Home Selling in 06382>Question Details

Tonya, Home Buyer in Connecticut

My house is competitively priced at $250K. I'm getting low offers of $230K. How can I get my asking price?

Asked by Tonya, Connecticut Tue May 13, 2008

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9
John the Bruce’s answer
Guess what – the magic 8-ball says that “signs point to your neighborhood’s new market price being $230K.”

I see you’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 area’s largest employers, are somehow bound by different fundamentals? Do you think that they are somehow insulated?

The answer is no, they’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.

Good luck,
-John
Web Reference: http://tinyurl.com/3nyvb3
0 votes Thank Flag Link Thu May 15, 2008
Well, being sure it is competively priced is an important first step. Look in your area to see what $250k buys for you, then look at what $230k buys. Do you still feel that way? If so, then hang in there. If not, consider adjusting your price. If you are getting offes, it sounds like your agent is doing a nice job for you. What kind of advice has he/she been offering you?
Web Reference: http://www.ilmct.com/
0 votes Thank Flag Link Thu May 15, 2008
If you are getting offers at $230k, it might be an indication that your home market value might be in the $230+ price range in addition buyers are looking to make a purchase at the lowest possible price, while you as a seller are looking to get the highest price as possible. This equates to negotiations - are you negotiating?
0 votes Thank Flag Link Wed May 14, 2008
Ditto, Ditto, Ditto, Ditto......... !
0 votes Thank Flag Link Wed May 14, 2008
You say your house is competitively priced but what is that based on and who gave you the comps? Are you comparing your home solely to others that are on the market in your neighborhood now that also are not selling or are you comparing it to homes that have sold recently in your neighborhood? Both numbers are important to use. You also need to know what is going on in your market today in terms of number of days on the market and whether homeowners are even getting their asking price. Every market is different. Real Estate is a local issue and an experienced agents should be able to talk to you about trends and current conditions .

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.
0 votes Thank Flag Link Tue May 13, 2008
In addition to the other answers below--good advice, by the way--recognize that the offers you're getting are 8% below your listing price. The buyers probably want you to counter (are you countering?) and probably expect to buy at about 96% of your list price. And, as you'll see on some other posts around here, if a house is properly priced, it often will sell for about 96%-97% of the listing price.

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.
0 votes Thank Flag Link Tue May 13, 2008
Don Tepper, Real Estate Pro in Burke, VA
MVP'08
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The real estate riddle! I hate to answer your question with a question, but how many offers have you received in that 230K range? Buyers determine value, they always have, so if you have received a few..the market has spoken. I would agree with the first answers suggestions, if they have not already been done, and I would also suggest negotiate your way up, don't just reject the offers. I wish you success.
0 votes Thank Flag Link Tue May 13, 2008
I have to agree with the previous answer. Competitively priced to what? Does the competition have updated kitchen and baths, do you? Central Air? Garage? Etc... How does the location compare? corner lot, busy street, neighborhood, etc...
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.
Web Reference: http://www.danrossre.com
0 votes Thank Flag Link Tue May 13, 2008
Assuming your home is priced competitively, buyers are seeing something different, otherwise you would be getting closer to asking price offers. Without seeing your home, I'll make some suggestions:
-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.
Good luck!
0 votes Thank Flag Link Tue May 13, 2008
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