Could use everyone's opinions pls

We've had our home on the market for 3 months, and have only received two offers. One that fell through, and another recent one that was 15K lower than our asking price. (Our asking price is $495) We counter offered $490 and she came back with an offer of $485. We told our REA that we would drop to $488, and that's the lowest we'd go. (We've already dropped the price 20K since January. We are the lowest home that is move in condition in our area) Our REA is very upset with us that we are not accepting the woman's $485 offer, and afraid that we are going to lose this person too. I could really use some advice on what to do. I told her we had to sleep on it and I'd let her know tomorrow. With the way the market is today I'm curious to know how much of a hit sellers are taking today.

Thanks everyone!

Re: Could use everyone's opinions pls

honestly, i think it depends on how bad you want to sell, how quick you're looking to get out of there. if you have plenty of time, then hold out for the offer you're looking for... if you want/need to sell sooner rather than later, then i would accept the 485 offer and be done with it.
we sold our co-op a couple of months ago and it had been up for 6 months... we were really itching to get out of there, so we did accept an offer that wasn't quite what we wanted. but in the end, we're out, we're done, the stress is over and it was worth it to us.
you have to remember that the market is NOT a seller's market nor is it looking to be that way anytime soon... accepting an offer only 10k under your asking price is not bad at all IMO.

Re: Could use everyone's opinions pls

I would take the offer- it's $3K

how long has your house been on the market for?

Re: Could use everyone's opinions pls

I would take it and run personally. I have had too many sellers shoot themselves in the foot after not accepting offers of 5K or less - ending up with MUCH less in the end. At the end of the day we are not talking about that much money when dealing with 485K.

Message edited 3/26/2008 6:31:17 PM.

Re: Could use everyone's opinions pls

I would take it...spring means even more houses out on the market, which is more competition for you and more "candy" for the buyers. If you want to sell, 3k may not be worth losing the buyer.

Re: Could use everyone's opinions pls

the initial offer was $15k less than asking? thats a pretty strong offer IMO and shows how serious the buyer is about the house. in this market, alot of buyers are starting with 5-10% below asking just to see how low the sellers would go.

i'd take the $485k. think of it this way. the $3k difference could mean you sitting on the market another month or so. thats another mortgage payment you'd have to make anyway.

Re: Could use everyone's opinions pls

Message edited 3/26/2008 6:49:01 PM.

Re: Could use everyone's opinions pls

Re: Could use everyone's opinions pls

I would take it...especially the way the market is now. Are you still walking away with a profit? It is $3,000 difference but in the RE market it doesnt make much of a difference.

Re: Could use everyone's opinions pls

I would take it and run in this market! Spring is picking up and the market is going to be more saturated - in the end you might wind up losing way more than $3k.

Good luck in your decision - I know it's not easy!

Re: Could use everyone's opinions pls

take it and run!

Re: Could use everyone's opinions pls

i would take it

Re: Could use everyone's opinions pls

I would take the offer. based on the initial offer it sounds like you have a serious buyer. Most people are not coming that close to asking on the initial offer.

Good Luck.

Re: Could use everyone's opinions pls

Thanks so much everyone for your opinions! I will keep you posted on the outcome. Say some prayers