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Erica
LIF Adult
Member since 5/05 11767 total posts
Name:
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Recent Buyers and Sellers
can you tell me what the bids were like wither on the buying or selling end.
We really want to price our house fairly, but I don't want bids coming in at 10% below...I'll freak out...what has the offer/counter offer processes been like for you. I'm having some anxiety about this.
TIA
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Posted 1/3/09 7:03 PM  |
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nov04libride
big brother <3
Member since 5/05 14672 total posts
Name:
Me
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Re: Recent Buyers and Sellers
It depends on how fairly priced the house is, and how quickly the sellers need to get out.
We put in 2 bids.
Bid 1: $30,000 below asking. The sellers were moving to FL and anxious to move before winter. The asking was in line with recent comps. Sellers had accepted an offer of $35,000 below asking the day before we put in our offer, so we lost the house.
Bid 2: House was priced about $50,000 below comps in the area. We offered asking, and the buyers accepted a full cash offer of $20,000 above asking (about $30,000 below comps in the area).
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| Posted 1/3/09 7:25 PM |
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Calla
My girls
Member since 7/05 4303 total posts
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Re: Recent Buyers and Sellers
We just sold.
You absolutely have to expect bids to come in under asking. Remember that a first bid can be just the beginning of a conversation, and don't blow off a buyer. These days be grateful for any bid, at least you have a chance to sell then!
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| Posted 1/3/09 7:30 PM |
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Karen
Just chillin'!!
Member since 1/06 9690 total posts
Name:
Karen
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Re: Recent Buyers and Sellers
I think pricing right now is so tricky and it's hard to make general statements. Everybody's circumstances are different and even comps from a few months ago can be out of date with the way the market is acting.
Sold in Aug 08 - When we listed our condo we wanted it sold quick. We had wasted 6+ weeks doing FSBO and were quicking closing our on new house (looking back we were priced WAY too high). The bank cleared us to hold both mortgages, but the anxiety was killing me. The REA came in, we looked at comps and came to a price. They had an open house (or maybe 2) with people interested (lots of repeats from our FSBO days), but no offers. I did the numbers and even without us living there, it would cost us close to $2k a month to maintain it. We dropped it to 10% below the strongest comps and within 1 hour of the price drop hitting MLSLI, we had a full offer. We had a second offer a few weeks after that for a little more $$, but at that point the buyer had already signed the contracts and we didn't want to renege.
Bought in July 08 - From what we understand we got a steal. The sellers had to get out as they had already lost one buyer and their new place was ready. I think we were literally in the right place at the right time, the priced had JUST dropped and we were attractive to the sellers (full 20% down, didn't have to sell, etc). There is another house on our block on the market right now, pretty comparable - and they are asking $30k more than what we paid. We paid full listing price but the house appraised for more, so we were comfortable.
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| Posted 1/3/09 7:34 PM |
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Kara
Now Zagat Rated!
Member since 3/07 13217 total posts
Name:
They call me "Tater Salad"
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Re: Recent Buyers and Sellers
Within 10% of asking is generally a fair first offer, obviously depending on how the house is priced to begin with. (We got our house nearly 15% below asking.) If you don't like it, I wouldn't freak out - I'd just counter offer. I would get several realtors in to give you what they think the house should be priced at and what they think the house will sell for...
Message edited 1/3/2009 7:38:21 PM.
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| Posted 1/3/09 7:37 PM |
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Karen
Just chillin'!!
Member since 1/06 9690 total posts
Name:
Karen
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Re: Recent Buyers and Sellers
Posted by Calla
You absolutely have to expect bids to come in under asking. Remember that a first bid can be just the beginning of a conversation, and don't blow off a buyer. These days be grateful for any bid, at least you have a chance to sell then!
this is very true! We got an offer early in the process but we "thought" it was too low. We rejected it, got a REA, and then by the time we paid the commission we were actually down $2k  . Looking back we should have taken the first offer - I believe the saying in RE is that the first serious offer is usually the best (but who the heck knows if that holds true anymore  ).
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| Posted 1/3/09 7:38 PM |
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CoachC
LIF Infant
Member since 8/08 275 total posts
Name:
Kerri
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Re: Recent Buyers and Sellers
We just bought a house for 15% below asking pricing. Our first offer a little lower and we barely came up after her counter. Our REA actually encouraged us to offer me, but we ignored her and offered low and it was accepted.
