I see youâ€™re in Uncasville. As goes the gaming industry, so goes Uncasville. Guess what? Gaming revenue is down in Vegas for the first time in the last decade. We know this because the hotels/casinos in Vegas are owned by publicly traded companies. The link to the Marketwatch article is below.
Do you think the demand for casino/spa vacations to Connecticut is increasing or decreasing? Do you think that Foxwoods or Mohegan Sun, the areaâ€™s largest employers, are somehow bound by different fundamentals? Do you think that they are somehow insulated?
The answer is no, theyâ€™re not.
Go ahead, wait for your $250K "wishing price" and 6 months from now, when you realize that you should have sold for $230K, you'll be getting offers of $190K and kicking yourself for being greedy.
I guess the real question is this: do you want to be motivated by greed, or wait and while and be motivated by fear? Act rationally now and save yourself some stress.
Your choice. The market is adjusting faster than even us housing bears could have guessed. Plan accordingly and don't ride this thing down any further than you need to.
As I'm sure you know the market has changed and continues to do so. What may have sold for $250,000 just 4-6 months ago may not sell for the same price today if your market has slowed down or experienced a decrease in prices. The advise given below is fine if in fact $250,000 is the appropriate number to expect.
Your home is only worth what a buyer is willing to pay for it at any given time. It doesn't matter what you think you should get for your home or need to get for your home. If you have had more than one offer and you have not been able to entice one of those buyers to go higher in price knowning there is competition then I would guess that you are expecting too high a price and should revisit your expected sell price.
In my market it is now rare that the homeowner would get asking price. Buyers expect to be able to negotiate.
So: Counter at some number roughly between the offer and your asking price. As a negotiating technique, muddy the water a little bit by throwing in some items or making some other requests--little things that won't be deal breakers but will refocus the negotiations. Your Realtor should be able to come up with some suggestions.
Sounds like things probably will work out fine.
Hope that helps.
If you are getting showings, then it sounds like your agent is doing the right things. Now your house has to sell itself. If buyers have the perception that your house needs updating, whether it does or not, then they will offer accordingly. Ask your agent about staging your home. There are a lot of low, or no, cost things that can be done that will help it to show better. That typically makes a significant difference in what is offered.
-Clean it out. Remove photos, knick-knacks, clutter, etc.
-Clean the house. Fingerprints, smoke, pets, dirty bathtubs etc turn people off. Your house doesn't have to be new or updated but it has to be clean.
-Clean up the yard, especially the front.
-Find the unique characteristics of your home and show them off. Different sells.
-Walk through your competition, especially those that have recently gone under contract. What are the buyers seeing in those other homes that they're not in your home?
-Find out what the selling time is in your area and base your expectations on this. If you want to sell faster than everybody else, your price needs to be at least 5% less than everyone else.