The question you should be asking yourself is, "Do you want to or need to sell your home"? Ultimately, you are in control of whether or not and for how much you sell your home. But at no point, should you ever negotiate from an emotional standpoint.
Unfortunately, the market is not the same as it once was. Homes are not selling in the same time frame or at the same price as they used to. Please qualify "30% less of asking price". Did you come to the Listing price or did your agent?
There are only 3 things that can change to effect a sale on your home. Location, Condition AND Price.
If you are unable to pick your house up and move it anywhere in the world to get a better price for your home, (which most of us are not capable of) than you cannot do anything about your Location. If your property smells like Friday nights party, (which you said it was vacant, but sometimes, that does not matter.), than you need to address Condition.
HOWEVER, if you cannot change Location and your condition is impeccable than the only thing you can change is price. And, just to clarify, Price does not mean what you paid for it, or what you think it's worth. It means what a buyer is willing to pay for your home.
Generally, your first offer will be your highest and best.
Whether or not you choose to work with this buyer is your choice. But, you are the only one that can affect the sale of your home, ultimately.
Hope this helps!
Some sellers would see the 30% as a slap in the face others as a jumping off point to counter. The longer it sits (DOM=Days on Market) the higher the % that they will be more agreeable to a lower offer. Good luck.
Pricing is KEY right now. About the only thing that is selling is short sales. The banks are also getting ready to release a ton of foreclosures onto the market now that the moratorium has lifted. That will decrease your chances of selling even more. If the home is in the first-time buyer's price range, you need to price it correctly for the market NOW or you will miss the boat. The $8000 tax credit will expire on April 30th. If you are not willing to lower your price to "current" market value now, be prepared to wait until 2018 when the values will finally find their way back to 2006....which was the height of the market. Experts say we are going to lose another 8-10% in value over 2010. For 3+ years the values will be flat...then another 3 years to increase in value. Visit our website for more seller advice. http://www.BeckerGroupOnline.com
This is a very good question!
Considering that many areas are expected to decrease another 10% in value this year, would it be reasonable to view this offer as now being only 20% off.
Regardless of this, not showing an interest to negotiate only accomplishes one thing.....it pushes a highly motivated buyer on to another property option, leaving you to wait for another possibility. Attracting the right buyer to your property is a major piece to selling property.
Bu showing a willingness to work with the buyer you may be able to negotiate the price back up to a comfortable level....hopefully, one that each of you will be willing to live with.
The Eckler Team
This market has certainly been frustrating for a lot of sellers. I would need more information to answer your question more specifically--has the home been at the same price for a long time or has it been recently reduced. In this market many buyers have been writing low offers--regardless of whether it has been on the market a long time or short time. The ready availabiltiy of short sales and bank owned properties has made buyers more more bold in asking for a big discount.
You need to do the best you can, with the help of a good agent , assess how well you are priced in the market place, consider your specific cirumstances, and decide if your final price you negotiate works for you.
In general, if a buyer makes a low offer in this environment--try to keep the emotion out of it--it does not matter where the buyer starts--it matters where he ends up. And he may just be trying a low offer as a trial baloon. Good luck in your negotiation!
I would think a seller would feel crummy.
However, I would also think that virtually any offer on the table is an opportunity. The worst that happens is that it doesn't work out and people go their separate ways.
I hope it goes well for you.
Do you want to sell or do you want to sell for that high price you listed at?
If you want to get rid of the property you work with that buyer.
If you want to get a high price go ahead and wait another 180+++ days hoping someone else might want your property. Good luck with that.