Offers are scarce, it depends on how long you want to wait it out, but in the end it is a buyers market and you will most likely not get as close as you'd like to your asking price.
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| Posted 1/3/09 8:12 PM |
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SpiceGirl
Dream big
Member since 1/06 2486 total posts
Name:
j
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Re: Recent Buyers and Sellers
I think the problem today is...even if you do price your home fairly and slightly below local comps...you're still going to get low-ball bids. It's a buyer's market and people want to get a good deal.
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| Posted 1/3/09 9:45 PM |
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Recent Buyers and Sellers
Posted by SpiceGirl
I think the problem today is...even if you do price your home fairly and slightly below local comps...you're still going to get low-ball bids. It's a buyer's market and people want to get a good deal.
agreed- no one wants to pay asking price
plus it's a declining market
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| Posted 1/3/09 9:47 PM |
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Erica
LIF Adult
Member since 5/05 11767 total posts
Name:
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Re: Recent Buyers and Sellers
thanks everyone for their input. I know all scenarios are different.
We have had 4 REA come in and we have a 40K range of what they think we could sell for. It's really that middle number that I would like to get...so do we list at the high number of the range or slightly higher (when I say slightly - I mean $5-10K) The bottom number would hurt to take, unless we could roll in closing costs into the next house (want to have enough for DP and CC)
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| Posted 1/4/09 9:02 AM |
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nov04libride
big brother <3
Member since 5/05 14672 total posts
Name:
Me
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Re: Recent Buyers and Sellers
Posted by Erica
thanks everyone for their input. I know all scenarios are different.
We have had 4 REA come in and we have a 40K range of what they think we could sell for. It's really that middle number that I would like to get...so do we list at the high number of the range or slightly higher (when I say slightly - I mean $5-10K) The bottom number would hurt to take, unless we could roll in closing costs into the next house (want to have enough for DP and CC)
Personally as a buyer, you're going to turn people away by pricing too high. I'd price in the middle. If it's a fair amount, people may pay asking.
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| Posted 1/4/09 9:10 AM |
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Erica
LIF Adult
Member since 5/05 11767 total posts
Name:
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Re: Recent Buyers and Sellers
Do you think that having a house on the market (same beds, etc, but a ranch - we have a colonial) for $60K more than our high price would help us to list at the high price.
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| Posted 1/4/09 9:25 AM |
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nov04libride
big brother <3
Member since 5/05 14672 total posts
Name:
Me
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Re: Recent Buyers and Sellers
Posted by Erica
Do you think that having a house on the market (same beds, etc, but a ranch - we have a colonial) for $60K more than our high price would help us to list at the high price.
Comp listing price doesn't really mean much. We're looking at houses around $400,000, but there are listings for $500,000 with the same specs in the same town. It just means that the high priced ones are really out of it in terms of what they are able to get. We won't be looking at those, and most of the time they don't even come up in the MLS searches that I do because of the higher price.
Did the REA check the recently sold comps for the past month or two? That's probably your best indication.
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| Posted 1/4/09 9:32 AM |
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MrsD06
LIF Toddler
Member since 9/07 478 total posts
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Re: Recent Buyers and Sellers
Posted by nov04libride
Posted by Erica
Do you think that having a house on the market (same beds, etc, but a ranch - we have a colonial) for $60K more than our high price would help us to list at the high price.
Comp listing price doesn't really mean much. We're looking at houses around $400,000, but there are listings for $500,000 with the same specs in the same town. It just means that the high priced ones are really out of it in terms of what they are able to get. We won't be looking at those, and most of the time they don't even come up in the MLS searches that I do because of the higher price.
Did the REA check the recently sold comps for the past month or two? That's probably your best indication.
ITA with this.
I would go more with comps (even though I agree that comps are really confusing and sometimes worthless in this market!) over current asking prices b/c asking prices are so all over the place right now.
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| Posted 1/4/09 11:03 AM |
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Erica
LIF Adult
Member since 5/05 11767 total posts
Name:
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Re: Recent Buyers and Sellers
there is one comp 10K over our high price...it was gutted though, but half our property size (our house is not new, but nothing is old either)
It looks like there will be one coming in (haven't closed yet) at our middle range. otherwise, other comp[s are hard to compare
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| Posted 1/4/09 1:42 PM |
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