew your house was on the market for 10 months.

We don't have anything to sell and are not in a hurry to move. Combined with a 20% DP and excellent credit, I would offer less and expect the owner to counter. If they didn't counter, I would decide whether or not the asking price was worth it to me.

Re: UPDATED:We finally got an offer after 10 months!!

$475 isn't bad

if you are following any of the articles about the market- things aren't looking good

it's half mental- so buyers aren't going to be willing to pay asking price- IMO in 2007

MSN article today

Message edited 4/2/2007 6:54:14 PM.

Re: UPDATED:We finally got an offer after 10 months!!

I'd probably accept the $475k. From the perspective of a buyer, we keep hearing how there will be more inventory on the market in coming months and hope the prices will drop.

Has your house been listed on MLS for the 10 months? If so, I think you would have had nibbles by now and may not get the asking price, JMO.

Good luck, with whatever happens.

Re: UPDATED:We finally got an offer after 10 months!!

Thanks everyone, we accepted the $475 and I am so happy. If everything goes smoothly from here I think we will close rather quickly.

I appreciate all your thoughts even though I might not have agreeded with them. I do understand what everyone was saying about the first offer but even if they went up a little (the most would have been $450 according to my agent) after paying the mortgage, commission and covering what we put into the house for updates which isn't alot because we did the work our selves we wouldnt have 20% to put down on another house that was bigger or in a more desirable area.
Buying and selling are completely different ballgames. Buyers want to get he the best price and sellers want to cover their cost and have enough for a downpayment which I think is fair.

Re: UPDATED:We finally got an offer after 10 months!!

Well congrats on your offer. I hope everything works out for you!!

Re: UPDATED:We finally got an offer after 10 months!!

congrats to you, hope it goes smoothly!

Re: UPDATED:We finally got an offer after 10 months!!

Congratulations on your offer!!!

Re: UPDATED:We finally got an offer after 10 months!!

Congratulations! That's so exciting that the offer worked out for you and the buyer came up to an acceptable level.

We wound up not getting exactly what we wanted, but it's not so far below what our minimum was, and we figured it's good to have our place sold!

Re: UPDATED:We finally got an offer after 10 months!!

congratulations!! Have you started looking for a new home as of yet?

Re: UPDATED:We finally got an offer after 10 months!!

Congrats! I'm glad you took the offer!

Re: UPDATED:We finally got an offer after 10 months!!

You know I'm happy for you!!

Re: UPDATED:We finally got an offer after 10 months!!

Congratulations!! I hope everything goes smoothly!!